NFIB

The Vast Scope of E-commerce, Part I
04/ 15/ 2002

Stories about E-commerce in the media could lead someone to conclude that there's little more to the subject than selling products online. But the true scope of E-commerce takes in everything and anything that the Internet can do to enhance the financial performance of your business. In today's and next week's Workshops, Jeffrey Moses shows how understanding the varied aspects and numerous benefits of E-commerce can help your business expand, while cutting costs and increasing profitability.

It's been shown that the cost of generating a new customer can be greatly reduced through the Internet. Before online marketing was available, businesses had to design and print brochures -- not to mention distribute them. Now, customers simply click on your site and read all about you and your product lines, saving you time and money. A good site stands ready any time to answer questions, provide solutions, and motivate people to purchase your products.

But cost reduction goes beyond immediate sales activity. Never forget that your Web site may also be seen by a wide array of other interested parties: sources of financing (banks, venture capitalists, business associates); newspapers and other media; industry analysts; potential employees (including recruitment agencies); and shareholders and business partners among them.

Your site, like a good corporate report, can serve as a link to a wide variety of individuals and organizations. For instance, when contacting a source of financing, you can refer to your site to provide instant information about your company, products, pricing, customer service, way of doing business, etc. When giving an interview to reporters, connecting with prospective employees or business partners, or providing information to shareholders, you can speed the information process by referring them to the appropriate pages of your site. Of course, you need to anticipate these needs when designing the site and creating content, adding special sections and pages as required.

Your site can serve as a powerful 24/7 interface between your store front and your customers. Even customers who shop regularly at your store can visit your site when they need information about your products or the industry in general. This can save them the trouble of calling you or coming into your store whenever they need information. When they visit your site regularly, they'll be very likely to contact you for their next purchase. For detailed information on this subject, please see the former Workshop "Making Your Website Sticky: Using The Internet To Establish Customer Loyalty."

Next week's Workshop continues this subject, with special emphasis on providing resources for reps, distributors, suppliers and other associates.

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