For the very first time, the global retail eCommerce sales is expected to account for a double digit share, 10.1% to be precise, of global retail sales this year. It is estimated that global retail eCommerce sales in 2017 will reach $2.29 trillion in 2017 and will hit $4.49 billion by 20201. These figures are convincingly portraying a massive opportunity for entrepreneurs who are willing to take a dive into the e-commerce business, considering the fact that only surface is scratched yet.
Let me put this straight, have you ever thought about starting your own e-commerce store? Thousands of online merchants are making a handsome amount of money by selling their products or services to online audiences and you can do the same thing. However, before you start this type of online venture, you need to consider each of the factors below.
Your Skills and Experience
As the leader of your own online business, it’s essential to have certain technical and business skills and experience that you can call on when you start your e-commerce store and when it’s up-and-running properly.
Unfortunately, many people who decide to start an online business have little or no business experience. If this is the case, you should consider completing a Masters in Business Administration (MBA) online program offered by an established college or university such as Rutgers Online. These online MBA programs include the most up-to-date business information and business tactics and methods that will help your online company for many years to come.
Market Research
Just because your business is online, it does not mean you don’t have to carry out the same research as you would do if you were starting a traditional brick and mortar company. Ideally, you should carry out extensive market research that determines how viable your business is, what your market requires from you, and much more. Interviews, questionnaires, and other traditional market research activities will uncover many facts about your market that will allow you to build a much stronger online organization.
The Products and Services You Will Sell Online
With so many possibilities available, it can be difficult to know what products or services to provide through your online store. Ideally, you should begin by selling products or service you are familiar with. This will ensure that you have a better range of products or services, so you can help your customers through the buying process and understand what is expected of your business.
Your E-Commerce Platform
The e-commerce platform you choose is critical and could determine how successful your e-commerce store becomes. It needs to be professionally designed, fast loading, and easy to use. If you can achieve these things with your e-commerce platform, more people will visit your website and more of these people will decide to buy from your e-commerce store.
Promotion of Your E-Commerce Store
As soon as your new website is live, you must find ways to attract people to this website. You can start by optimizing the website’s content such as its products and services listings. Paid online advertising and social media advertising will also be required and these online advertising channels have the potential to send huge numbers of possible customers to your e-commerce store.
If you want to start a successful e-commerce store, you have to prepare properly and take certain important steps. As well as this, you should take into account all of the points above, so that you give yourself a much better chance of establishing and growing a profitable, effective online store.
