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Harnessing the Power of Social Media: Navigating Business Challenges and Opportunities in the Digital Era
Rinny Mirari Ermiyanti
Social media with a variety of platforms will be the
backbone of advancing business in 2022. The Covid-19 pandemic that forces
people to do business digitally and utilize social media has presented a
variety to encourage revival and strengthen the business sector. In an article written
by
Smart businesses can leverage social media to drive
business success
Brands
popularized through social media will take a new way of selling stories and
conversations. The goal is to establish a dialogue between the company and
consumers. So that the manager of the marketing field will use social media to attract
interest more effectively across generations. Therefore, social media will
adapt to be more friendly for managers from the baby boomers generation.
In the opinion of Smits, M., & Mogos, S.
(2013), Social media can also provide a firmer identity to build public trust. Social
willingness will also be
used as a means of
market research and consumer needs rather than just being a means of promotion
to adapt to changes from consumers.
The challenges the
businesses will face
With the
development of the digital era at this time, of course there will be many
opportunities and business challenges that will be faced. The freer and faster
information at this time is one of the contributing factors
Another business
challenge in the digital era is that companies must be able to adjust to
evolving technology. As a leader, you must willing to continue to learn and to
keep up the technological developments so that it can bring your business
forward from other businesses.
The next
challenge in business is the increasing number of competitors. Advanced
technology is certainly capable of integrating business channels so that there
is no limit to time and space in doing so. Become a great opportunity for you
to establish cooperation with various businesses around the world. But if the
business is not accompanied by new creative ideas, then your business certainly
cannot last long in the market. For this reason, always create something unique
and never encountered before, in order to attract the attention of other
consumers.
The
businesses need 'keep up' in an environment that changes so rapidly in this era
What cannot be
ignored is that the changes that occur are accelerating. People who live in the
digital age certainly want something fast-paced and practical. The trick is to
take advantage of technology in their business. If as a business person cannot
match the speed of other digital businesses, then your business may lose to the
competition. For example, high quality of human resources are needed. In
addition, it is necessary to increase creativity and new ideas. The main thing
is that you must be able to make it easier for consumers to find the products
they want in your store, therefore you must also be good at choosing and
selling products that are currently many for the community to need.
References:
Maggie, L.
(2021). Social Media Trend 2022. Retrieved September 21, 2022, from https://www.hootsuite.com/research/social-trends.
Smits, M.,
& Mogos, S. (2013). The impact of social media on business performance. Retrieved September 21, 2022, from https://www.academia.edu/6542321/THE_IMPACT_OF_SOCIAL_MEDIA_ON_BUSINESS_PERFORMANCE.
Understanding Key Performance Indicators (KPIs) for Business Growth on Online Marketplaces
Rinny Ermiyanti
Measuring business growth is essential for running a
successful business, and Key Performance Indicators (KPIs) serve as valuable
metrics in evaluating performance. In the realm of online marketplaces,
platforms such as Shopee and Tokopedia provide seller dashboards that offer
insights into various business metrics. Choosing the right KPIs for your
business requires careful consideration and alignment with your specific goals
and objectives.
Key Business Metrics on Online Marketplaces:
Sales Conversion Rate:
The conversion rate measures the percentage of
visitors who make a purchase out of the total number of visitors to your social
media pages or online store. Prompt and friendly responses to potential buyers'
inquiries can help increase the conversion rate, indicating successful
marketing efforts.
Average Order Value (AOV):
AOV represents the average value of transactions in
your business. Calculated by dividing the total income from purchases by the
number of transactions, AOV provides insights into how much revenue is
generated per order. A higher AOV suggests effective strategies in encouraging
customers to increase their spending during each purchase.
Inventory Turnover:
For businesses involved in retail and wholesale,
monitoring inventory turnover is crucial. Excessive stock build-up due to slow
sales can impact profitability. Utilize the "Best-selling products"
or "Product Ranking" segments on your seller dashboard to identify
fast-selling items and optimize your inventory management accordingly.
Checkout Abandonment:
Checkout abandonment refers to instances where buyers
cancel their purchase during the checkout process, either voluntarily or due to
system issues. Tracking the payment cancellation rate helps identify potential
issues and improve the checkout experience. Analyzing cancellation reasons can
inform enhancements in product descriptions and visuals to reduce abandonment
rates.
Unsubscribe Rate:
Maintaining a strong and engaged follower base on
social media and e-commerce accounts is vital for long-term success. Measuring
the unsubscribe rate provides insights into whether your marketing content
aligns with your audience's expectations. Focusing on retaining existing
followers can be more cost-effective than acquiring new ones.
