Strengths, Weaknesses, Opportunities and Threats About My Business (E-Commerce)
Strengths, Weaknesses, Opportunities and Threats about my business (E-Commerce)
Strengths
Ability to compete with other companies global and locally
-Implementing an e-commerce business solution allows companies to expand their customer base to a global level without considerable time or expense.
Specialization and niche selling
-The larger customer base created by online sales allows e-tailers to specialize in certain niche products that could not support a more traditional business model.
Low overhead cost and low barrier to entry
-Startup costs for an e-commerce retail operation are a fraction of the costs of starting a traditional brick and mortar company.
Direct consumer communication
-This form of commerce allows the business to maintain a higher level of consumer communication. The communication happens when the order is placed, when the order has shipped and then at a point in the future, should the customer opt-in to receiving regular email communication.
Weaknesses
High Customer Expectations
-Small businesses can appear to be large companies on the Internet. Customers have no way of gauge the business’ actual level of man power and resources. This leads to customers that demand the same level of service from business with 1-2 employees as they would from industry giants like amazon.com.
Search Engine Unpredictability
-Web retailers live and die by organic search engine placement. The higher the store is placed on the search engine result pages (SERPs) translates to more traffic and sales. Search engines regularly change their ranking systems and this can cause major fluctuation in placement and create an unpredictable environment.
Opportunities
Global Exposure
-Adding an e-commerce component to a business allows the company to sell their products to a global market.
High Availability: a 24/7 business
Selling on the Internet allows the company to take orders around the clock on every day of the week.
Strengths
Ability to compete with other companies global and locally
-Implementing an e-commerce business solution allows companies to expand their customer base to a global level without considerable time or expense.
Specialization and niche selling
-The larger customer base created by online sales allows e-tailers to specialize in certain niche products that could not support a more traditional business model.
Low overhead cost and low barrier to entry
-Startup costs for an e-commerce retail operation are a fraction of the costs of starting a traditional brick and mortar company.
Direct consumer communication
-This form of commerce allows the business to maintain a higher level of consumer communication. The communication happens when the order is placed, when the order has shipped and then at a point in the future, should the customer opt-in to receiving regular email communication.
Weaknesses
High Customer Expectations
-Small businesses can appear to be large companies on the Internet. Customers have no way of gauge the business’ actual level of man power and resources. This leads to customers that demand the same level of service from business with 1-2 employees as they would from industry giants like amazon.com.
Search Engine Unpredictability
-Web retailers live and die by organic search engine placement. The higher the store is placed on the search engine result pages (SERPs) translates to more traffic and sales. Search engines regularly change their ranking systems and this can cause major fluctuation in placement and create an unpredictable environment.
Opportunities
Global Exposure
-Adding an e-commerce component to a business allows the company to sell their products to a global market.
High Availability: a 24/7 business
Selling on the Internet allows the company to take orders around the clock on every day of the week.