There is an uncontested growth in the e-commerce sector, According to Statista, retail online sales were estimated at 1.2 trillions of dollars with almost 30% of that amount in the USA alone, with literally every product, service one click away, it is easy to assume that taping into the e-commerce space is simple.
However, for many startups, that assumption is quickly replaced by reality and adjustments have to be made in order to stay in the game; because ease of setup does not equal ease of business, in order to succeed in e-commerce you must:
· Have a Clear solution to an existing problem
· Infer a point of differentiation in your value proposition
· Conduct a thorough competition and market analysis
· Involve your target audience in the process
· Have user friendly and professionally designed online store
· Have an integrated e-payment platform with the major international payments
· Have a strong customer service systems
· Have a reliable carrier services
The success of any e-commerce business is contingent upon understanding the international market trends, choosing the right channels, models and systems and most importantly the right products for the right niche.
Targeting the right audience and choosing adequate channels of communication are some of the keys to success for e-commerce business, the continual shifts and changes on the global market also call for businesses to become more and more flexible and adaptable.
This means a great understanding of the market, online consumer behaviours and purchasing habits and the use of the right logistics and distribution channel to establish trust with customers. Active online listening is not only important, it is by far one of the most important aspects of running an online business.
When I launched my brand AZZI over four years ago, I was so excited about the prospect of creating something but I was also very new to the e-commerce space and business in general so I quickly caught with the reality of a business that not properly planned or adaptable to the market realities, the nature of my products, my distribution channels and the high costs of marketing are things that I have not properly planned for, I assumed that a great product would sell itself once people became aware of it.
So I want to bring your attention to some of these realities and help you elaborate your business plans with knowledge and understanding. If you are new to e-commerce and would like to deepen your understanding, please check out my introductory course here. I hope that it equips you with the necessary knowledge that you need to start your entrepreneurial journey and to build a viable e-commerce business.