Customizing KPIs for Your Business:
While KPIs are crucial for monitoring business
development, selecting the most relevant ones depends on your specific business
model and objectives. Choose a few KPIs that align with your goals and
regularly measure them, whether on a weekly, monthly, or yearly basis. Regular
monitoring allows for informed decision-making and targeted improvements.
Business metrics and KPIs are invaluable tools for
measuring performance and gauging business growth on online marketplaces. Leveraging
seller dashboards provided by platforms like Shopee and Tokopedia empowers
entrepreneurs to monitor key metrics and optimize their strategies accordingly.
By selecting and monitoring relevant KPIs tailored to their business, online
sellers can make informed decisions, drive growth, and maximize their success
in the competitive e-commerce landscape.
The Impact of Social Media on Public Disclosure: Balancing Information and Privacy
I found this question:
Find two
examples where someone was injured because of public disclosure of private
facts about them. What do your examples have in common? What important lessons
can the e-business community learn from these events?
**
In today's digital age, social media has become an
integral part of people's lives, particularly for residents in major cities. It
is not uncommon for individuals to have multiple accounts across various
platforms, such as Instagram, Twitter, YouTube, and TikTok. The rapid
dissemination of information through social media has both positive and
negative consequences. While it allows for quick dissemination of helpful news
and assistance, it also facilitates the rapid spread of rumors and potentially
harmful disclosures.
The phenomenon of public disclosure involves the dissemination
of private information about an individual, often causing harm or damage to
their reputation. According to Law Gather (n.d), public disclosure occurs when
someone reveals private and humiliating details about an individual that is not
of legitimate public concern.
Examples of Public Disclosure:
1.
Posting
Naked Photos:
A distressing incident reported by the Daily Mirror on
March 1, 2019, highlighted the tragic consequences of public disclosure. A
teenager named Julissa (19 years old) suffered from depression and tragically
took her own life after discovering that her nude photos were being distributed
and sold on a social media account called Packs de Monclova.
2.
Exposing
someone's illness on social media:
In another case, an ex-girlfriend exposed her
ex-boyfriend's illness of syphilis on social media accounts, resulting in the
man facing social ostracization and rejection from potential partners.
Compensatory Harms and Legal Considerations:
The extent of compensatory harm that an aggrieved
party can recover in such cases depends on the specific circumstances. However,
some common examples of harm include:
·
Loss
of reputation: Public disclosure can significantly damage an individual's
reputation, leading to social stigma and negative perceptions.
·
Embarrassment,
disgrace, and emotional distress: Exposing private information can cause
immense embarrassment, disgrace, and emotional harm to the affected person.
·
Job
loss or occupational consequences: Public disclosure can result in the loss of
employment or professional opportunities, impacting an individual's livelihood.
·
Loss
of trade income: Individuals may suffer financial losses if public disclosure
leads to diminished business prospects or loss of customers.
Balancing Information and Privacy:
While social media offers a powerful platform for
sharing information, it is crucial to maintain a delicate balance between
disseminating news responsibly and respecting individuals' privacy.
Safeguarding privacy rights and promoting ethical conduct within the digital
realm is essential to prevent the harmful effects of public disclosure.
To address these challenges, social media platforms
should prioritize user privacy and employ stringent measures to detect and
prevent the unauthorized sharing of private information. Additionally,
individuals must be educated about responsible social media usage and the
potential consequences of public disclosure. Furthermore, legal frameworks
should be in place to hold accountable those who engage in harmful public
disclosures.
Social media's influence in our lives cannot be
underestimated, but it comes with the responsibility to respect privacy and
protect individuals from the adverse effects of public disclosure. Balancing
the power of information dissemination with the need for privacy is vital for
creating a safer and more ethical digital landscape. By fostering awareness,
promoting responsible usage, and establishing appropriate legal safeguards, we
can mitigate the negative impacts of public disclosure and create a more
inclusive and respectful online environment.
References:
Bradley-Jolly. (2019, March 1). Girl, 19, hanged
herself after her nude photos are sold on social media. mirror. Retrieved July
8, 2023, from
https://www.mirror.co.uk/news/world-news/girl-19-hanged-herself-after-14074326.
Kustron, K. G. (2015). Internet and Technology Law: A
U.S. Perspective. Bookboon.
Shouse Law Group. (n.d). Public Disclosure of Private
Facts: Law, Claims amd Defenses in California. Retrieved from
https://www.shouselaw.com/personal-injury/private-facts
Kustron, K. G. (2015). Internet and Technology Law: A
U.S. Perspective. Bookboon.
Shouse Law Group. (n.d). Public Disclosure of Private
Facts: Law, Claims and Defenses in California. Retrieved from
https://www.shouselaw.com/personal-injury/private-facts.
