E-business is another word for E-commerce business. E-business is a term used for any kind of business or commercial transaction that includes sharing information across the internet. Modern e-commerce typically uses World Wide Web for at least one part of the transaction although it may use other technologies such as E-mail.E-commerce business may employ the following
- Online shopping website for retail sales direct to the customers
- Gathering and using demographic data through the social media
- Online financial exchanges for capital exchanges or for the trading purpose.
Following are 10 tips to save your money on your e-commerce businessUse coupons and discounts wiselyCoupons are the standard expectation for the online customers. You have to decide how deeply the discounts should be and which product it should be applied to; all while closely monitoring how the discounts will affect your profit margins.Make adequate investments for the first timeInvestments in your e-commerce site, whether it’s for web design or marketing can add up. Instead of trying to find the cheap way to improve your business, perform research and look for trusted companies to make your investment count. Getting the things right for the first time is much more affordable than having to start all over again.Do everything you can to keep current customersRetaining a customer cost 7 times more than it does to keep one; it means you should focus on customer retention through quality customer service and communication.Know how to prevent and fight chargebackTo save on the chargeback, prevent them from happening and know how to fight them when they do so. To fight chargeback, document everything. By keeping confirmation number of delivery shipments, order confirmation and returns, you will likely win the chargeback dispute and avoid the corresponding fee.Identity and enhance effective marketing channelsIt takes lot of money to market your business online. If you’re using PPC, SEO, social media to promote your e-commerce site, one of the best ways to save is web analytics to identify which marketing channels are most impactful.Work with small business shipping specialistShipping charges are a big drain on financial resources for online business. All the major providers provide shipping resources for small businesses, many of which have dedicated specialist to help you to gain the efficiencies in your shipping costs.Offer the most popular payment options Payment processing fee can add up, as your order volume begins to grow. You should offer multiple payment options to your customers; look to see which methods are most popular with your customers. Most online shoppers have more than one debit card, so the customer experience should not be drastically impacted.Focus on social mediaSocial media is the hottest topic in marketing today. Pay per click advertisements might cost you more while social media’s advertisement would cost you cheap or sometimes negligible which is another strongest attracting point with social media. Advertising in social media would easily spread throughout the world within no time.Postpone personal rewardsSet your salary as low as possible. Utilize functional, not extravagant, work spaces. You can conserve your initial capital and save money by doing the following. It sets an example of frugality and discipline for the organization which is important in early years.Focus on critical tasksFocus allows you to move from one complete task to next, getting your product to market as soon as possible, while keeping your conventional cost using labour and virtual offices. Focus means you only spend money on necessary objectives, no more or no less.