Online business is a current trend pursued by many due to its advantages in cost-effective operations and business efficiency. Moreover, the global rise in internet usage further propels the growth of online businesses.
However, achieving success in online business requires careful consideration of customer needs, understanding online business processes, and addressing potential barriers. The article “Online Business and Things to Know” highlights aspects overlooked that can lead to business failure.
1. Market Potential for Online Business
The increasing number of internet users for information and social media engagement presents a substantial market potential. In Vietnam, 44% of online users have never made an online purchase, indicating an untapped market. The cost-effectiveness of online operations, coupled with 24/7 accessibility, contributes to the continuous expansion of this business model.
2. Reasons Consumers Choose Online Shopping
Understanding why customers prefer online shopping is crucial for addressing consumer needs. The benefits of online business extend to both businesses and consumers:
- Time-saving
- 24/7 shopping availability
- Convenient home delivery
- Cost savings reflected in product prices
- Easy price comparison across online stores
Therefore, businesses should continually enhance customer friendliness to deliver maximum benefits.
3. 10 Factors Influencing Online Shopping
Understanding these factors is crucial to solving the puzzle: Why do customers choose not to visit your online store?
- 56% Product quality
- 49% Free shipping
- 35% Easy return process for defective items
- 33% Customer reviews
- 30% Visually easy search
- 26% Good navigation, high persuasiveness, and accuracy in content
- 24% Easy verification of product quality
- 24% Abundance of choices
- 12% Special sizes
- 10% New products
Choosing effective strategies to attract customers is essential for success.
4. Impact of Online Tools on Online Business
We’ll examine two fundamental tools: websites and social media, as they constitute the basic platforms for online business today.
How does social media influence shopping?
- 81% of news shared by friends influences customers’ shopping decisions
- 44% of customers buy from brands with attached images
- 40% of consumers tend to associate with brands that update content regularly
- 55% of consumers make purchases through Facebook
- 62% of customers research product information before deciding to shop online, emphasizing the importance of content.
- 9 out of 10 customers make purchases after viewing product videos
- 76% of consumers use smartphones for shopping
- Most purchased items via mobile devices: 64% electronics, 57% groceries, and 54% clothing.
5. Psychology of Online Business Owners
- 6% of sellers believe online platforms offer numerous potential customers.
- 47% believe they can sell products at competitive prices online.
The survey results were presented at the “Online Consumer Shopping Behavior in Vietnam” seminar, organized by the Department of E-commerce and Information Technology, Ministry of Industry and Trade, in collaboration with the Vietnam E-commerce Association. This event was part of the preparation for the first “Online Shopping Day 2014” in Vietnam on December 5, 2014.
These are the fundamental aspects that online business owners should be aware of to efficiently and cost-effectively deploy their business processes. Wishing you wise choices and early success!
Cre: sapo
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