24th
MAR
Starting an e-Commerce
Posted by manjonka under E-Business Opportunities, E-Commerce
Building an e-commerce website to sell your products is a step forward to expanding your customer base to reach millions of online prospects. The internet, more than other medium before, allows us to interact easier, expand our horizon and explore new untapped markets and opportunities.
You are no longer limited by the geographical location to expand your market. And unlike a brick-and-mortar business, online business requires less startup costs. Some of those minimal startup fees are related to your web site design, shopping cart setup, domain name registration and web hosting.
Thanks to the power of automation you can setup a shop that does not require your physical presence at all time. The possibilities are endless, the market is huge and your online store stays open 24/7 with no overtime to pay to any employee.
So how do one go about starting an e-commerce?
- Pick a niche you would like to venture in
- Determine whether there is already a substantial market of potential buyers for your products/services
- Build a website with all the features required
- Advertise your web site using various online channels to reach your target audience
- Put in place a CRM (Customer Relationship Management) to help you get repeated business from your customers
- Offer more products and improve existing ones
- Improve processes that are working and get rid what’s not.
In the upcoming posts, we’ll break down each point underlined above to give you more insights into starting an e-commerce.
True, the online market is huge but the competition is also proportionally tougher. So be prepared to roll-up your sleeves and work hard before you reap a bountiful harvest.
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Thanks for this post. I wonder if you can break down further the seven steps you mentioned above. I Â would like to start an e-commerce part-time but I am not quite sure yet how to go about it. I have some ideas of products I would like to sell though I am not sure how to know whether there is a good market for it. Any advice and insight would be really appreciated.
Thanks for stopping by Online-Newbie. I already planned to break down those key points but I am falling a little bit behind for lack of time. I’ll get back on that horse soon. When it comes to picking a niche you would like to venture in whether online or offline, my rule of thumbs is, you have to be passionate about it.
If you do not love or do not have enough passion what the niche you would like to invest time and money in then it’s a lost cause from the get go. If you follow your passion, sooner or later the money will follow: a lot of successful business today started out as a hobby before they become multi millions dollars income streams.