Electronic commerce, commonly known as e-commerce, ecommerce, eCommerce or e-comm, refers to the buying and selling of products or services over electronic systems such as the Internet and other computer networks.
Top 10 Traits of Successful E-Commerce WebsitesEdit
There are many pieces to creating an effective e-commerce website, but there are a few traits that can be seen used over and over again by the most successful dot-com companies. Below are the top 10:
1. A clear vision and goal – helps to portray conviction and be less confusing to the customer.
2. Patience and a long-term view – understanding that there are small stepping stones.
3. Taking calculated risks – ready to invest but focusing on areas that will generate growth.
4. A commitment to a continuous improvement – understanding it can always be made better.
5. Employ good advisors – understand that there is a need for expertise.
6. Make decisions quickly – being first is critical.
7. The consumer is King – customers drive the business.
8. Embrace technology and change – these can help grow the business.
9. Be fair and honest with customer and suppliers – money is made on repeat business.
10. There is no such thing as easy money – treat an online business the same as any other.
This is not an all-encompassing list, but these are several of the key traits and mind sets that successful e-commerce companies employ.
Categories of E-Commerce SitesEdit
There are a variety of different E-Commerce sites, all tailored to fit different wants and needs when it comes to making purchases on the Internet. The most widely used “e-tailer” websites include; subscription sites (charge a fee to access the online material), online auction sites (i.e. ebay) and brokerage sites (these bring the buyers and the sellers together to set up financial transactions between them). While E-Commerce has surged in popularity over recent years, the technology itself in private networks has been around for several years. An example of a private network form of E-Commerce is electronic funds transfer (EFT) performed by banks. A new form of E-Commerce that has become widely used is M-Commerce, which is the same as E-Commerce just done via a mobile phone instead of the computer.