What is e-commerce

Hello and welcome to the ten steps to e-commerce success, a series of how-to videos to help you start and grow your business online. I'm Emma Jones, founder of Enterprise Nation, the home business website, and this series is sponsored by PayPal. In this episode we look at the growth of e-commerce, and how your business can benefit from having a home on the web. The figures on e-commerce in the UK are impressive: online speding is expected to double to 21.3 billion by the end of 2011. By this time, shoppers will be spending at least 1 in every fourteen pounds online. 70 per cent of the British population shops online, and just under 9 million people shop online at least once a week, motivated by the time and cost savings. This makes UK shoppers the highest online spenders in the whole of Europe. The outward curve of online spending looks set to continue. Research from "The future laboratory" shows that reliable home delivery services and greater choice has persuaded over 15 million people to move more of their shopping online. Data intelligence company Nielsen says e-commerce has an opportunity to weather the storm better than other elements of the economy, particularly if retailers promote the web as the best way of finding cheaper goods in the most efficient and convenient way. People aren't coming online just to get everyday items like CDs and groceries, says Alex B. of Nielsen online, they are increasingly looking to buy all manner of items, from clothes for all the family to furniture across the entire house. So the number of people spending online is increasing, as is the amounts that they are spending, which is why it's surprising that 52 per cent of small businesses in the UK don't have a website. Not having an online presence says site creation company "Mr. Site" means you can be missing out on 52,000 pounds of annual turnover. But having a home on the web doesn't only increase sales, it also reduces your costs. In a recent survey, over a third of respondents said that their business was more profitable on account of the efficiencies they'd saved from being online. Someone who has benefited from increased sales and reduced costs is Elizabeth Geldart, at Chiggs Ltd. Inspired by a visit to a friend's home, Elizabeth came up with the idea for the baby feed wheel, a product that offers a reminder of the time of a baby's last feed. After registering her design with a patent office, Elizabeth launched her online store at www.chiggs.co.uk Selling the baby feed wheel through a website meant I didn't have to take on the cost of opening a physical shop, It also means my shop is open all day, every day, and it's working whilst I'm not! Elizabeth has expanded the business by introducing new products, and Chiggs wheels are now sold worldwide by over 100 stockers, including gift shops, baby shops, garden centres and party planners. With the main sales outlet still being the website with the shop powered by Pay Pal. It's incredible to think that my products, which are printed in the UK and hand-finished in my home in Harrogate are being sold across the world. This has been able to happen because of the internet, and the opportunities of selling online. If you'd like to start selling online this video series will show you how. We'll be covering everything from how to register a domain name, to creating a site and attracting customers who will browse and buy securely. But first of all you all want to be convinced of the benefits of selling online, those benefits are: increased sales and reduced costs. It's the best way to do business, and I'm sure you'll agree it's a step worth taking. To find out more about how to start and grow your business online, visit enterprisenation.com, or paypal.co.uk, or e-mail [email protected]