Tag: #ecommerce

The Growth of Irish eCommerce & Related Security Risks

In the last decade, brick-and-mortar stores have slowly started to decline in popularity. The truth is, many shoppers prefer the simplicity and convenience of online shopping. Additionally, the pandemic has only increased the popularity of eCommerce and sped up the decline of physical stores.

Since brick-and-mortar stores were on their way out, digital storefronts have started poaching stores’ clientele. However, eCommerce comes with its own set of issues, including cybersecurity.

According to a survey published by Irish telecommunications company Magnet Networks, 20% of respondents claimed to be unaware of significant cybersecurity issues within the industry. Moreover, the same report states that 43% of cyber attacks against Irish businesses can be attributed to unawareness. 

If you couple this with Hiscox Insurance’s findings that 41% of Irish firms studied experienced a cyberattack over a six-month period, it’s easy to see why cybersecurity is such a big concern in Ireland.

The sudden surge in Irish eCommerce demands these businesses to tighten up their cybersecurity systems. However, the first step should be understanding the most significant risks Irish online businesses may face. 

The Cyber Threats Facing Irish Businesses

1. Ransomware Attacks

In 2017 the WannaCry ransomware spread like a wildfire. By the end of the year, nearly 30,000 organizations were affected and many of them were organizations like hospitals, universities, businesses, and banks.

WannaCry caused millions of dollars of losses across the globe. And while many citizens and organizations were thankful the WannaCry scourge was put to an end later in the year, cybercriminals rejoiced because they saw an opening.

Ransomware locks the infected device and encrypts data stored on the device. Once the user turns the device on, they’re greeted with a “ransom note”. This “note” informs the user that if they want to see their data unencrypted they have to pay a certain sum of money, which is often in cryptocurrency.

However, paying the sum rarely gives the user access back. Despite that, people keep sensitive, valuable information on their devices, so it’s only natural they would want to pay. But what about the impact on businesses? Not only do many companies pay the ransom, but they also have to replace compromised devices. On top of that, businesses often have to pay a security firm that’ll make sure no confidential data was stolen or compromised. 

2. State-Sponsored Attacks

The introduction of the Internet gave countries the ability to communicate with each other more efficiently, as well as the ability to wage cyberwars and launch cyberattacks.

These attacks are commonly known as “state-sponsored attacks”. Countries launch state-sponsored attacks for a few reasons, including:

  • Hunting for information they can exploit,
  • Exploiting businesses and people,
  • Exploiting vulnerabilities found in government systems.

Ireland has a long history of state-sponsored attacks, as well as the whole EU. For instance, in 2017, Irish electricity provider EirGrid became a target of a state-sponsored attack.

State-sponsored attacks are unpredictable and can cause severe damage if we do not have proper precautionary measures in place. 

3. Phishing Scams

While some cyberattacks use complex software and have the backing of governments, others rely on social engineering and old-fashioned manipulation. One of the most commonly known social engineering attacks is phishing.

Phishing scams include manipulating the victim into giving out personal and financial information, which can be done in several ways, such as:

  • Promising a reward (a gift card, for example),
  • Creating a sense of urgency (fake Microsoft callers calling about a virus), and
  • Impersonating a family member or close friend.

 

Unfortunately, millions of people around the world fall for phishing scams each year. It’s easy to spot obvious phishing scams like the Nigerian prince scam, but nowadays cybercriminals know more sophisticated ways of manipulating users, and many phishing scams look and sound legitimate.

What Can Organisations and Irish Citizens Do?

While many cyber attacks can have a devastating effect on your business, there are some ways to prevent them from happening in the first place. However, a solid cybersecurity strategy requires time and effort. Thus, start learning and implementing new strategies to improve your chances against cybercriminals. 

1. Use a VPN

Cybercriminals lurk on every corner of the Internet, waiting for an easy target. Unfortunately, in many cases, you don’t have to do much to become a victim. However, some practices may increase your chances. For example, many users transmit unencrypted data, whether they’re on a public network or while running their business, which can be extremely dangerous.

These days, cybercriminals can intercept and read unencrypted data without much effort. To make sure your data isn’t exposed, consider using a VPN for security.

For instance, ExpressVPN’s app actively encrypts the data your device sends out, meaning that cybercriminals will have a much harder time cracking it. You can also apply a network-wide VPN for your home or business to protect all the devices on the network in one swing. 

2. Create Strong, Unique Passwords

Using the same password across multiple accounts will make your accounts more vulnerable to hacks. However, surveys show that most people still prefer using weak, easy-to-guess passwords.

One way to protect your accounts is by using a robust and unique password for each account. An even better option is using a password manager for your credentials.

3. Frequently Update Software

Software updates often contain various security fixes. Thus, to make sure your devices aren’t in danger, regularly check for available updates and update the software as frequently as possible.

Educate Yourself and Your Employees on Current Cybersecurity Risks

According to the aforementioned Magnet Networks survey, many Irish business owners lack awareness of current cybersecurity risks and dangers that could affect their businesses.

