This study material focuses on the types of strategies for an E-commerce solution, designing of an E-commerce solution, implementation, and SWOT analysis. It also includes a detailed analysis of factors and resources, differentiation between payment systems, and design and functionality of an E-commerce solution.
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Table of Contents INTRODUCTION...........................................................................................................................1 TASK 3............................................................................................................................................1 P3: Types of strategies for an E-commerce solution...................................................................1 P4: Designing of an E-commerce solution..................................................................................2 M3: Analysis of factors and resources.........................................................................................4 M4: Differentiation between the types of payment systems........................................................4 D3: Design and Functionality of E-Commerce Solution.............................................................4 TASK 4............................................................................................................................................5 P5: Implementation of an E-Commerce Solution........................................................................5 M5: SWOT analysis.....................................................................................................................6 D4: Evaluation of the success of E-commerce implementation..................................................7 CONCLUSION................................................................................................................................7 REFERENCES................................................................................................................................8
INTRODUCTION E-Commerce refers to the buying and selling of goods and services over a broad network online. It is a strategy which is helpful for the businesses so that they are able to achieve their particular goals and objectives in the future(Cai and et.al., 2018). By making its use the businesses are able to ensure that they can attain a higher-level of efficiency and effectiveness and can raise their overall profits. This report is based on Next. It is a British company which deals in several consumer products. In this report, a detailed focus will be made on Discussion of types of strategies, Describing of an E-Commerce solution. Additionally, specific analysis will be made on Implementation of a E-Commerce solution as a part of this particular project. TASK 3 P3: Types of strategies for an E-commerce solution An organization has to ensure that it can make the use of the different types of strategies so that it can channelize its growth in the future(Choshin and Ghaffari, 2017). The following types of strategies can be used by Next- Better Navigation and Search Capability- If the e-commerce website of a company has better navigation and search capability it can ensure that the company is able to attract its customers(Giuffrida and et.al., 2017). This can happen as the better interface can ensure that the goals and objectives can be achieved effectively and efficiently. Next has to make sure that its websites provide this feature to its customers which will help them a lot as they will be able to purchase the necessary products. High-quality photographs and descriptions- In an e-commerce website high-quality photographs and descriptions can be used for the different products(Holland and Gutiérrez- Leefmans, 2018). Therefore, this will help a company like Next to make sure that its customers are attracted through their use which will be very helpful in increasing the sales of the different products and thereby enhancing the overall revenues and profitability level. Personalization of Home Page- Personalization of Home Page of the e-commerce websites of the organizations is helpful in ensuring that the customers are able to navigate through the website easily. For this it is required that the Home Page of the e-commerce websites can be made even more better. This requires specific improvements to be made in it so that the 1
customers are able to navigate through it easily. Thus, In the context of Next it can be an effective e-commerce strategy which can be quite helpful for it in personalizing its products. Focusing on Consistent and Unique Content- It is important for the companies that they are able to provide a consistent and unique content to be delivered to the customers(Hua, 2016). Therefore, for Next it can be highly important that it modifies its e-commerce strategies in such a manner so that it can help a lot in easily providing the required level of satisfaction to the customers. Thus in this way the company can ensure that it is able to attain its different goals and objectives easily without facing various types of problems and issues. Enhancing Email Marketing- Through Email Marketing the organizations can make sure that they are able to Email their different customers about their products and services. Thus if Next brings new products and services and uses innovative approach in these products and services then the awareness level of the customers can be raised. For Next Company it is is important that its use can be made for attracting the customers and for the purpose of bringing a much-required increase in the overall level of revenues. OptimizingShoppingCartandCheckout-ShoppingCartwhichisusedinE- Commerce websites needs to be optimized and the Checkout process which is being used must be made smoother. Thus, It is very important for Next that it is able to ensure that a thorough optimization of this experience can be done which will be helpful for its customers in easily navigating through the website and purchasing the desired products and availing the required services. P4: Designing of an E-commerce solution Specific requirement- Technology in a dynamic business environment can change very quickly. Therefore it becomes important for the organizations that they are able to adapt to the changes under it in the right manner so that the goals and objectives can be attained in the future. Therefore, it has been decided by the management of Next that it has to put its focus on enhancing and developing its e-commerce website by bringing significant improvements to it. The company plans to improve its interface so that it can attract the customers effectively and efficiently. For the purpose of implementation of this strategy the company can design an e- commerce solution. This solution will be as follows- 2
