In this digital age, communication through the internet is effortless and reaching millions of people takes a matter of seconds. The commercialization of the internet or ecommerce has brought out horizons of opportunities. It gifts us a much wider network of customers to reach, light fast communication, faster delivery of the products, efficient online marketing and so on.
What is Ecommerce?
Electronic Commerce, or simply ecommerce, refers to using the internet to buy or sell goods and services. It has created a revolution in business practices and reshaped our ideas of how we do business in modern times. Giant shopping sites like Amazon, eBay, Alibaba; large online learning platforms like Coursera; to a hub of skillful freelancers like Upwork; thousands of successful online businesses like these around the world dominate the world of ecommerce right now.
Establishing and Running an Ecommerce Website: Starting from Scratch
Beginning research on what to sell:
Start by getting your research game on and think about what you want to sell. Think of your research as an investment you are making to your business. Successful businesses don’t build themselves overnight. Select the products or services you want to offer, what you feel comfortable with, and what you are able to do better than other competitors you will have.
It’s okay to select both products and services to create your portfolio of services, but its recommended keeping the amount shorter initially. You will always have time to be the next Amazon or eBay if you sustain your business primarily and get your business established in the first place.
Adopting a Suitable Business Framework:
To understand about running a successful E-commerce site, you must know about how this humongous industry is operating, think carefully about who you want to service and how you think you can maximize your opportunities with the things you have. Ecommerce prevails in various forms among us. Each serves different purposes and contributes differently to the overall picture of modern business.
This can be categorized as:
B2C (Business to Consumer): B2C’s are the most common. Every time we join in an online course, order anything from online, an organization engages in a business to consumer communication with us. Largest profit-making sites run mostly under the B2C model. Amazon, eBay, Alibaba: all the major ecommerce sites across the world primarily run B2C websites.
B2B (Business to Business): Organizations are adopting ecommerce by creating online portals and contacting other businesses with it. This is how one organization can deliver products or services to many businesses simultaneously, making it much more efficient, cost-effective and labor efficient overall.
Supply chains are established with these B2B businesses. Suppose: Any raw material deliverer can adopt a B2B ecommerce system and run its businesses. Identifying potential business clients and communicating via the internet can surely be a prospect to look at.
C2C: Any C2C business will provide a platform that will enable the communication of two potential buyers and sellers. Being this mediator can connect thousands of potential buyers, sellers, or clients; and the business can earn commissions or revenues by providing the service. Services like Amazon and eBay also allow customers to sell their own products to others.
C2B: C2B businesses are growing with the utmost potential. This is a platform where people can connect with businesses and provide their services. Upwork is a fantastic freelancing website where freelancers can give professional services to businesses
Choosing Target Market:
After choosing your products and services and to who you will sell those to, now it’s time to choose your market. The internet enables us to achieve a wider audience, spanning from local to even global. We can advise you to choose a market with competitors in it because a market without competitors is probably an inefficient market. Also, don’t select markets overcrowded with competitors and avoid markets dominated by major brands.
Establishing your Business (Creating the Brand, the Website and the Store):
This is where a good strategy will help you stand out from thousands of existing markets. Let’s look at how you will approach your business.
Establishing Brand Image: Your business has a separate identity. Every detail of your brand will create what you can call a brand Image. Ask yourself, what should the name of your business be? How will your logo look? It needs to be instantly appealing or connecting to your target audience, and make it easy to identify your company. The persona of your store should match with customer expectation, it should make your consumers feel drawn and attached to it.
A good first impression can have a lasting effect that we all know. Invest some proper thoughts into coming up with a catchy, simple and attractive slogan. Come up with your mission and vision statements. Make your customers feel that closeness, the value you want to deliver, and you should be good to go!
Setting up the Website: Online communication is the key we are talking about. Obviously, your website has to reflect everything of your brand persona. Make the layout simple, elegant and time-saving: no one wants to waste their time in online shopping. Offer your products and services in clearly described categories: it’s better not to create a clutter of all the products altogether. If you’re curious about starting an online store check out Vibe Branding Ecommerce, an easy to use and scalable platform here!
Create Stores and Initiate Operation: After your website gets published, create your list of goods. Set up your inventory, and your delivery process. Finish up doing the operational work you will need to run the website (remember, a dynamic website like this requires constant surveillance), your workspace or office, and your delivery system.
Marketing Your Business: Among millions of E-businesses running to catch customers, marketing is more than a necessity. Start online ads, create target advertising and get the best results out. You have got to let people know what you offer by grabbing the attention. To stand out from the rest, proper marketing is crucial. If you want FREE consultation on marketing and strategy click here to find out more from Vibe Branding Free Consultation.
How to Beat the Market: Adopt Successful Strategies to your Framework
In the race of ecommerce, you either stay alive, or you get left out. Sustaining your business is your goal, and because the online world is a dynamic place, you need to look for options to better your position at all times. Here are some tricks and tips to make a better:
Maximum Outreach in all Platforms: Everyone wants efficiency. Mobile phones are getting more common, and shopping on mobile is becoming a new trend. Easy access to the site is needed to increase the market more and more. So, creating a mobile application and an easily accessible website should reach all age groups of people.
Showing Choice based on Individual Taste: Who doesn’t want to open up a browser to see their favorite products suggested for them? Giving targeted suggestions is key here. In order to do that, track visitor behavior and buying behavior of different people. Suggest them according to their personal choice, demography, and past behavior on your site.
Turning more Visitors to Customers: We all have been there, finding a product online, and then when it was time to click the ‘Buy Now’, we backed off. Consumer psychology is a complex thing, and we need to understand it more and make our audience turn into customers.
Making a less complex website is a good way to promote efficiency. Make sure that the pictures and names are not cluttered. It will give a comfortable experience. Try not to give unnecessary details for the consumers to browse other things on the website. Reduce steps from the point of selecting the product and buying the product, as there will be less chance to back away then.
Include reviews about products in product pages. That will create a good impression.
Having an Efficient Operational Framework: A good supply chain, order processing, and delivery are essential to stable internal business. And when the internal operations are well regulated, it’s an instant guarantee that the service to consumers will be greater.
Innovative Marketing Strategies Based on Analytics: Attractive offers to shoppers can be provided based on their personal choice. Market targeted products or services, influence your users to come to the website and then give attractive benefits fitted to their taste. Free gifts, discounts, whatever he/she pleases; everybody’s unique choices matter in business.
Increasing Customer Retention to Ultimately Create a Reliable Brand Image: In the end, nothing can defeat honest and hard work. If your brand delivers flawlessly, efficiently and takes proper care of your relationships with customers, you’ll earn some loyal customers and a trusted brand. And that is the ultimate solution to thrive in a marketplace like this.
A Little about Successful Ecommerce Sites
Learn from the businesses that won over the world. Think about the king of e-commerce Amazon: their warehouses have more area by square footage than 700 Madison Square Garden, the company which misses sales of 5.7 million dollars because their website went down for only 49 minutes! The numbers are unbelievable, and these are not for Amazon only.
Chinese online shopping giants like Jingdong and Alibaba have hundreds of thousands of employees working for them, and net worth calculated in hundreds of billions. It may come as an inspiration that successful online businesses came out from everywhere, so there is nothing to be anxious about as all the businesses are international.
Any business reflects the owner’s love and endless efforts to it. Establishing a business, nurturing it and making it sustainable to the era of fierce competition is always a challenge, but no matter the case, a carefully constructed plan with proper strategies can make you the proud owner of the next success story we will see in the news. All it takes is hard work, passion and immense love for your work.