This lack of awareness means they often can’t identify the threat and are unprepared for an actual attack. This puts them at an immediate disadvantage, and it can severely endanger their business.

Thus, the first step should be educating your employees and yourself on the basic cybersecurity etiquette, the latest cybersecurity trends, and the dangers facing your businesses.

1. Subscribe to an Account Monitoring Service

When a data breach does happen, it’s essential to detect it as soon as possible. The longer the breach goes unnoticed, the more time the hacker has to tamper with the stolen data, and eventually sell it, or use it for nefarious purposes.

This is where account monitoring services can come in handy. Account monitoring services keep an eye on your accounts and inform you about potential security breaches or any other suspicious activity.

What’s more, you can choose between account monitoring services for individuals and businesses according to your needs.

2. Limit Access to Your Devices

There are no security software and cybersecurity education courses that can protect you if you leave your devices unsupervised. A skilled hacker needs only a few minutes to wreak havoc on an unattended device.

Thus, limiting access to your devices can significantly impact your overall security.

3. Set Roles for Each Employee

Letting your employees access all data at any time can result in security breaches. Fortunately, IT can set roles for everyone. This way, you can divide employees into groups and give them specific permissions based on their roles.

4. Secure Your Network

Without accessing the network, cybercriminals have fewer opportunities to harm your accounts. This is why it’s crucial to tighten up your network security.

For example, actions such as whitelisting trusted devices, setting a strong security key, and hiding your network can increase the overall security of your network.

Where Is It Legal For Online Gambling In 2022

Gambling has always been around for an extended period, and it has become a popular pastime for many. In the early days, gambling was outlawed, and people practised it illegally. Nevada goes into history as the first state to legalise gambling in 1931 to curb the economic repercussions brought about by the great depression. Other countries followed suit until the mid-90s when gambling joined the internet space prompting new laws and regulations. Online gambling has taken the globe by storm, and it looks like the future of gambling as it brings in substantial amounts of revenue. For instance, online casino Canada real money 2022 ranked among the top government income earners.

With online casinos becoming a thing among gamblers, countries have seen the need to allow their citizens to enjoy online casinos. Nowadays, the bulk of countries in the world has legalised gaming online. Although online gambling is a darling to all gamblers, sadly, not all countries have joined the bandwagon of legalising it. This editorial will provide in-depth coverage of where it is legal for online gambling in 2022. So keep reading if you wish to know where you can engage in your favourite online casino activities this year. You can play casino games and slots online in Ireland legally at Jackpotts Games.

Canada

Estimates indicate that over 75% of Canadians are involved in gambling, the majority of which engage in online gambling. Despite the high numbers of punters in Canada, the country has a surprisingly low number of problematic gamblers, about 2%. Online casinos hit the Canadian market in 1994. Back then, they were unpopular among the masses due to their poor graphics and low internet speeds. In addition, in the formative years of online casinos in Canada, the sector’s laws were ambiguous compared to today. These days, the Canadian criminal code allows only licensed entities to run online gambling.

Unlike in the 90s, the online gambling business has picked up to become a big industry. Seeing the potential, the Canadian government has developed online gambling sites of its own. However, it is worth noting that laws guiding online betting in Canada may differ depending on the province. Case in point, the legal age for betting in Quebec and Alberta is 18, whereas other provinces have a minimum requirement of 19 years. Overall, all online gambling activities in the country are overseen by the Canadian Gaming Association, allowing international gambling sites to operate legally in Canada.

Europe

The region has a rich gambling history, with the first-ever casino having been established in Venice in the 1600s. Europe has the lion’s share of 22.4% in the global gambling market. When online gambling became mainstream, countries in the European Union were the first to pass laws governing the sector. Until 2017, The European Commission oversaw all the online gambling undertakings among member countries. Since then, all regulations have been relegated to individual nations, provided they enforce the primary conditions expected of any online casino operating in the EU. These demands include the Know Your Customer requirements and The Fourth Anti-Laundering Directive.

Europe is home to the best gaming authorities of repute, such as UKGC and The Malta Gaming Authority, which provide user security for online gamblers. According to the European Gambling and Betting Association, revenue streams from online gambling are expected to rise by approximately 20% to a tune of $99 billion. Online gambling in Europe is phenomenal, as it is considered a safe endeavour and is legalised in most countries. Let’s look at some of them.

  • The Czech Republic
  • The United Kingdom
  • The Netherlands
  • Germany
  • France 
  • Belgium
  • Denmark

The Asia-Pacific Region

The Asia-pacific region ranks second in the global online gambling market. Its value of 11.7% is expected to grow as more favourable laws are regularly passed. The region is considered the fastest-growing market globally and is expected to hit the 50-billion-dollar mark by 2026. It is home to the gambling capital of the world, Macau. The laws governing online gambling in this region vary depending on individual countries. For instance, Thailand allows horseback racing, but all real money withdrawals are made in brick-and-mortar casinos. On the other hand, New Zealand passed the Gaming Act of 2003, allowing over 3 million gamblers to participate in all online gambling endeavours.

