Why invest in eCommerce?
Many companies are bombarded with menacing ads implying that investing in an eCommerce site is the only way to avoid a sure business death. Unfounded threat or reality?
Some answers can be found in eMarketer reports and the monthly eCommerce index from CEFRIO (financed by the Ministère du développement économique et de l’innovation). While eMarketer is forecasting a 16.4 Billion dollars market in 2009 (a 6.5% increase over 2008), CEFRIO is measuring a solid growth in the number of cyber buyers and associated revenue in Quebec.
- from July 2007 to August 2008, 15% of Quebec adults have been buying online for a total revenue of 3.2 Billion dollars.
- During the first quarter of 2009, the number of cyber buyers has increased by 40% (47% in April) with a 18% growth in revenue.
Did you know that due to a lack of local offer, more than one third (1/3) of this revenue went to US based companies?
So, is it time for Quebec companies to expand their potential market?
Here is a list what will be needed if you decide to go for it:
- Online shop – That’s the most obvious. What’s important here is to find THE eCommerce platform that fits your needs.
- Online payment – Taking online payments (credit cards, Debit cards, Paypal or Google Checkout, etc.) is essential for eCommerce nowadays. Without it, you are going to frustrate your potential customers and loose them to the competition.
- Order Fulfillment and shipping – As soon as sales are in your eCommerce platform, you will have to pack and ship the goods. Are you ready to process dozens and possibly hundreds of orders per day?
- Customer service – This is where a lot of eCommerce businesses fail. A good customer experience requires quick processing of complaints, product returns, and support questions.
- Promotion – Imperative because it is crucial to any eCommerce site success. this part must be thoroughly taken care of in order to attract and retain cyber buyers.
Number of e-commerce transactions in billion in 2015
Canadians who made an online purchase
Canadian retailers who do not have a website
Canadians intend to purchase on the Internet
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