Week 4, February 2, 4

Week 4 to-read-list
1. Electronic commerce, From Wikipedia, the free encyclopedia
2. Consumer Privac, Blake T. Bilstad, Esq; Keith P. Enwright, Esq.

So, this week we learnt about e-commerce and all that jazz. Interesting topic, for someone who once harboured hope of setting up an online business and earning a bit of money on the side but just didn't have the time, the energy, the ideas and the resources to start an online business. That, and I am just plain lazy. :D
So, this is the top 10 reasons why e-commerce succeed, in my opinion and in no particular order. All must fall in place for an online business to work.
1. Product
The product is extremely important, and basically the foundation to build businesses, not to mention an online business. Great products are physical items, services and even ideas. I read in Reader's Digest that there is this 20-something year old, who set up a business based totally on fulfilling other people's ideas. And he is successful! Now, that is next level.
2. Timing
Timing is everything. A great product will fail if the timing is wrong.
3. Demand
4. Word of mouth
In the Internet, word of mouth travels so much faster in forums, via chatting and social media.
5. Good customer service, including customer dispute and returns
6. Fair pricing, including shipping costs and options (very important to me, at least!)
7. Proper security
8. Navigable and attractive website
A website must be user-friendly to really rake in the dough.
9. A dash of luck
10. Paying customers, what else? ;D
And here are the top 10 reasons online businesses fail, in my humble opinion again. ;)
1. Lousy or ill-conceived product
2. Wrong timing
3. Lack of demand
4. Negative word of mouth
5. Poor customer service
6. Unfair pricing, including exorbitant shipping costs and options
7. No proper security set up
8. Unnavigable and unattractive website
9. No luck
10. No paying customers.