Regrettably, some countries in the Asia Pacific region have banned online gambling in totality to pave the way for state lotteries. Mainland China falls under this category. India only allows online sportsbook betting; all other online games are banned. It is worth noting that Asia houses the major players in the mobile technology industry, which is an essential tool used in online gambling. That, plus the unveiling of 5G internet, means online gambling in the Asia pacific will only get better. Other countries in this region where online betting is legal are.

  • Japan
  • Indonesia
  • The Philippines
  • Australia 

North America 

North America has a 7% share of the online betting market worldwide. In the US alone, the industry is valued at billions of dollars. It is growing exponentially at a CAGR of 11.5%, with estimates indicating that the industry will be worth over $100 billion in 2026. Online casinos in the USA are exploding, and international websites find refuge in most states where online gambling is legal. However, laws governing wagering in the US are specific to individual states. In Alabama, for instance, visiting casinos requires one to be 21 years, but horse-riding wagers can be placed by punters of 18 years of age.

In Mexico, over 76% of its people are internet users who double up as online gamblers. The rise in purchasing power among Mexicans has led to the popularity increase of online gambling. Additionally, new laws allowing international online casinos to set up shop in the country have positively transformed the sector. It is worth noting that though gambling is legal in the USA, some states still prohibit it. For example, Utah and Hawaii have a 100% ban on online gambling.

South America

Pundits consider South America the region to watch in the worldwide online gaming sector. The region has a vast population of about 420 million people and has an internet penetration rate of 73%. All these numbers translate to a potential uptake of online casinos. However, the regulations that oversee online gambling depend on individual nations. For example, Brazil and Ecuador have barred their citizens from online wagering. In most countries in Latin America, gambling laws are still a grey area. Colombia has been the only country known to legislate online gambling since 2016 properly. In addition to that, Colombians can use online betting sites from other countries.

 

Costa Rica is another country from this region with peculiar betting laws. Since 1922, betting has been illegal in the country. However, seeing potential in the online gambling industry, the country has allowed players to operate within their borders. There is only one catch; they must follow Costa Rican laws that ban their citizens from betting, meaning their services are available to outsiders only. Here are some other countries where online gambling is rampant in South America.

  • Argentina
  • Uruguay
  • Paraguay
  • Peru
  • Chile

Wrapping Up

It is evident that online gambling is becoming commonplace, and it’s where the future of the gambling industry lies. As stated above, most countries have realised this and have put measures to ensure this business thrives. However, those lagging will surely miss out on the revenues generated by online gambling.

 

Taking Good Product Photos: The Essential Guide for eCommerce Entrepreneurs

E-commerce is an extremely competitive market and has been especially hard to navigate in the last few years. If you’re looking to do your best to compete with the big guys, then one of the most essential parts of your business will be the way that it presents itself online through product photos. The product photos that you include on your website are the first thing that people will consider when looking to purchase something. With that in mind, here are some of the things to consider when creating product photos.

1. Composition Techniques

In photography, composition means the way the various elements of an image are placed within the frame. It’s not just about taking a photo but making it work aesthetically and conceptually. Whether you’re using product photography in Chicago or any other city, it’s always a good idea to see what other successful businesses are doing. There are some common techniques that you’ll want to keep in mind:

  • Rule of Thirds – It’s a basic concept but many professional photographers swear by it. You divide the frame into nine parts and then place points of interest either along the lines or at intersections. The eye is naturally drawn to these points. If you’re taking product photos with your smartphone, this can be achieved by using the grid that’s built into many models or downloading an app for it.
  • Leading Lines – Another thing to keep in mind is how you choose to frame things, and leading lines can help you achieve a more engaging photo. These could be natural lines like the sides of a road, the edge of a table, or even the curves of a person’s body. In some cases, it might be something that’s more abstract but still useful to include if you want to provide a sense of perspective and distance.
  • Shapes – This doesn’t have to be something that’s overly complicated but rather anything that helps to make the image more dynamic. Think about how you can divide things into specific areas and then utilize angles, lines, and curves for an even stronger composition.

Whichever techniques you choose to use, it’s important that they fit in with the overall tone of your business and site. If you’re focusing on a more professional look, then keep soft and elegant lines and curves in mind. If your brand is more rugged or masculine, then using leading lines and shapes will help emphasize that identity further.

2. Custom Lighting

When it comes to retail, there’s nothing more important than lighting. Even if you’re taking product photos with your smartphone, proper lighting is something that will make or break the quality of an image. You might think that you can just set up shop somewhere and take a few shots, but if the light isn’t right then it won’t work. There are a few different types of lighting you’ll want to take advantage of:

  • Direct Light – If you’re taking product photos with your smartphone, it’s going to be difficult to avoid using direct sunlight. It’s strong and very easy to see which can make for great images, but it also means that shadows run the risk of appearing too dark.
  • Indirect or Diffused Light – While this is sometimes referred to as soft lighting, what you’re really looking for are things that give off natural light.
  • Specular Lighting – This utilizes very sharp reflections to create a sense of depth within an image.

