First moment of truth or FMOT refers to the idea that consumers make their purchasing decision within three to seven seconds of encountering a product. Speed of access. While shoppers in a physical store can be slowed by crowds, e-commerce sites run shortly, which is determined by compute and bandwidth considerations on both consumer device and e-commerce site. Product pages and shopping cart pages load in a few seconds or less. An e-commerce transaction can comprise a few clicks and take less than five minutes.
Ecommerce permits consumers to electronically exchange items and services with no barriers of time or distance. Electronic commerce has expanded rapidly over the past five years and is predicted to continue at this rate, or even accelerate. In the near future the boundaries between “conventional” and “electronic” commerce will become increasingly blurred as more and more businesses move sections of their operations onto the Internet.
B2B e-commerce refers to when a company purchases items or services online from another enterprise. Some examples include a restaurant buying an ice machine or a legislation firm purchasing accounting software. Business software like customer relationship management (CRM) platforms and payment processing companies are considered to be B2B, too. B2B online sales tend to be more complicated than other types of e-commerce because they rely on large catalogs of complex products.
Besides de logistics being simpler, in the case of digital products, your sales are scalable and there’s no limit to the number of transactions you possibly can make because your product’s availability doesn’t depend on a inventory. So long as it’s for sale, you’ll be able to revenue from it.
Make sure your books are records are in good situation. A great means not to sell an ecommerce business is to have sloppy financial statements. Take extra effort six to twelve months before you go to market to make sure your records are impeccable. Equally with the potential to feed products by way of to sites like Newegg, Store, ShopBot and other shopping comparison websites the same strategy and price modelling applies here.
Unlike B2C, B2B ecommerce relates to sales made between businesses, such as a manufacturer and a wholesaler or retailer. There are a number of metrics that retailers are looking at now that they weren’t in the past because of the shift in shopping habits. The same-store sales conversation won’t end anytime soon.
Ecommerce solutions enable self-service, provide more user-friendly platforms for price comparison, and helps B2B manufacturers better maintain relationships with buyers, too. A hosted ecommerce platform is one that handles all website hosting responsibilities rather than requiring the individual to take action via a 3rd occasion answer.