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Using the right platforms- For the best implementation of an e-commerce strategy of a company it is important for it to use the right platforms(Janjevic, Winkenbach and Merchán, 2019). Therefore, for Next it becomes important that it makes use of the already existing e- commerce platforms to provide the products and services to the different types of customers. This will help in ensuring that the revenues and overall profits can be enhanced. Also by learning from the ideas used by these websites the company can ensure that the use of these ideas can be made by it so that it can easily upgrade the interface of its own website also. Design & UserExperience- For implementing an e-commerce strategy it is crucial for the companies that they are able to identify the particular design and user experience which has to be framed(Ji and Sun, 2017). Thus, Next has to make sure that it improves it by identifying the different types of needs and requirements of its customers the design and user experience of its own website can be improved by adding new features to the website. Providing seamless experience for the customers- The implementation of an e- commerce strategy requires that seamless experience should be provided to the different customers. Thus, In the context of Next it is important that its website provides the customers with seamless experience which is therefore helpful for it in ensuring that they can attain goals and objectives related with the customers quite easily. Paying attention to the data- Implementation of an e-commerce strategy it is crucial that the attention to the customer data is given(Khan and Uwemi, 2018). Therefore, Next has to make sure that the data of its customers is given relevant attention. Thus, In this way the company will be able to ensure that it obtains the feedback from the customers about its current website and updates it accordingly so that it is able to update it and make its interface better for them. Targeting the consumer directly- In an e-commerce strategy it is very crucial that the targeting of the consumers can be done properly. Thus, for Next it is very important that its consumers are targeted through the use of analytics of e-commerce websites. Therefore, in this way the important information can be obtained and the website can be made better for them. Personalization- Through the use of this e-commerce strategy the personalization of the informationcanbedone.Therefore,InthecontextofNextitisquitecrucialthatthe customization of its website can be done according to the needs and requirements of the customers so that the website can be made better. 3
Follow-Up of Abandoned Carts- This needs to be done by the companies so that they are able to find out the reason due to which the cart was filled up with different types of items but some of them were not purchased by them. Thus if Next is able to do so it will ensure that the follow-up of its customers can be done effectively and efficiently. Also in this way relevant improvements can be made in the right manner in the website. M3: Analysis of factors and resources Different types of factors and resources have to be considered by the organizations while designing their e-commerce strategy. For Next, it is therefore crucial that it makes a thorough analysis of these factors and resources so that it is able to ensure that it can achieve its goals and objectives related with enhancement of sales and revenues easily. In this way the company will be able to ensure that it can identify the way of facilitating an improvement in its e-commerce website so that it can adapt to the dynamic needs and requirements of the customers and can fulfil them. M4: Differentiation between the types of payment systems In e-commerce websites, various types of payment systems can be used by the customers for making the desired payment for the goods which they are purchasing or the services which they want to avail. Thus, it is important for Next that it is able to identify and differentiate between the payment systems. Its customers can be provided with the options like Debit Card, Credit Card, Net Banking, E-Wallet etc. to them which will help them a lot in making the payment easily and thus ensuring that the interface of the website can accept all these modes. Thus it can be said this type of differentiation is needed for ensuring that the customers are given a wide range of choice which will help them in making their payment in the right manner. Therefore for a company like Next it is quite essential that it provides the different types of payment systems so that the payment can be done in the right manner. D3: Design and Functionality of E-Commerce Solution TheDesignandFunctionalityofE-CommerceSolutionofNextCompanyi.e. Improvement in the E-Commerce Website has to be made by it to facilitate the providing of appropriate services to the various customers. Thus there is a requirement for the managers of the company that they are able to pay attention to it so that improvements can be made if they are necessary. This will help the company in attracting the customers towards its website and 4