The lighting you choose can set the mood, tone, and visual aesthetic for your product photos. It also works best when you can take into account the product that’s featured in order to create something that really sells it.

3. Pick The Right Camera

While some may assume that they can get away with using their smartphone for product photography, the truth of the matter is that you’ll need something better to really get professional results. DSLR cameras are what’s used most often by professionals but even entry-level models will provide better quality photos than a phone. Of course, the settings you end up using will vary depending on the product that’s being photographed. It’s always better to take the time and experiment with your camera before the actual shoot starts. The last thing you want to do is take some shots and then be disappointed later on when they come out looking dull or lack vibrancy.

4. Retouch Your Photos

Image editing and retouching are vital parts of the product photography process. If you’re using retail or eCommerce sites, then your customers will be able to see every flaw and blemish in an image. This isn’t something you want to allow to happen as it can greatly impact how customers perceive your business as well as the products that you’re selling. Retouching images is a fine art that takes years to learn and perfect. Unless you have extensive knowledge in this area, it’s best left to professionals who can work their magic and turn out results that perfectly align with your branding. For the most part, you’ll want to remove blemishes, darken shadows, and do your best to emphasize visual elements.

You always want to do your best to remain competitive in an industry where eCommerce sites and online retailers are popping up like weeds. The quality of your product photos is a great place to start and knowing how to take stunning imagery is something that will set you apart from the competition.

Stay Ahead Of Your E-Commerce Competition With These Highly Effective Tactics

The Internet is full of e-commerce stores selling similar products with millions of dollars behind them, and it seems that most new stores are doomed from the start. Smaller businesses that sell online find it harder and harder to compete with big-name brands that can afford to pay for large advertising campaigns. However, there is a way to beat the odds, and that’s through good planning.

The best thing you can do for your e-commerce venture is create an intelligent plan straight from the start. While this isn’t an all-inclusive list of what you need to do, it will provide you with some great tips on how to get your new company off the ground in a positive way. So, if you’re ready to start a new e-commerce business, make sure you use these tactics for the best results.

Simplify Your Shipping Process

One of the most important aspects of running an e-commerce business is keeping your customers happy. If a customer feels like they aren’t being taken care of properly, they probably won’t make any future purchases with you. The vast majority of unhappy customers will often go out to publicly bad-mouth your business. If they feel that the shipping and return policies are unclear or unfair, they won’t buy from you. It would help if you always tried to be as straightforward as possible regarding shipping fees. If in Singapore, it would help if you automate your shipping with the last mile carrier in Singapore to save money and keep your customers happy. As a result, they’ll be more likely to buy from you again.

 

Sell Something Unique

One of the most important things you can do before opening your e-commerce business is to think about what you’re going to sell. It would help if you always tried to offer unique products since it will set you apart from all of your competitors. It would help if you gave your customers something they cannot get anywhere else. If your customers can find your product, or something similar to it, from another seller, they will probably go with the competition. However, when you have a unique product that you know people want to buy, you should design an intelligent marketing plan around it. 

Make Your Website “Scannable”

In today’s technological world, it seems that nobody reads anymore. The vast majority of people skim through the information on your homepage or other pages to get a general idea of what your business is about. It would help if you made things as easy for them as possible by having large, easy-to-read fonts. You should also outfit your website with a few widgets to make it “scan-friendly.” In other words, you need to provide your visitors with the information they want by making everything stand out from one another. This way, people can get all of the critical facts from your site in under a minute. If you’re looking for a way to stay ahead of your e-commerce competition, consider starting a successful Etsy business. With millions of buyers and sellers worldwide, Etsy is a popular platform for selling handmade, vintage, and unique items.

 

Be Transparent With Your Customers

Your site should always be transparent about where your products come from and how much you charge for them. If a customer is interested in making a purchase, they should see everything there is to know about the item before it’s in their cart. The more information customers have in regards to your company, the better. You can’t expect them to buy from you if they aren’t sure about your business practices. If you can, be as open and honest as possible so there are no surprises later on down the road.

Offer Promotions And Coupons

Most people are used to shopping online now, especially with all of the constantly being presented deals. If you own an e-commerce business, likely, your competitors have already established a strong Internet presence. To stay ahead of the curve, you should offer promotions and coupons to your customers. The more people see your company as a great place to shop, the better it will be for overall sales numbers. You will have to spend money to make money, but that’s the name of the game when it comes to e-commerce.

Find Out Where Your Customers Are Coming From

It’s crucial to find out where most of your customers are coming from before figuring out how to advertise your products. This will help you determine which marketing strategies are working well and which ones need more attention. Where you’re getting your traffic is vital in terms of your marketing and product analytics, so make sure you know what’s going on before making any drastic changes. Staying up-to-date with how people see your business online is the best way to find out what works and what doesn’t.

Many people will start an ecommerce business because it seems like a great opportunity. However, they don’t put in enough time or effort when launching their venture. If you want to succeed with your online store, try incorporating these four tips into your business plan. Just remember that e-commerce is a constantly evolving industry. If you want to succeed, you’ll have to stay ahead of the curve at all times.

