Challenges Faced By E-Commerce Businesses

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Electronic commerce or E-Commerce refers to the act of buying and selling goods and services online. The history of E-Commerce begins from August 11, 1994 when a man makes use of website NetMarket to sell a CD. Since then, the E-Commerce have evolved and become ever popular.
Despite of huge growth, there are several challenges faced by E-Commerce businesses. Here are some of them.
  • Absence of identity verification: When a customer signs up, the portal has the only information that the customer entered. There is no surety whether the information is correct or not. This creates a problem at the time customer makes a purchase using Cash-On-Delivery option. The problem is solved if the portal takes few steps to verify the information.
  • Competitor analysis: We are living in the competitive world. There are so many people involved in the E-Commerce business that are selling identical goods and services. Each of them has to analysis the strategy of their competitors if they want to rise above all. Conducting in-depth research is necessary about the competitors to remain in the market in the long run.
  • Built loyalty towards the customer: The companies face difficulty in building loyalty and trust towards their customer. However, loyalty is important to ensuring growth. The company can put customer testimonials on their websites, create blogs about their services, add live chat option and make customer satisfaction as their first priority to develop trust.
  • Refund or return problem: The companies have to introduce the refund and return policy to attract a large number of customers. But, when a product is refunded or returned, the company has to bear the shipping cost and has an affect on its reputation. To avoid the trouble, the company should write all the product details in easy language that can be understandable by a layman as well.
  • Price struggle: There are several E-Commerce businesses that compete in terms of prices. Different companies charge different prices for the same product. They try to charge low prices to attract large number of customers. The companies should try to find out ways through which they can maximize profit and capture market share at the same time.
  • Data security: Data security is one of the major challenges that need immediate attention. There are lots of spans that attack the web server and infect all the websites. This affects the confidential information of the customers such as address, phone number, banking details etc. The companies should have data safety software and should take regular backup for the security.
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