What is eCommerce?
eCommerce, or electronic commerce, is the buying and selling of goods or services via electronic systems such as the internet or other computer networks. The eCommerce process draws on various technologies and systems such as: electronic funds transferring, internet marketing, online transaction processing, and inventory management systems. The dot-com burst has led to a huge increase in the amount of transactions that are done through online selling.
What is required for success in eCommerce?
- Website Design: A design centered around the user is crucial in eCommerce. Keeping visitors on your site for as long as possible and away from the back button is a huge step towards generating conversions. This is done by designing a layout that is easy to understand, and almost guides the visitor along the way to where they need to be.
- SEO: Search engine optimization is the act of utilizing numerous strategies in order to get your site to rank higher up on search engine results. Many things play into this, including keyword usage, linking, and site relevance. Proper SEO efforts can vastly improve visibility and conversion rates.
- Products/Product Pages: Obviously the most important aspect of generating online sales is having products available to site visitors. Keeping inventory levels up to date and maintaining high quality product pages is extremely important in persuading visitors that you are a trustworthy source.
Rise/Importance of eCommerce
Since the dot-com burst, eCommerce sales have been growing by about 19% every year. The growth of technology and internet based interactions is exponential, meaning that each year it increases by a greater percentage than the year before. There is no reason to believe this trend will do anything but continue, meaning more and more people will be buying online.
Where eCommerce is Headed
Goldman Sachs predicts that by 2013, annual sales will have reached $963 billion. eCommerce is more than just a trend, it's the way the world is moving. In a time where everyone is in a hurry and trying to do 10 things at once, the ease of shopping from your computer is simply too good to be left behind.