Tips For Ecommerce Owners On How To Increase Your Customer Lifetime Value

Ecommerce is a booming industry and it’s no surprise that businesses are scrambling to get their piece of the pie. But while some eCommerce stores thrive, others struggle. The key to success in this highly competitive field is customer loyalty and satisfaction. Fortunately, there are numerous strategies that you can implement to keep customers coming back for more! This article will focus on four things you can do to increase your customer lifetime value: incentivizing repeat business with discounts or freebies; providing excellent customer service; developing loyalty programs; and offering quality products at fair prices. With these tips in mind, you’ll be able to make your store stand out from the competition and set yourself up for long-term success!

Subscribing Customers

One of the best ways to increase your customer lifetime value is by offering incentives or discounts in exchange for repeat business. You can send emails to customers every time you have a sale, but this is annoying and they probably won’t even open them. Instead, offer subscription services through your store, so that customers can subscribe to receive information about sales and new products! 

People like getting things by subscription because it guarantees that they will be able to purchase the item when it goes on sale. Plus, most people don’t want to miss out on great deals, so having something with recurring relevance ensures that customers will come back again and again! Browsing through the top subscription apps can give you an idea of how they work and what’s on the market. You could also launch membership programs where shoppers sign up for exclusive newsletters or access certain areas of your website. This will give customers incentive to buy from you more frequently.

Customer Service That Goes Above And Beyond

Improving your customer service is another great way to increase your customer lifetime value. Nobody wants to work with a company that doesn’t take their business seriously. That’s why you will want to make sure that your products are well-made, ship on time, and are packaged carefully. You should also highlight customer service representatives in your marketing campaigns so customers know they are committed to providing the best possible experience.

 

Customers who receive great customer service are more likely to shop at your store again because they know they can rely on you for support if anything goes wrong! Whether it is via phone, email, or chat, replying quickly will show customers how much you care about them and their concerns. Feel free to publish reviews or positive testimonials on your website as well. 

Loyalty Programs To Keep Customers Coming Back For More

Offering loyalty programs is another great way to boost your customer lifetime value. Once customers start coming in regularly they become big spenders, so giving them discounts in exchange for shopping in your store encourages them to keep doing so! 

A loyalty program can be anything from offering an early bird discount on the weekend when people have more time to shop, to providing regular coupons or newsletters full of deals. You could also give out points or tokens that shoppers accumulate over time and then redeem for discounts on future purchases once they have reached certain milestones. Developing custom eCommerce software can help track how many points people have when they are earned, and when they expire.

Offering Quality Products At Fair Prices

Last but not least, providing quality products at affordable prices is another great way to boost your customer lifetime value. If shoppers know that your store is always well-stocked with quality items at good prices, they will be more likely to shop at your store again and again. While it may take a little longer, you can grow your customer lifetime value by offering free shipping or discounts on larger orders.

The more often shoppers purchase from you, the more time they will spend on your website perusing through products as well as talking about you with their friends and family. Some customers even come back to do all of their holiday shopping at once!  This is definitely something you will want to try and shoot for because it means they are happy with your products, prices, shipping timeframes, etc. 

The input provided here is some really great tips on how to increase your customer lifetime value. Hopefully, this article has been helpful in providing you with a roadmap of what it takes to be successful on the eCommerce platform!  If you are not sure where to start, all of these principles can help guide your decisions when making changes or updates to any part of your business.

Are eCommerce stocks a worthy investment?

In the last 18 months, the world has been turned upside down by the coronavirus pandemic. Although some normality has resumed and lockdowns have been lifted, our habits have altered significantly. 

A specific example of this is a change in consumer behaviour, with many individuals continuing to shop online, even after physical retail reopened its doors to the public. As a result, companies have adapted their strategies to cater for the increased demand for online shopping.

In 2021, the eCommerce sector is expected to boom, with traffic estimated to increase by 400 million users. If you’re considering investing in the stock market, this might have prompted you to consider buying eCommerce stocks. So, in this article, we’ll explore whether they are deemed to be a worthy investment. 

The effect of COVID-19 on the industry

The government’s enforcement of lockdowns throughout 2020, and in the early months of 2021, saw non-essential shops close their doors to the public. As a result, many of these businesses created their own online shops, since government grants were an insufficient source of income. 

Consumers were subsequently forced to turn to eCommerce platforms to find their favourite brands or buy any non-essential items. This saw the flow of online traffic and purchases increase, and the market’s revenues soared to $2.43 trillion in 2020 — a 25% increase on the previous year. 

Although we weren’t able to go anywhere when lockdowns were put in place, it would appear that the world remained concerned about staying up-to-date with the latest trends. The fashion industry is the biggest contributor to the eCommerce industry, and it is estimated that the sector will yield $759.5 billion in revenue by the end of 2021.

