The e-commerce world has evolved in the last decade. Today, you can buy almost anything online, and more people than ever now prefer to do most of their shopping online. Entrepreneurs across the globe have been keen to cash in on the burgeoning demand for online products.
Qualifications of an online entrepreneur
There are many types of online entrepreneurs from all sorts of backgrounds. They include –
- Passive sellers who are only interested in making a quick buck
- Inventors of new products looking for a platform to test and sell
- Brick and mortar store owners seeking to expand into the online retail space
- Bloggers trying to venture into selling digital products such as e-books
It is not difficult to get started in e-commerce entrepreneurship. Ecommerce platforms like Shopify and BigCommerce have made setting up an online store very secure. You only need three additional things to get your store up and running.
·Find a product that fits a niche
When getting started in the e-commerce business, you need to hone in on a niche and find a product that satisfies that niche.In the entrepreneurial world, this is called a product/market fit. Finding the right product/market fit can determine if your ecommerce conversion rate is going to be high or low.
·Figure out your supply chain
This is considered the biggest hurdle in starting an online business. Once you have a product and target market in mind, the next step is figuring out your supply chain. If you only have an idea or a limited supply of products, you have to figure out how to manufacture more for your customers whose number you expect to grow with time. This is, however, not a problem if you own a brick and mortar business and are looking to venture into the online space or if you already have the products and are looking for a platform to selling platform.
·Know your numbers before and after you launch your online business
Most first timers often overlook the numbers part of the e-commerce business. You must understand the numbers from the start. These include projections, cost per click, engagement rate, etc. This will help you make a detailed and realistic growth plan, which you can actually achieve.
Anyone can setup an e-commerce business, but success depends on you doing it right. You need to find your product/market fit, figure out your supply chain and know your numbers and you’ll be on your way to starting a successful e-commerce store.
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