If you’re new to the world of e-commerce, setting up a business can be really intimidating (let alone running one), especially when there is an abundance of information which can easily drive you crazy. Although the internet has made it extremely convenient for entrepreneurs around the world to work anywhere, the reality is that about 96% of companies fail over time owing to various reasons.
Wondering where to start from?
Fret not!
In this article below, we are going to take you through some of the things you should consider when you’re starting your e-commerce business.
Sit back, relax and read on.
Why do you want to set up an e-commerce business?
First and foremost, you need to establish the real reason why do you want to start an e-commerce business; think practical, no emotional. Just because everyone around has taken their businesses online, doesn’t necessarily mean you should too. This is the first step which leads to catastrophic results later on. Rather than sitting down and brainstorming, more often than not, people put the pedal to the metal and shoot, without fully preparing for the obstacles that lie ahead. Starting an e-commerce company requires passion and full dedication and having a clear vision is of paramount importance if you want it to be successful.
What are you selling?
After making up your mind, the next step is to zero in on the product you want to sell. Don’t even think about Googling “hot selling products” or “which product can make me rich”. Now that you’ve decided to become an entrepreneur, think like one rather than Googling “which product will quickly make me rich” or “which product will sell quickly”. It’s advisable to research about a product which solves a large scale problem. It not only educates you about the product’s useful features but also helps you in understanding the market size, who your competitors are, your prospective customer’s persona and what can you bring into the market that’s unique. Do not overload yourself with too many options─ it’s the most common error people have made and failed miserably. Start small, start simple and gradually take things forward as and when the need arises. In the end, quality always wins.
Which platform is suitable for you?
Shortlisting the product you want to sell in one thing, but selecting a suitable platform to sell your product is another thing altogether. You may have the best product, but if you’re on the wrong platform, the results could be disastrous in the long run, leaving you broke and frustrated. The e-commerce is a $3 Trillion dollar industry ruled by a myriad of big players like Amazon, Shopify, eBay and many others. Thoroughly research on the various platforms available, see if they have a mobile app as well, understand their terms and conditions and make sure you understand the pros and cons of all these platforms before you sign up with them. A big mistake people tend to make is setting up multiple e-commerce stores in various platforms without understanding the type of traffic those websites attract. It’s easy to get overwhelmed with the variety of options, but it’s better to stick to the ones you know attracts the right kind of customers.
Most of the time, the odds are going to be stacked against you. Use these steps to strategize and initiate the process of starting your e-commerce business. Successfully running your business is another ball game as there is more to it than what meets the eye.
If you want more advice on setting up your e-commerce website, store or are not sure of how to go about it, leave it to our experts who have a successful track record of setting up an e-commerce stores and websites. For more information, visit us on www.finplus.co.in
