We have been discussing in this series, “The Foundation of Online Commerce”. We need to realise that the internet is not only replacing the traditional media it is replacing how we do about everything in the real world. And that is why it has been labelled rightly as the virtual world. The internet started by offering alternative ways to do many things commerce inclusive. But now it is shifting away from just offering alternative means but replacing the old means, commerce inclusive.
Just as the modern monetary system replaced the ancient ways of a trade by barter, online commerce is fast replacing the traditional means of trading. For example, you can initiate and conclude many high investment business transactions online today without having any physical contact with neither the goods nor the customers. If you have ever heard about Drop Shipping, this is exactly what plays out. In Drop Shipping, you don’t buy a product until you have a buyer that has paid for it and then you have the supplier ship directly to the buyer who is your customer and remains your customer after the transaction. This eliminates the high cost of warehousing. We will break down the dropshipping business much later in this series but if you want to learn the ABC of Drop Shipping click here and if you want to cut the crap and would rather want it set up for you contact the ADM 2.0 Team here.
Let us go over the basics
Now, let us examine the foundation of commerce online. In previous teachings, we have established that the foundation of making money in any sphere is to find needs and begin to meet it and that this is the secret behind any commerce. This is what successful traders understand well; they look for a problem and begin to solve them.
We have also established that once you can find the perfect point where your target audience congregates and strive to meet their deepest needs then you have created a thriving business for yourself. We asserted that no matter your profession, you are actually meant to meet someone’s needs. This is true in the physical world as well as in the virtual world. We have asserted that many business people miss it at this point because they have the mindset of meeting their own needs and most of the time this attitude is visible to prospective clients. This attitude is counterproductive because the truth is that everyone is always looking for who will help solve one problem or the other for them and not the other way round.
The Facebook Example of Online Commerce
A perfect example of a multi-million online business set up on the premise of meeting needs instead of the other way round is Facebook. When Facebook started out 15 years ago many wondered back then how the Sponsors of Facebook would make a profit. This is because there were no visible means of making money from the subscribers to the Facebook website and App. They invited all and sundry to come on board free of any charge in the immediate and in the future. This sounded crazy and reckless then but now today we know better. Why we know better is because the Facebook Corporation headed by Mark Zuckerberg has become a multi-billion dollar business with administrative offices on all continents of the world.
Facebook was all out to meet the needs of many people trying to connect with current and old-time folks. The management of Facebook decides not to charge people for this service so as to get many people as possible on board. The owners of Facebook were able to sink millions of dollars into the project while offering these valuable and timeless services free. They did this because they understand that the real currency or asset in the virtual world is traffic. They understand that advertisers will find their traffic base platform as a great asset. Today the investment is paying off and just how big Facebook will become in the future can only be left to the wildest imagination.
In building your online wealth follow the Facebook example and you will not fail. Many other online businesses have actually been built on this premise and they have become thriving. We shall examine a couple more examples in subsequent teachings to drive home the point and to make you begin to see how you can adopt this model for your business.
In this series, I am teaching you how to properly use the internet and maximize it in building an enduring wealth for yourself no matter your profession and industry. Just keep following these teachings.
