Even before the COVID-19 pandemic struck the world, all elements of daily life were becoming more and more digital. Advents in technology for every aspect of our lives, from remote working to e-banking to even e-sightseeing, have been at the forefront, changing the way we do things, making life more convenient, and accelerating the world.
The world of commerce couldn’t be different. In fact, e-commerce has been spearheading the global digitalization of our daily transactions for some time now. Now, with coronavirus forcing us to push forth with technology, e-commerce is entering a golden age.
A golden age in which you can take part, launching your business without the need for a brick-and-mortar shop and all the hassles that come with that!
Building an e-commerce business from scratch comes with its own challenges. However, each challenge is easily conquered if you are prepared before you jump in:
1. Know what you’re selling, and how it is sold
This might sound like a no-brainer, but in reality, the right decisions will set the foundation for a successful e-commerce business.
Deciding on what product you are looking to sell is pivotal: the parameters of that product are what you will use to research the proper business model for it.
Researching on the way you will be operating is an important investment, not only because you will start knowing exactly what steps to take next, but also because you will be well aware of the risks and benefits involved with whatever you choose.
Business models vary from investing in your product in advance and keeping stock in a warehouse to dropshipping, wholesaling, subscription services, and private labelling.
It is also important to be clear on the general framework of your business model. Who will you be selling to? Will your model be business to business (B2B), business to consumer (B2C), consumer to business (C2B) or even consumer to consumer (C2C)?
All of these have pros and cons, which you have to consider while strictly keeping in mind what it is you are selling because that is what will determine what model (or combination of models) best fits your needs.
2. Find your niche
The best way to make a mark in the vast e-commerce sea that is found on the internet is for that mark to be unique.
The more specific your product is, the more unique what you sell is, the higher the chances that you will have little competition and an audience that is desperately looking for someone like you, and more importantly, an e-shop like yours.
Avoid an unfocused random heap of a variety of products with a little personality. Instead, look hard at what elements make what you are selling different than the others and build your brand around this uniqueness.
Having a niche will also make it easier to find cooperating businesses instead of competing ones and help each other with cross-promotion ventures, affiliations, and other ideas.
3. Know your customers
When you have found your niche, it is time to determine and understand what your target customer base is. Who are the people that are looking for the niche products that you will be selling? What are their preferences and what is it they’re looking to achieve by buying products related to your chosen niche?
By answering these questions, you will have achieved two things: you will know what products to make available and what never to touch, but you will also know how to market them to your intended audience.
By answering these questions, you will also know how to build your website in terms of aesthetics, presentation, descriptions, and customer support.
At R Digital, our extensive experience helping clients validly, practically, and viably answer the questions necessary in each step guarantees the best possible chances for your e-commerce business to not only take off but soar above your competition.