The term “electronic commerce” has evolved from its meager notion of electronic shopping to mean all aspects of business and market processes enabled by the Internet and the World Wide Web technologies. This covers a range of different types of businesses, from consumer-based retail sites like Amazon.com, through auction and music sites like eBay or MP3.com, to business exchanges trading goods or services between corporations.
Electronic Commerce has expanded rapidly over the past five years and this growth is forecasted to continue or even accelerate. It is likely that in the future the boundaries between “conventional” and “electronic” commerce will become increasingly blurred as more and more businesses move parts of their operation onto the Internet.
A recent study conducted by the Gartner Group estimated that Worldwide business-to-business (B2B) electronic commerce reached $145 billion in 1999. By 2004 it is projected to reach $7.29 trillion with North America accounting for nearly 40 per cent of this amount.
Recently, the government presented a compendium of four e-commerce bills to Parliament. Its primary purpose is to enable The Bahamas to create the necessary e-commerce platform. While we do commend the Government on this proactive initiative, we submit that legislation in and of itself is not sufficient. If we want to tap into this trillion dollar market, we must invest in human capital, Bahamians must be equipped with relevant skills and ongoing training and development is essential.
At Colina, we encourage Bahamian based businesses to consider e-commerce as a means of expanding their business. Even though it is very easy to set up an online store, unfortunately, a high proportion of E-commerce sites started by small businesses or individuals traders are unsuccessful. If you are considering a web based platform for conducting business, we recommend that you consider the following:
* Conduct proper research
* Offer a good product or service
* Provide online payment options
* Provide first rate service
* Concentrate on marketing
* Build a community
* Sell to international customers
While no venture is without risk, e-commerce is the way forward, and if you are currently providing a product or service and want to take your business to the next level, why not benefit from the e-commerce revolution.
Please direct your comments or questions to info@colinafinancial.com
Taken from The Nassau Guardian
