Have you decided to start an e-commerce business? Congratulations! The timing couldn't be better.
You will read about e-commerce in three parts, covering a total of eight different points to start with. In this post, you will read about the following:
- What problem do you want to solve?
- Creating strategic planning
- Research your competitors
- Market plan
Let's get started!
What problem do you want to solve?
Starting an e-commerce business basically means that you want to solve a problem. To help your potential customers, you need to know their problem. Your product or service should be the solution to that problem. Could it be that you yourself lack a product or service on the market? Being able to sell a product or service means that it should be the solution to your potential customers' problems. How do you know which problems need solving?
If you already have one or more products, it is important to evaluate them. If you find that the market is niche or perhaps shipping is too expensive, you need to start from scratch. Starting an e-commerce business has its advantages but can also present difficulties depending on what you choose to sell.
Here are some points to keep in mind!
Is the product large or heavy?
This may mean that you need to have large spaces for storage. If it's very heavy, you'll need to factor in extra handling fees and the cost of shipping. Should it be paid by you or the customer?
Is it fragile?
If the product can easily break during transport, you also need to bear in mind that it will cost you money. The question then is it worth having a range consisting of only fragile products? Because there is a risk of losing money.
Googling around
Check online what the situation is. Are there similar products? It may be that the market is very saturated, but if there are similar products, it will be incredibly difficult to find them. Starting an e-commerce business rarely costs money but you pay with your time. So before you do it, you need to be sure it's a product that will cut through all the noise that's out there in the digital world.
Don't forget to explore your competitors!
Once you have evaluated your product and feel confident with it then it is time to move on in the process.
Strategic planning
As you have probably already read, strategic planning is essential for your business. The post I have previously written is about strategic planning for marketing but it works just as well if you plan to start an e-commerce business.
Research your competitors
Your competitors are more than just competitors - they are your assets too. Checking out how others are doing is part of starting an e-commerce business. You may find that there are things that aren't quite working for them or that they are charging too much. Here's a checklist of things to look out for.
- Which customers are they targeting?
- How much market share do they have?
- What is different from the rest?
- Benefits or key features of what they sell?
- Freight
- Marketing strategies
- Social media
- Customer reviews
It is important to note that customer reviews are an invaluable source of information. You can read what customers are satisfied or dissatisfied with and therefore you can learn from other customer reviews before launching your own e-commerce.
Market plan
Creating a marketing plan is an essential tool if you want to start a business or e-commerce. The tool allows you and your business to create an overview of market opportunities. Moreover, when you have a marketing plan, you are most likely to prioritise correctly. Starting an e-commerce business is easy, but it requires a lot of preparation and a lot to keep track of at the same time. So prioritisation is incredibly important.
What should a marketing plan include? Here are some points that are particularly critical when starting up an e-commerce business.
- How much do your products cost
- What problems do you solve?
- How is your company different?
- How do customers get their products?
In the next section, you will be able to read about what e-commerce platforms are available and more technical information.