ensuring that the level of sales can be raised and the overall profits can be enhanced.Next has to ensure that it is able to implement its e-commerce solution effectively and efficiently so that the different types of customers can be targeted by it which will help in ensuring that the attainment of goals and objectives is done in the right manner. TASK 4 P5: Implementation of an E-Commerce Solution For the purpose of implementing an E-Commerce Solution it is important that appropriate steps are taken by the organizations. Thus Next has to take the following steps so that its E- Commerce Solution of Improving the interface of its website can be implemented- Planning- Appropriate plans have to be made by the organizations so that they are able to identify the way the E-Commerce strategy can be implemented(Pagès‐Bernaus and et.al., 2019). If Next wants to make relevant improvements in its website then it has to plan the way these improvements will be made which will make the whole process a lot easier for the company. Embracement of all possible channels- Different types of channels can be used by the customers for ensuring that they are able to reach the customers effectively(Sharma and Aggarwal, 2019). Thus for the purpose of making an improvement in the interface of the website Next will be required to identify the different channels which can be used by it. Thus in this way the company will be able to ensure that it can bring improvements in its website by using the most suitable channel. Determinationofconsumersegments-Forapersonalizedexperienceitisvery important for the organizations to focus on different types of consumer segments and ensure that its e-commerce strategies can be focused on them and their various types of needs and requirements(Trad and Kalpić, 2016). Thus, it is important for Next to identify the needs and requirements of these segments so that the website can be updated and upgradedaccordinglyformeetingtheseneedsandrequirementseffectivelyand efficiently. Making touchpoints a shopping haven- For implementing an e-commerce strategy it is necessary for the organizations to identify the various touchpoints. By identifying them, the managers of Next will be able to ensure that they are used properly to target the 5
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customers. Thus by making the website of the company better in dealing with the customers the use of these touchpoints can be made and thus this can be the way of ensuring that e-commerce strategy of the organization is successful. For the improvement of e-commerce website it is important that these touchpoints are used appropriately so that the needs and requirements of the customers are realised and actions are taken accordingly. Maintaining consistency in brand image- Brand Image of Next can be maintained by increasing the level of consistency(Vakulenko, Hellström and Hjort, 2018). Therefore, In the context of the company it is important that it is able to maintain its e-commerce website and can improve in it so that it can remain consistent with the customers and therefore can develop its Brand Image. This will be helpful for it in the attainment of the relevant goals and objectives in the future. M5: SWOT analysis SWOT analysis- This is an internal analysis in which a detailed assessment of the internal position can be done which will help in ensuring that the overall goals and objectives can be attained in the future. Therefore, Next has to make sure that it is able to carry out this analysis so that the overall assessment of the internal position is carried out in the right manner effectively and efficiently. StrengthsWeaknesses Detailed targeting of the customers- InNextthedifferenttypesofthe customerscanbetargetedthrough bringinganimprovementinthee- commerce website. Thus in this way this helps the company to enhance its revenues. Good interface- In Next improvement in the website offers the company an opportunity to make sure that it is able to give the customers a right interface Lack of effective penetration- Next has not been able to penetrate into the marketsufficientlybyusingitse- commerce strategies and is behind its competitorsintermsofwebsite improvement. Lack of awareness- The customers of Nextarenotawareaboutthe improvementsinthee-commerce strategiesofthecompanywhich therefore can impact its online business. 6
forpurchasingtheproductsand availing the services. OpportunitiesThreats Moreshareinthemarket-Inthe marketmoremarketsharecanbe obtained by Next if it improves its e- commercewebsitesufficientlywhich will enable it to be able to target more customers. Higher-level of profits- In the market higher-levelofprofitscanbe maintained by Next if it sufficiently improvesitse-commercewebsiteso that the customers can be targeted. Competition- The competitors of Next areaheadofitinthetermsofE- CommerceStrategyandthiscan therefore affect the improvement in e- commerce website which it plans to bring. Government policies- The government policiesregardinge-commercecan change quickly and thus in this way this can impact the e-commerce strategy of improvement of Next. D4: Evaluation of the success of E-commerce implementation The e-commerce strategy which is planned for use by Next can be very useful because in this way relevant improvements can be brought in the e-commerce website which is being used by it. Thus In the context of Next, it is important that by making the use of careful planning approach it is able to ensure that it can bring the required improvements easily in its website which will help it in becoming successful in the field of e-commerce effectively and efficiently. Thus it can be said that by ensuring the application of E-Commerce Strategy the company can make sure that its customers are able to shop more and thus the overall revenues can be enhanced and the level of profits can be increased. 7
CONCLUSION From the above report, it can be concluded that E-Commerce Strategy is useful for the organizations to target a wide range of customers. Thus by making its use the companies are able to expand into the wider sections of the market. By using it a wide range of market can be covered by the firms effectively and efficiently. There are different types of strategies which can drive an E-Commerce Solution. An E-Commerce Solution can be designed on the basis of a specific requirement or a strategy. Implementation of an E-Commerce Solution can be done by the organization by ensuring that the different steps can be followed. 8
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