A change in shopping behaviours

According to a survey conducted by MiQ, 50% of consumers in the UK plan to continue to shop online for clothing and accessories now that shops have reopened. 37% say that they will purchase beauty products online, and 35% believe that they will also turn to eCommerce shops to buy their electronics and entertainment. More people are avoiding shopping in store, to steer clear of catching coronavirus, but also because they have enjoyed the convenience of online retail and the selection that it affords them. 

This has caused companies to recognise the importance of enhancing their online consumer experience to provide for the increased demand. What’s more, many small businesses have set up online shopping platforms, moving firmly into this savvy online-shopping age. 

As a trader, you could take advantage of this behavioural shift by investing in the shares of an eCommerce platform that is performing well right now and here’s an example for you: 

  • Shopify Inc. (NYSE: SHOP) 

Shopify is a bit of a newcomer in the eCommerce world, but like many new businesses, has thrived during the pandemic. The company is a Canadian-based platform that allows small businesses to list their products online. Shopify has only been trading for the last 10 years, but has amounted to 1.75 million sellers. If you’re looking to invest in a company that still has significant growing room, Shopify could be the stock for you. 

In 2020, the company experienced record highs, growing by 116%, with revenue from subscriptions increasing by 41%. In February 2021, the company recorded a revenue of $977.7 million and in response to the increased demand for their services, the brand has been adding some exciting features to its platform. These have improved shipping speed and accuracy, and allowed the store to become more customer centric, introducing a mobile shopping assistant to help customers and sellers on their journey. 

If you decide that eCommerce stocks like Shopify are a worthy investment for you, you could use contracts for difference (CFD), with an online CFD trading platform, to invest in eCommerce stock and speculate on price movements in the market without owning the underlying asset.  

If you’re considering investing in eCommerce stock, then now could be the optimum time. The sector has boomed during the COVID-19 pandemic and continues to grow in 2021, as more individuals choose to do their shopping online. 

Of course, the stock market is volatile and prices can fluctuate dramatically in a short space of time, so make sure to do your research and conduct fundamental analysis, to minimise the risk of making losses. 

Ecommerce Medical Supplies: How Can Wholesalers and Distributors Sell Online?

Due to B2B eCommerce, interest in medical and pharmaceutical wholesalers has been reignited. As the population ages, and the number of medical innovations grows, it appears the growth in the medical devices sector and B2B eCommerce is now palpable. Further, medical wholesale and distribution companies have now realized that eCommerce medical supplies are increasingly popular and are being used to sell their products to other businesses. Take a look at the statistics below:

 

Regarding B2B marketplaces, 67% of wholesale businesses allow customers to place orders online, making having your B2B marketplace essential. (b2bwave.com)

The B2B eCommerce market will be twice the size of the B2C market by 2020. (PricewaterhouseCoopers)

Within the next two decades, 85% of all B2B buyer-seller relationships will be carried out entirely without human intervention. (Forrester)

Only 11% of medical supply and pharmaceutical businesses currently offer a B2B eCommerce option, so wholesalers have a significant opportunity to benefit from B2B eCommerce. (b2bwave.com)

Regarding eCommerce, it is crucial to consider all nuances of a specific industry. The responsibility of healthcare supply providers is much bigger than in any other niche. Medical supplies may need additional investments in software development for healthcare to create a system where users can track details like meds expiration dates, logistics details, cooperation records with different medical institutions and trusted distributors.

Invariably, consumers are already looking for specific products they want to buy online, so wholesale medical companies are focusing on finding new customers and new markets. When taken into consideration, a B2B eCommerce site works as your 24/7 sales representative. It helps to note that to expand your business and sell your products, you can use eCommerce to reach worldwide markets far beyond your physical location.

Undoubtedly, customers’ decisions when purchasing products online are heavily influenced by accessible product data. Yet, with eCommerce, you don’t have to invest extensive resources, and it helps you expand your customer base and sales without setting up new offices.

Moreover, bolstering brand awareness is crucial. When wholesale eCommerce B2B is added to selling medical devices and services, it is essential in enhancing content marketing and social media marketing. One way to increase your rank in search results is to optimize your products and pages for SEO. By using digital marketing, you can identify and maximize your marketing ROI.

Retain Your Customers

It is critical for any business to keep customers, and the consumer experience plays a major role. Loyal customers are indeed a vital component of wholesale medical supply and distribution. eCommerce stores help bring in new customers, and they also help enhance the customer experience for clients already shopping with you.

Primarily, your wholesale medical distribution eCommerce site gives your customers round-the-clock, annual and 365-degree access to your services. Customers can add new orders, follow their order statuses, and access real-time purchase information. Wholesale medical buyers will genuinely appreciate the time savings from this type of self-service.

Offer Instant Access

Typically, customers visit eCommerce sites using a mobile phone or computer. Since it’s in an online format, eCommerce wholesale medical and distribution businesses are much more accessible relative to brick-and-mortar stores. Therefore, consider ways to penetrate new markets and increase revenue by using eCommerce solutions. You can support B2B customer demands with an eCommerce presence and centralized admin dashboard to manage all your sites from one place. 

