Business

Key Terms Every eCommerce Business Leader Should Know About

It’s no secret that the eCommerce world has been growing at an incredible rate, and after COVID hit, the world of online shopping sky-rocketed.

And because it’s growing at a fast pace, you need to make sure that you are always one step ahead.

Running a business, whether online or offline, means understanding everything about your sector, including terminology.

When it comes to eCommerce, it’s no different.

So, here four eCommerce terminologies that you need to know to keep your business thriving.

Unified ecommerce platform

Running an online business means using lots of front and back-end applications to keep the business running. But, these are often disconnected from one another.

Anything from CRM to Point-of-Sale (POS) to inventory management requires various platforms.

This is where a unified commerce platform comes in.

Unified commerce is about putting the user’s experience first. Instead of having different platforms for your CRM, POS, managing your emails etc., everything is done on one platform.

Saving you time and money on integrations and reducing the risk of errors.

If you are running your own eCommerce business and are not using a unified commerce platform, you need to start doing so asap!

Here’s why.

According to research, there is a $3.3 trillion global opportunity for merchants who adopt unified commerce.

And if $3.3 trillion won’t make you jump up out of your seat, I don’t know what will.

Abandonment

Abandonment or cart abandonment is something no merchant wants to see.

But, it happens and quite often.

It’s when a customer browses your site, adds to their basket and for whatever reasons suddenly decided not to take the desired action and essentially “abandons” the shopping cart.

While there isn’t one specific reason why customers do this, you can take measures to help avoid abandonment.

A/B split testing

A/B split testing or split testing helps you determine what page on your website has a higher conversion rate.

Split testing is about showing two variants of a web page to see which performs better.

Split testing applies to landing pages, pop-ups and emails also.

Split testing is essential for any online business regardless of the sector. If you don’t split test, you won’t know what needs improving, what’s working, what isn’t and much more.

It’s a powerful mechanism to help you market and promote your products or services.

Call-to-action

“Buy Now”, “Call Now”, “Sign Up” “Click Here”, are call CTA’s. Meaning that you are prompting the customer to take the action that you want them to.

Using compelling CTA’s can be fruitful to your eCommerce store because it encourages users to take immediate action.

CTA’s helps to grow your email marketing, get more people to download or buy your products/services, and are excellent for promotional offers.

The bottom line

The world of eCommerce is continuously changing, and so are the terminologies.

Of course, some remain the same, but if you want to make sure you are constantly beating your competitors to the game, understanding every aspect of your business is a must.

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