Businesses seeking to make giant strides must leverage e-commerce in their mode of operations.
However, doing e-commerce the right way requires at least some ‘key pillars’ according to players in the electronic trading space.
“It is important that as a people or country, in order to be competitive in the world as a whole, we need to embrace some of these trends and maximize them as much as we can, so we reap the benefits”, Chief Enablement and Technology Officer at Absa Bank, Ebo Richardson has advised.
Mr. Richardson gave this counsel during the on-air series of the ongoing Citi Business Festival on Thursday, June 3, 2021’s edition of the Citi Breakfast Show.
His discussion centred on “The Cashless Economy; What IT means for businesses/commerce“.
For businesses to enjoy the competitive advantage of e-commerce, Mr. Rirchardson proposed the following as “pillars” for effective digital and online transactions:
1. Culture: Culture represents a change and every change needs to be properly managed. There are cultural elements and nuances that you need to ensure come into play in order to get the maximum outcome. But there are the internal and external cultural aspects of embracing this new trend.
2. Web presence: This is a broader term for business websites and the activities done on the internet. It is a key thing and all organizations must have it. Beyond that, there is also the explosion of social media and there are a lot of powerful ways multimedia tools can be utilized.
3. Marketing: Businesses can’t forget about marketing and doing it poorly is at their own peril. People need to know what firms are selling and the benefits that come with it. People buy needs and so there is the need to use the marketing machinery to connect to those needs and that is where an emotional connection and sales are made.
4. Payment structure: There must be a mechanism that drives the exchange of monetary value for the goods. The payment structure must be one of the strategies; looking at the options or payment channels you are giving your customers. It is also important to do insurance because when doing this kind of online payment, security is key so when something goes wrong, insurance can then take care of it.
5. Packaging and Shipping: Because goods are being shipped to the buyer, the packaging must be attractive, presentable, and solid with the right seals to prevent interference and damage. The shipping must also be guaranteed.
The first week of the 2021 Citi Business Festival, is focusing on the digital economy – Building a cashless society and the opportunities for business and job creation.
There will also be virtual business fora live on Citi TV every Tuesday from 11:00 am to 1:00 pm. The radio on-air series is themed to correspond with the various virtual forums at 9:20 am every weekday.
The Citi Business Festival is sponsored by Absa Bank with support from IT Consortium and Ghana Investment Promotion Centre (GIPC).
It is also powered by Citi FM, Citi TV, and Ghana’s most comprehensive business news website, www.citibusinessnews.com.