Online Retail Market-Btechnd
Propose an online real time business which will, in your opinion, generate good revenue in future. Explain fully how this will work and what will be a good method of payment
Online retail market is very attractive market. It is still in its infant stage. It is expected to grow rapidly in next 20 years. At present, the world wide online retail market is $1.6 T. There are almost 12 million online stores. There are small subsets of 650000 online stores which are earning $1000 annually (Lai and Lin 2010). Thus, the percentage revenue earned from online retail segment is 1% of e-commerce business is gaining 34% of total revenue; 51% of e-commerce business is gaining 63% of total revenue; and 48% of e-commerce business is gaining 3% of total revenue. The top 1% of e-commerce companies includes Wal-Mart, Amazon and eBay.
It is an attractive sector to invest as there is remarkable long term opportunity in online retail segment. To invest in this segment, an upcoming company should follow the given strategy-
Defining strategy clearly- the products offered should be differentiated and as per the wants and need of customer.
Creating unique brand awareness- it is important to look different from other e-commerce companies by creating unique brand and shopping experience (Titah and Hess 2012).
Mobile application- it is important to develop a website which is supported by mobile and develop a mobile app to access the website on mobile.
Marketing efforts- Company should be clear about the message they want to convey to their end consumer.
Experiments- it is important to constantly come up with new ideas, test and analyze them and make required changes to grab the opportunity (Packes and Jorasch 2010).
Professional help- in initial stage of business, it is important to invest in specialized skills such as digital marketing, web design and development, conversion rate of optimization etc.
Methods of payments in online retail segment are–
Credit card, debit card, smart card, E-money, EFT (Electronic Fund Transfer), Google Wallet, PayPal etc
From the above study it is been considered that e-commerce has positive influence on the business outcome of organization as it saves time and cost of ordering, generating involve and managing customer relation. Report has provided the information about the products and services that is being offered by Amazon through online platform. Moreover, report has discussed the security standards that have been used for managing the legal and ethical process for e-commerce business. At the end report has provided the information about the current procedure and legislations of e-business.
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