E-commerce websites have grown at an incredible rate over the past few years. A good many e-commerce websites have taken advantage of rapid growth. Not so smart e-commerce entrepreneurs are feeling the heat of the recession and abandoning the turf to farsighted competitors. The slower growth rate could bring many online stores to their knees, questioning the effectiveness of some of their tactics.
E-commerce growth has slowed and is not going full throttle as in the past. This is remarkable at a time many retail stores are facing serious losses. E-commerce businesses should not think all is lost. Instead, they should focus on aggressive strategies to make the e-commerce venture successful.
Increasing market share of e-commerce businesses
E-commerce trends can be gleaned by analyzing the sales figures of e-commerce websites but a more reliable indicator could be the future of internet advertisement spend by businesses.
Though internet advertising did not match the predictions for 2009-10, at least it was not as bad as the sharp fall seen in traditional advertising on TV, radioand print publications. The Internet is gaining popularity amongst people of all ages and internet businesses are growing their customer base every day. Not only young adults but also the men in the 45-65 age group browse the Internet for numerous hours every day. Elderly women too are catching on to the trend.
The trends suggest some critical implications for e-commerce website design and development.
There has never been a better time to start an e-commerce site
E-commerce has managed to stay afloat in spite of the recession. E-commerce websites have managed fair profits unlike brick-and-mortar stores. The present time is good for launching an e-commerce website as costs of designing and setting up a site are very competitive.
Redraw the budget for e-commerce development
Budgets are usually built based on the previous year’s budget with the necessary increments or decrements. However, the market has undergone tremendous changes as a result of the recession. Traditional media is not as influential as emerging media like the internet for marketing and advertising. New financial plans must consider these changes and distribute sufficient funds to internet businesses for exploiting online media to spread brand awareness and build brand image.
E-commerce website design should cater to all ages and genders
The internet is no longer a medium of entertainment alone. It is a business marketplace that breaks barriers of age, gender and society. The target audience of e-commerce businesses has broadened and site design should make them all at ease. The website should be user friendly, uncomplicated to use with relevant content.
Businesses that are still without an e-commerce store are losing out not just on revenue but also on establishing their brand. E-commerce websites amplify the online presence of a business, boost revenue, and expand the customer base while cutting down on expenses. Without an e-commerce website, a business is incomplete. Businesses should acknowledge their value sooner than later.
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