Planning to start your own eCommerce business? Here is what you should know!

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The world is increasingly becoming internet-driven. So is the case with businesses. There is hardly any industry that has not utilized the internet in its favor. Online stores are mushrooming uncontrollably in all kinds of niches.

America alone witnessed growth in the eCommerce business from somewhere between 11.6 to 16.5 percent from 2013 to 2018. These numbers can tempt any sane person to set up his own eCommerce business. However, it is easier said than done.

As mentioned above, online stores are becoming quite rampant. Naturally, it has led people to expect better online products and services. So if you are all geared up to step into an eCommerce business, you need to have enough know-how about the following things:

Know market competition

You can’t expect your business to be successful until your approach becomes chiefly market-oriented. You could be motivated to establish a certain kind of business, but if the market is not suitable for that, you have to consider the other options. Plainly put, ignoring the market means swimming against the tide.

Therefore, you need to analyze the current trends in the eCommerce industry. It will give you a better picture of what kind of genre is doing well presently. Moreover, research will also assist you in learning what kind of product or niche is more famous with a particular audience or demography. That way, you can’t go wrong while mapping out buyer personas.

If the current trends are not your type, you can consider taking online business coaching.

Select the right business model

There are various types of eCommerce business models. All of them are thriving in their own accord, but that does not mean you can pick any of them randomly and expect it to wonders for you.

B2B, B2C, C2C, or C2B, you could have any type of business among the said options, and whatever business model you pick, it must compliment your business type.

Make a website

Of course, a website would be mandatory. Make sure your website is easy to remember, and people don’t have to put an extra effort to memorize it. Typically, the business name becomes your domain name. However, you may or may not find the desired domain name.

In such cases, you should brainstorm the domain name, which is closest to your business name. Apart from that, the design of your website also plays a key role in the sustainability of the visitors. You can take a leaf out of the following tips while designing your website:

• If you are charging taxes or extra money on a product, you should make it visible to the customers. Don’t hide any information from them. Remember, honesty is always the best policy
• Too many options can distract customers. It is good to provide too many options but adopt the policy of one thing at a time. Don’t reveal everything at once
• Never compromise on the quality of photos
• A search bar is a must. Many visitors will not spend time on your website while shopping. They will show up with already a specific product in their minds
• Add filters. Imagine the frustration of a customer who invests his time on your website to buy a pair of shoes, but in the end, it turns out that the store does not have your size. Filters save time and also save you from such embarrassments

Importance of warehouses

The entrepreneurs who are not well-versed in the eCommerce business, use garages instead of warehouses for inventory. Apparently, this tactic saves money, but you can’t expand your business without exploiting the option of warehouses.

Let’s briefly touch the stand out benefits of warehouses for your eCommerce business:

• Saves time: Warehouses are primarily made to stock the inventory. You will not have to waste time there in order to trace your products. On the other hand, garages can be very inconvenient since they are not designed for the purpose of the stocking. A smart businessman values his time as much as money.
• Faster shipment: People want their orders at the earliest. The delivery time is usually the first thing they notice about a brand. So if you have a network of warehouses scattered all around the areas where your customers are living, you will cut off the delivery time quite dramatically. Sometimes, a timely delivery takes precedence over the quality of the product.
• Data collection: warehouses operate through a proper system. They should have all the necessary data regarding customers. The data can be very helpful while crafting marketing campaigns, and you can expect a better return on investment.

Pick your vendors smartly

Vendors are the people who will have a long term working relationship with you. As the eCommerce market is getting intense, so are the vendors. You can find many second rate vendors who will offer bad products at a low price, but you should not be enticed by such a deal.

You can’t survive with this tactic, let alone thrive. By all means, your priority should be about getting hooked up with reputable vendors.

Email list

Think as you may, but emails have never gone out of date. In fact, the email users have been increasing left, right, and center. Currently, more than 3.9 billion people use emails worldwide. One reason why emails have become so popular of late is the advent of automation tools.

Making an email list will immensely help you to market your business. Email is a great way to be in touch with your customers and receive firsthand feedback from them. People are more responsive to an email when it is sent at an appropriate time.

Get active on social media

There is no way we can finish this discussion without having a word on social media. Not only social media will give you more exposure by introducing you to a massive audience, but you can also indulge in brand building through social media accounts. Moreover, social media aids you to have a hand on the public pulse.

Final thoughts

The competition in the eCommerce world is fearsome. I can’t reiterate this point enough. Many entrepreneurs launch their eCommerce website and then disappear from the scene rather sooner than later. To sum up, the only way you can survive in this industry is to keep the following things in your mind while entering into an online business.