Unit 45-LO4 Implement an E-Commerce strategy based on a given end-user requirement or specification-BTEC-HND-Level 4 & 5
Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business
The world is a competitive place. Some people shop online and it can be hard for your business to keep up with sales. But e-commerce can help make it easier for you. It allows customers to buy things without coming in person and your store might get more customers too.
But there are many factors that you need to consider before jumping into e-commerce:
- First, you will need a website that has all the features people expect. You can make it easy for people to find what they are looking for by using keywords and tags.
- Second, you’ll need inventory management software so you know when products will come in and go out.
- Thirdly, if your store sells physical goods, make sure that you are able to ship them quickly and at the lowest cost. Use an online shipping calculator to get competitive quotes from different carriers.
- Finally, Make your site fast and easy to use. Keep it safe.
Demonstrate the E-Commerce strategy you made up
1. First, find out what type of product you would like to sell. Research the market for that product. This will tell you where your company falls in the spectrum. Sales may not be sustainable if you make a site that doesn’t have products and sells services instead.
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2.You need to decide what checkout process will work for your business. You can use traditional PayPal or SOP.
3. Search for a payment gateway provider with competitive rates. When you find one, make sure that it has good reporting features.
4. You should test your website to make sure it has all the features that people would expect. You should do this so people can shop on it.
5. Don’t forget to figure out the shipping rates for sending your physical goods. Shipping costs can vary and you might not get the best quotes if you don’t do your research.
6. Make sure to evaluate different advertising strategies, like pay-per-click campaigns or a local SEO consultant. This might be needed if your product is relevant in your area.
The strategy could be marketing, supply chain, or payment-based. For example, designing an online ordering system or an online payment system
The strategy is largely determined by the company’s level of investment in the digital space and its ability to use it well. Companies that are smarter about the Internet know more about how people behave on it, so they can make decisions based on that.
More multichannel retailing probably means that people will buy more things and it will make more money. To do this, designers need to think about things like shipping rates and how they might be used to drive more sales.
Evaluate the success of the design and implementation of the E-Commerce strategy
E-Commerce strategy helps a company sell products on the internet. This is not new, but now it’s more profitable because of technology. E-commerce strategies are a good way to be both cost-efficient for companies and consumers.
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For example, if you ship products, it will cost less for the customer to get the product they want.
E-Commerce is a way to market your company that includes selling things on the internet. One example of E-Commerce is Amazon. They sell many things and they offer a discount too.
SWOT analysis to evaluate the overall strengths, weaknesses, opportunities, and threats of the implemented E-Commerce strategy
Strengths: E-commerce is less risky and has the potential for lower costs when compared to traditional stores.
Weaknesses: People can’t see products before they buy them. The risk of fraud is higher online than in stores. The Financial Review says that there are many incidents of people using stolen credit cards to buy things on Amazon.
Opportunities: Location-based services, social media integration with personal sites to create a one-stop-shop for products. Lastly, new bargaining practices such as interactive bid auctions offer various advantages to buyers and sellers alike.
Threats- Electronic security breaches are a growing danger because hacking into an eCommerce store takes seconds even without breaking through any physical or electronic barriers.
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