Internet businesses require a lot more than just a storefront on the Internet to be successful. One of the main things an Internet business would need is an easy URL to remember. If you have a long drown out URL few people will remember it and they will more than likely visit a more memorable site. You will also need some type of shopping cart so that customers can select items and continue shopping on your site as well as get an idea of how much they are spending. Another thing Internet retailers may need is a service that allows them to accept credit card for instance PayPal or other merchant account companies. It’s very hard to run a business online if your only accepted method of payment is checks and money orders more people are using credit cards to pay for purchases online or electronic checks or virtual cash like E-gold. If you equip your business with ability to accept at these types of payments you will have a better chance of people actually making purchases from your website.
Some benefits of running an online store are that it can be started with a smaller amount of capital than a traditional brick and mortar business. Instead of paying rent each month for a building or property taxes, utility bills and so on. The business can be run from the comfort of your own home, and could even offer you some tax benefits or deductions at the end of the year. When running a business online the need to higher human resource personnel is minimal, if it is a small store the business can be run single handedly. Larger stores may require one or two more people to run it, but no where near as many as a traditional store would.
Many Internet companies have come and gone some have failed within the first year while others like EBAY manage to stay around for years and produce large amounts of revenue and many loyal customers. Some of the reasons EBAY has been around as long as it has is because of its marketing strategy. They have implanted a series of television and radio commercials that are fun and creative which makes consumers more interested in the company and its services. Also EBAY offers people the ability to purchase items they want or need at prices often times lower than retail value through there online auctioning system. Everyone knows that buying things on auction could translate to paying $50 for a $150 item. That idea alone is very enticing to consumers I mean seriously who doesn’t want to save money. Also buy offering secured payment methods like PayPal they are able to secure even the more skeptical consumers. EBAY has expanded into other market as well which has more than quadrupled there client base. Some of the markets they have expanded into are China, India, South Korea, Spain, Switzerland, and Taiwan. EBAY remains one of the top auction sites even with rising competitors like Amazon, Yahoo, and Overstock.com. There recent acquisitions of other markets helped to more than guarantee their survival for years to come.