Also, improving operational efficiency is critical for any B2B medical supply eCommerce business. With automation, you can mitigate errors caused by human input easily. You won’t have to hire new employees, because with eCommerce, there are no additional tasks necessary to manage your business. When you automate time-consuming manual tasks, then your staff can focus on making customer service improvements.

Make the Most of Your Data 

Data and analytics have the potential to transform your wholesale medical business if used correctly. By increasing overall digitization, certain aspects of your business can be evaluated and measured more easily. eCommerce businesses are wise to incorporate marketing campaigns, customer service effectiveness, product mix, and customer service effectiveness.

Nonetheless, figuring out how much to spend and where to spend it can be a challenging task. It is often difficult for organizations to choose between these two pressing options. Additionally,  eCommerce can be a much more complex undertaking for business-to-business (B2B) customers than business-to-consumer (B2C) customers. 

The most pressing needs of B2B eCommerce include customized product catalogs, multiple approvals, and financing. Still, there are solutions that can meet your online medical distribution needs.

Thus, it would help if you focused on maintaining a few critical functions while looking for scalable alternatives. Consider using a platform that can provide permissions and roles for different users. Further, the checkout must accommodate various payment methods and include the ability to buy. External gateway managers may be helpful for your B2B eCommerce operation.

It’s essential to select a user-friendly solution and a more straightforward method of ordering and reordering to keep your customers happy. Actually, to make the shopping experience easier, implement a one-page checkout. Don’t forget to capture and analyze data.

Remember to Integrate

To provide high levels of flexibility, it is critical to evaluate B2B capabilities, such as integrating with existing ERP and other back-end systems. While B2B eCommerce is an online ordering system, it offers the potential for so much more than that. Customers’ expectations have evolved over the years, and they demand self-service and instant gratification.

A solid technical support department and an extensive partner network are invaluable resources for eCommerce businesses. When you trace the growth of both the B2B eCommerce sector and the medical sector, you can easily find a clear line of convergence. By fully taking advantage of this, you can effectively offer your products and support via the Internet.

Enhance Brand Recognition

Losing out on brand awareness is a serious issue. When eCommerce B2B is added to selling medical devices and services, it is essential in sprucing up content marketing and social media marketing. 

To increase the likelihood of your prospects visiting your medical B2B eCommerce website, optimizing your products and pages with SEO so search engines can index is crucial. Also, by taking advantage of your platform’s digital marketing features, you can identify and maximize marketing ROI.

Consider Vital Features

It would help if you focused on maintaining a few critical functions while looking for something scalable. The platform must also provide permissions and roles for different users. In addition, the checkout must accommodate various payment methods and include the ability to buy at any time. External gateway managers may be helpful for your B2B eCommerce site. 

To retain a competitive advantage, a user-friendly solution and an easier method of ordering and reordering should be included. Actually, to make the shopping experience easier, implement a one-page checkout. 

If you want to provide high levels of flexibility, it is critical to evaluate B2B eCommerce capabilities, such as integrating with existing ERP and other back-end systems. As customer behavior has shifted, so has how customers research, buy goods and services through eCommerce. A solid technical support department and an extensive partner network are invaluable resources for medical wholesale businesses.

eProcurement and Punchout.

If you’re a medical supplier and sell to large organizations, you’re likely going to need to have a punchout catalog. A punchout catalog connects to their eProcurement system which is like an eCommerce intranet where they can purchase from all their providers from a centralized platform. This saves them time and money because they can have a centralized purchasing intranet they can order all their supplies from. Green Wing Technology is one of the leading punchout catalog providers and can help you develop your punchout catalog fast.

6 Ecommerce Metrics To Measure Your Online Success

To Make Sure That Your Business Is Succeeding, You Will Need To Focus On Analysing The E-commerce Metrics

 

With the ever-growing supply and demand of products and services, it is not a surprise that you will notice an increase in the number of e-commerce businesses. At the same time, with the rise in the number of businesses, there is a rise in the level of competition. Taking into consideration the data you receive is going to play a vital role in ensuring that your business stays on top of its competition. While initially, your main focus will be to build a good website to launch your products, once that is done your next step should be to focus on analyzing e-commerce metrics. 

 

Once you learn how to keep track of these metrics, your business will thrive with time. You can check the performance of your business through these metrics that can help you to make informed decisions in the future. You will know better what are the strong and weak areas of your business. Below are key ecommerce metrics that you should keep in check. 

Sales Conversion Rate

Sales are the final result that every business aims to have. The sales conversion rate is the actual percentage of people who landed on your website and completed the action of actually purchasing something. This is one of the most important Key Performance Indicators for your business. You can use this e-commerce kpi guide to understand the overview of KPIs. As for the sales conversion rate, you can use the insight you get from these metrics to track your key successful areas as well as those that need improvement. You try new things to improve sales like adding quality images or writing a more informative copy. 

CLTV And CAC

The CLTV or customer lifetime value gives you an idea of the total worth of a prospective customer to a business. These metrics can be used to understand which of the customers are most valuable for your business. It will help you to estimate how much money you should spend on a particular customer in order to retain them, and how much revenue can you expect to get from them. CAC or customer acquisition cost determines what your cost will be when you want to acquire new customers for your business. Acquiring new customers is always going to be a more costly affair as compared to retaining old ones. This is because when you want new customers you will have to spend more on different and new marketing channels as well as create advertising campaigns to attract more attention. 

