There are millions of ecommerce businesses across the web, yet statistics show the vast majority of them log under $1,000 in sales per year. That’s because while ecommerce is easy to get into, it’s hard to do well. While it’s possible to throw together a basic ecommerce site in a few hours, delivering an in-demand product at the right price, the right speed, and with a stand-out customer experience requires expertise.
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That’s not to say new entrepreneurs can’t break into the ecommerce business. Rather, beginning ecommerce entrepreneurs should spend time learning everything they can about how to be successful in the business. To help, check out this list of must-have ecommerce tips and resources, courtesy of Software for Enterprise.
Technology and Setup
Before starting your ecommerce business, you’ll need to research which products you want to sell, create a business plan, and set up an online store.
- A business plan can help you identify your path, secure funding, and achieve your goals.
- Decide what products you want to sell.
- Not all ecommerce platforms are created equal; find out which one might be your best fit.
- You can hire a market research services professional to help you identify your target market.
Managing your company’s inventory will be crucial to your success. Try to automate the process as much as possible to increase efficiency and limit errors.
- Get a good feel for inventory management basics.
- Thinking of working with Amazon? Determine whether FBA or FBM is right for you.
- Compare the various inventory software options to find the solution that fits your needs and your budget.
Sales and Marketing
Get your products in front of as many customers as possible through social media, content, email, and search engine marketing.
- Your advertising starts with a great name.
- A beautiful, well-managed website offers bells and whistles that support both you and your customers.
- Don’t ignore the value of social media in your outreach efforts.
Ecommerce may be the new frontier for small business owners, but that doesn’t mean success is guaranteed. In fact, due to the amount of competition in ecommerce, building a profitable ecommerce business can be even more challenging than traditional retail. However, the rewards are worth it for businesses who stick it out: By 2040, customers are expected to do 95% of their shopping online. To make sure your business reaps the rewards of the ecommerce revolution, make sure you’re taking the right steps to make your online business stand out.