Starting and running an online business is smart low capital way to start your own business or a great way to expand an existing business. Ecommerce or electronic commerce can help the smart entrepreneur create a niche, join an existing niche or find a way to help fulfil a need. Average users spend 32 hours a week online and worldwide Google is used to search for information more than 1 billion times per day.
The development of ecommerce, better delivery systems, better payment systems and the sheer number of people online mean more people shop online and stay online. 167 million people shopped online in 2012 alone all over the world, with the amount of social commerce average $9.2 billion worldwide. E- spending is projected to increase by 62% by 2016, the Internet Retailer reports. For the savvy businessperson, this can translate to steady sales for years to come.
More and more people not only shop online, but an increasingly high number of people rely on social media and the Internet to find and stick with brands. This also means more and more businesses are using the Internet to market and create brand loyalty. What does this mean for your small to medium enterprise? Simply put, you can reach a worldwide market, or continue to make only local deliveries. The power of the Internet allows you to make the business decisions you want to.
But jumping into the online business pool may not be as easy as some people think. For social media immigrants, wading through complicated online business terms can be confusing. You may be wading right into a world full of jargon and abbreviations that just leave you in the dark.
The Online Business Dictionary is here to help you understand frequently used terms when it comes to online marketing, selling and websites. It will also help you understand popular terms and popular websites and their uses to help get you started on your ecommerce journey.