Write a response to each to the following- 100 word min
1. As e-commerce continues to grow and brick-and-mortar stores become less popular there are a few challenges that companies will face when offering goods and services online. One of the biggest challenges that online retail sellers will face is an extreme increase in competition. Selling products online is easy and just about anybody can do it. Individuals can even sell things out of their homes without having to register as a business. This makes online sales even more challenging for businesses that do have a brick-and-mortar location because it makes it difficult to compete with businesses and individuals with no overhead costs because they can give better prices on products. It can also be hard to stand out against the competition with just an online website. Online retailers have to come up with an eye-catching website while still keeping it simple and to use. They must use all kinds of marketing methods to advertise in the right place for the right people. Having on online retail business might require an increased investment into internet safety to protect customer privacy. Also, the online retail business requires a different kind of customer service compared to a brick-and-mortar location. It is imperative that any business planning on selling online is aware of how thick the competition can be and the things that they can do to stand out.
Citation
Popov, I. (2023, March 31). Why Do Most Online Businesses Fail? Here’s How to Avoid It. Entrepreneur. https://www.entrepreneur.com/starting-a-business/why-do-most-online-businesses-fail-heres-how-to-avoid-it/446503
2. One significant challenge that companies face while offering goods and services online is maintaining a seamless and secure user experience throughout the entire customer journey. With the increasing prevalence of e-commerce, consumers have come to expect convenient, efficient, and safe transactions when making purchases online. “Nowadays, the first touchpoint a customer has with a business typically takes place online, especially if the company has a presence on social media” (Baluch, 2023). However, achieving this requires companies to address various technical and operational challenges.
Firstly, ensuring website reliability and performance is crucial to prevent issues such as slow loading times, site crashes, or errors during the checkout process, which can frustrate customers and lead to abandoned carts. Companies need strong infrastructure and reliable hosting services to handle fluctuations in website traffic and maintain uptime. Secondly, safeguarding customer data and privacy is paramount to building trust and complying with data protection regulations. Companies must invest in strong cybersecurity measures to protect sensitive information, such as payment details and personal data, from unauthorized access or breaches. Thirdly, providing accurate product information, transparent pricing, and hassle-free returns processes are essential to meet customer expectations and minimize the risk of dissatisfaction or negative reviews. Companies need efficient inventory management systems and responsive customer support channels to address queries or concerns promptly.
Overall, while e-commerce offers significant opportunities for revenue growth, companies must overcome challenges related to website performance, cybersecurity, and customer experience to succeed in the online marketplace and maintain a competitive edge.
Reference:
Baluch, A. (2023, February 8). 38 eCommerce statistics of 2023 – Forbes advisor. Forbes; www.forbes.com. https://www.forbes.com/advisor/business/ecommerce-statistics/Links to an external site.
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