Are you looking to launch an online store? Day by day, an increasing number of people are abandoning traditional shopping methods in favor of creating an e-commerce site. E-commerce sites and online sales are rapidly gaining ground in retail due to the reliability of their secure payment options.
Non-transactional sites differ from transactional sites in that they do not involve transactions on the site. This makes it challenging to determine the value of the goal. For instance, the objectives of conversions on non-transactional websites could be to engage long-term customers, generate leads, encourage people to sign up for a newsletter, etc.
Every analyst has a method for determining the conversion formula and values for a website that does not handle transactions.
Understanding the following points may make it easier to assess the business outcome and monetary value of the website. Keep in mind that the goal value discussed in this article represents the dollar amount assigned to the conversion.
Selling your products online, also known as e-commerce, is associated with this type of shopping portal. We will also use a common expression: conversion rate, to measure the performance of a website. An online store website where a payment system is available, and users can make purchases is called a "transactional site." An example of a transactional website is Amazon for selling your products, but it could just as easily be the website of a physical store accessible from search engines or the website of a company that deals directly with consumers.
The term “e-commerce”, which also goes by the names “e-Business” and “electronic commerce”, refers to the buying and selling of products and services via the Internet.
It also involves the exchange of digital information and monetary resources between two or more entities. In other words, it's the familiar internet shopping we're all accustomed to.
With just a few clicks and from the comfort of your couch, you can buy what you want, when you want, without ever leaving the house.
With the proliferation of smartphones, this trend has advanced even further, allowing you to shop whenever and wherever you have access to a wireless device connected to the Internet.
It is predicted that online shopping will account for 15.5% of total retail sales worldwide over the next three years.
This article will shed light on the many forms and functions of e-commerce websites.
Potential online customers are most likely familiar with this type of site. Any website that facilitates the buying and selling of goods and services, such as an online version of a traditional store or catalog company (e.g., Walmart), or a virtual showroom for companies that want to sell directly to consumers, are examples of transactional sites (e.g., Hewlett-Packard).
Transactional sites (a) enable consumers to search for, purchase, and make online payments; (b) allow customers to contact the business for post-sales support; and (c) may be hosted or installed on the site. The majority of transactional sites streamline operations by incorporating back-office technologies such as accounting, inventory, order management, logistics and fulfillment, marketing, customer relationship management (CRM), and web analytics in the buying and selling process.
Instead of incorporating an online payment system, this type of website focuses on increasing brand recognition to boost sales. It serves a similar purpose to that of a brochure by informing the reader about the goods or services offered and how to obtain them.
The site is more cost-effective to create and maintain than a transactional site because it is often static and does not require the software infrastructure necessary for online transactions. Businesses that sell items or provide services that cannot be offered online would greatly benefit from an information distribution website (e.g., Ford, Caterpillar).
Using a hacked version of the site, consumers can compare prices between other Internet stores selling the same item.
These online marketplaces provide meeting places for potential buyers and sellers. In many cases, joining one of these sites can save you time and money compared to building your own transactional website. Auction sites (like www.eBay.com), platforms for independent artists and designers (like www.etsy.com), websites for merchants and wholesalers (like www.Amazon.com and www.Alibaba.com), and "matchmaking" sites are all examples of different types of websites (www.buyusa.gov).
Begin your e-commerce journey on an online marketplace or auction site. The Commerce Department advises against concentrating solely on marketplaces and auction platforms, emphasizing the risk of putting all of a company's e-commerce efforts into one basket. Approximately 70% of North American e-commerce sites reportedly depend on services provided by Amazon or eBay, including shipping, payment gateways, and fulfillment.
Have you ever considered unlocking the doors to your business and finding multiple orders ready to be fulfilled? Online commerce provides increased purchasing and delivery flexibility for users worldwide. Having a transactional website enables you to tap into new markets and offer real-time inventory of your products to customers, allowing them to confirm product availability.