Comparing Cash Before Delivery (CBD) and Cash on Delivery (COD) Payment Methods in Online Shopping: Benefits, Challenges, and Solutions
(Rinny Mirari Ermiyanti)
Kutz, M (2016) in Chapter 7 of Introduction to
Electronic commerce describes several types of customer payments. e.g.: credit
card payment, payment on delivery, Smart Card, E-payment, etc.
In the realm of electronic commerce, various customer
payment methods have emerged to facilitate online transactions. This article
aims to explore two prominent payment methods, namely Cash Before Delivery
(CBD) and Cash on Delivery (COD), focusing on their features, advantages,
potential challenges, and recommended solutions. As a small online shop owner
on a marketplace platform, understanding the intricacies of these payment
systems is crucial for optimizing customer satisfaction and operational efficiency.
Cash Before Delivery (CBD):
CBD payments have gained significant popularity among
online shops in Indonesia. Contrary to its name, CBD transactions are cashless,
primarily utilizing transfer methods such as ATMs, bank counters, mobile
banking applications, debit cards, digital wallets, and credit cards. The
payment process involves customers making a full payment before the seller
initiates the product delivery. The marketplace system generates an invoice
based on the specified price, and upon verifying the payment, the seller ships
the product to the customer's designated address.
Benefits of CBD:
Non-cash transactions: CBD offers the convenience of
cashless payments, ensuring secure and hassle-free transactions.
Certainty for customers: By requiring upfront payment,
CBD assures customers that their desired products are reserved and paid for.
Enhanced security: Marketplaces often implement robust
security systems that safeguard both sellers and consumers from fraudulent
activities.
Promotions and discounts: CBD transactions facilitate
cost considerations, enabling sellers to offer more promotions and discounts to
attract customers.
Potential Challenges:
Stock management: If sellers fail to update their
stock accurately, customers may experience disappointment when they cannot
obtain the desired product despite making the payment.
Verification process: In the absence of an electronic
payment verification system connected to the bank, reliance on transfer
receipts alone can create opportunities for scammers to exploit customers with
fake receipts.
To mitigate these challenges, small online shop owners
rely on the marketplace's excellent stock management and accounting systems to
ensure accurate product availability and implement secure payment verification
protocols.
Cash on Delivery (COD):
COD payment method is being heavily promoted by
several marketplaces in Indonesia, particularly for fashion products. It offers
convenience to customers who only make payments upon receiving the goods. Some
online stores even provide return guarantees if the delivered product does not
match the order. COD transactions typically involve customers trying the
product before making payment to the courier.
Flow of COD payment system:
·
Customer selects the desired product and quantity.
·
Marketplace sends the invoice.
·
Seller dispatches the goods.
·
If the product matches the customer's request, payment is
made to the courier.
·
Courier transfers the payment to the marketplace's bank
account.
·
The marketplace pays the seller.
Benefits of COD:
Widened customer base: COD attracts various types of
consumers as it offers the convenience of paying after receiving the ordered
product.
No reliance on electronic payments: Many customers in
suburban and rural areas prefer a simple transaction process that involves
receiving, checking, and making cash payments without the need for debit or
credit cards or digital wallets.
Data security: COD payment systems reduce the risk of
sensitive data exposure, as customers are not required to share financial
information with sellers.
Building consumer trust: Customers can verify the
products before completing the transaction, eliminating the risk of losing
money and building trust.
Disadvantages and Potential
Challenges:
Complex accounting recording: Unlike electronic
payments, cash transactions require manual recording of income, expenses, and
balance sheets, posing challenges for sellers in terms of accounting accuracy.
Risk of loss: COD involves couriers handling
significant amounts of cash, increasing the risk of financial loss.
Delayed payment transfer: Expedited services often
require several steps before the funds collected by the courier are transferred
to the seller's account, causing delays in receiving payments.
Additional surcharges: Shipping companies may charge
sellers extra fees for offering COD as a payment option, adding to the overall
cost.
To overcome these challenges, sellers often include an
additional fee for customers who opt for the COD system, ensuring the cost
burden is shared.
Understanding the characteristics, advantages, and
challenges associated with different payment methods is essential for small
online shop owners. By comprehending the intricacies of Cash Before Delivery
(CBD) and Cash on Delivery (COD), sellers can optimize their operational
processes, enhance customer satisfaction, and mitigate potential issues.
Striking a balance between convenience, security, and cost considerations is
crucial in providing a seamless payment experience for online shoppers.
References:
Kutz, M. (2016). Introduction to electronic commerce: Combining business and
information technology.
Young, J.
(2022, September 23). Cash on delivery (COD): What it is and how it works.
Investopedia. Retrieved September 30, 2022, from http://shorturl.at/nOPQ3
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