Average Order Value

The average amount of money spent when a customer makes an order on your website is the average order value metric. To get this figure you will need to divide the total revenue by the total number of orders you received. This can help you to determine the marketing efforts you have put in along with the pricing strategy. You can then look for ways to decrease your transaction cost and increase customer spending. 

Cart Abandonment Rate

There will be times when the customer on your website will add many items to their cart but will abandon them at the last minute. This metric is called the cart abandonment rate. If this is happening too often then you need to consider what the reason can be. This could mean that there is friction that takes place during the checkout process. For example, maybe the refund policy is not good or maybe the final charges do not add up properly. By working with the best ecommerce developers you can make sure that your checkout process is on point, hence reducing your cart abandonment rate greatly.

Revenue By Channel

 

This is another important metric that you will want to know as this can help you to check the performance of different marketing channels that you are adapting. When you know how much revenue each channel brings for you, then you can invest your money in the channel that is most beneficial and gives you the highest return on investment. For example, if you notice that the insights for running campaigns on social media are bringing more value then you should focus more on that channel. 

Page Speed And Load Time

How long your page load time is, will determine the user experience people have on your website. If your page takes a lot of time to load and is slow then it can have a very negative impact on your prospective customers as they will leave the page after being frustrated and probably shop with your competition. The bounce rate on your website will increase and this will further have a bad effect on your Google ranking. 

Paying attention to all these e-commerce metrics is going to be helpful to track your profit and revenue as well as focus on key points wherein the improvement is needed.  

What Is Bigcommerce? How It Can Help Your Business?

Choosing an online store platform is always a challenge for most businessmen. The seller can choose between free and paid CMS. Nevertheless, there is a great difference between the two. Free platforms hold an insufficient amount of pages, plugins and do not give FTP access. Of course, the best paid ecommerce platforms provide a lot more features.

Make a request

Have you decided to open an online store, like Depop but don’t know where to start?

First of all, it is necessary to pay special attention to the design of the website of the online store, because this is the face of the company. In addition, responsive design enables shoppers to shop from their mobile devices and tablets thanks to magento development.

The success of an online store depends on its technical implementation, which includes functionality and settings. Another important point is the usability of the place directory. The functions of computing results to the catalog and managing them should be easy plus convenient.

Free Ecommerce Platform vs Paid Ecommerce Platform

When it appears to building your online shop using a free e-commerce program, you usually require to be in charge of the entire setup process. Many paid e-commerce platforms offer to host and complete greatest of the setup process on your behalf. When comparing available and funded e-commerce platforms.

Among the advantages of paid platforms, we highlight:

  • All paid platforms offer aid and assistance for almost any issue,
  • Easy setup is possible for most managed ecommerce platforms, so you don’t demand to hire a developer to help with ideas that are challenging for you to figure out on your individual.
  • A sufficiently high level of security,

Pick from thousands of free website designs or themes. Keep in mind, however, that if you prefer a template for your property, many other stores may use this theme as well. That may be risky from a branding standpoint.

Cons of paid platforms:

  • You may be bound by a contract with a monthly fee of
  • $ 30 or more per month.
  • When it comes to site design and features, you have less flexibility.

Pros of free platforms:

  • They are free.
  • You don’t possess any obligations, so if the stage isn’t what you awaited, you can simply switch to something else.
  • Full control over your online shop.

Cons of free platforms:

  • You may run into problems when installing up or managing your e-commerce site,
  • Many free platforms require some technical knowledge, so you may want to hire developers to assist with updates or changes.
  • The security level is lower compared to paid solutions.

So, if you want easy and efficient integration, then a paid solution is the best option. Here’s a look at the top 5 paid ecommerce platforms for what they’ll be most suitable for. More info on https://elogic.co/services/bigcommerce-development/.

BigCommerce

BigCommerce was launched in 2009 and currently has over 55,000 online stores. BigCommerce is a major e-commerce software provider. This platform is suitable for both small and huge online shops. With its many plugins, this CMS is a great clarification for those who don’t need to mess with system. BigCommerce includes features like coupons, shipping, newsletters, taxes, analytics, and more. Unlike Shopify, BigCommerce does not charge additional selling prices. Every free also paid theme are mobile responsive. It may be integrated with Google Shopping, eBay and Facebook.

In supplement to the installation wizard, this CMS contains tutorial videos and detailed tutorials with visual presentations. The only drawback is the lack of free themes. While the competition has over 20 free designs, BigCommerce only provides 7. However, this platform has a broad spectrum of paid reports that can be customized to give a unique look and feel. This is perfect for those who need to begin a full-fledged online shop including do not want to integrate plugins and edit HTML / CSS. Aside from several businesses, BigCommerce brings tough competition to Shopify with nearly the equivalent price per month, but no additional cost.