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Risk Management is the process of minimizing the risks and threats that may cause harm to your eCommerce operation. In this written report, we will review these risks and how they can be reduced or eliminated. For some specific cases, Alexey Khobot will look at the basics of applying risk management. For others we will cover actions and strategies that can deliver faster or more effective results.
Risk Management is the process of reducing or avoiding the potential risks that you and your business face. It varies depending on the type of eCommerce website that you own and such risks may cause damage to the company’s operation even without direct attachment to strategic business objectives.
What Are the Dangers?
There are many potential online risks. Alexey Khobot will look at few.
in conflicts of interest
70% of the eCommerce websites are at risk from fraud.
Shopping carts can have security holes in them and allow hackers to gain access, thus increasing security breaches of data.
Hackers who manipulate online auction sites can also pose a threat.
Digg may be at risk from gaining bad publicity because it is done by freelance workers, thus potentially exposing more businesses to bad publicity.
Providing an easy to use and navigate web site for your users will lowerLegitimate trade secrets.
Providing useful and relevant information about your products or services enhancesInternet marketingand provides a strong point for your products and services to be of interest to online shoppers.
The Right Shopping Cart is Key to Success
Today, says Alexey Khobot there are many software solutions for web shopping carts and depending on the size of your operation, you might need a custom shopping cart built for you. If your current website does not perform well or do not sell well, it can be very costly to have your website redesigned. What are the risks of getting the wrong shopping cart for your eCommerce site? The number of possible outcomes is virtually unlimited regarding a wrong choice of a shopping cart for your ecommerce site. Here are just a few:
wrenching control away from hundreds of vendors functioning as partners for your website;
limiting traffic and sales to your website despite the fact that it is actually a fantastic resource for potential buyers;
providing marketers with access to visitor information so they can target online advertising in an effective and desirable manner;
inexperience more sales for your website than you like;
targeting key customers but fail to convert them due to a lack of appropriate products and services; or
losing critical data to external events such as natural disasters, computer hacking, or computer-virus attacks.
Case and Perspective
Let’s assume that your business is small and your ecommerce website is relatively small; we will assume that due to the economy of importance – small size, low resources – your site should reap large profits in terms of cash flow.
To achieve this, you need to have appropriate e-commerce software. Putting a “semi-custom” interface together, doesn’t mean that the entire product catalog should be fully customized but it does mean that you have the software to make decisions about what is purchased. It also allows the flexibility of making decisions on subsequent transitions to fully customized versions. So, in other words, you can make decisions based on what you and your staff want: you can start building up a core company that can start creating e-commerce software solutions that work for you and your business. This ensures that you will always maintain a solid mission and core business platform. This is much more likely to happen when you have a long-term vision of success before you start building your e-commerce website.
Choosing the perfect e-commerce software solution can be a challenge, but there are leaders out there that can help you. One of the best features about choosing a web development company to complete a custom e-commerce solution is that the money is not on the inexperienced people in the company. The experienced people in the company are the ones that know what they’re doing and that make a difference to your business. This is the basic of a winning team – the business person who knows what the needs are.
The key is that you have to tell them very clearly how great your business is and why they need a customized e-commerce solution. Once you have this set in stone, you will know what businesses and projects you should target. How much cash on-hand do you have? Who is your target audience? Can you quantify your revenue and costs? All of these variables are taken into consideration when someone is developing a custom e-commerce solution even for small businesses.