So you’re ready to tackle the world of e-commerce?
From our years of experience talking to clients that are looking to enter this realm, we have developed specific patterns and formulas of practice that, if not taken into consideration properly, can either make or break this new venture.
Let’s start off by looking at the basics:
The simple concept of commerce.
For hundreds of years’ man has been TRADING simple services or goods for other services or goods that he or she requires or DEMANDS. As populations grew, so did the variety of offerings for these services or goods and in turn, giving birth to the term COMPETITION. Further down the line mankind got real smart about things and developed what we now know as currency, which opened the flood gates to even further expand on this DEMAND and COMPETITION.
Fast forward a bit more to where mankind gave birth to the internet and it didn’t take us long to realize that the World Wide Web could be used to put an individual or business entity onto the World Wide Stage.
So considering all these things, what do we know about what makes or breaks Traders looking to enter the world of e-commerce.
Don’t fool yourself… Price has and always will play a key role on whether or not someone comes to your online shop and makes that purchase or not. With COMPETITION being more aggressive now than ever due to the fact that you have to deal with powers sometimes much bigger than ourselves, most of the time there will always be someone with greater buying power or someone that can get something made for cheaper. So look at yourself in the mirror and ask yourself honestly “How competitive is my market and how competitive am I on price on my product or on my service offering”. In other wards do you have any kind of competitive edge to justify you pursuing this endeavor and is price generally the first tick on your customer’s checklist?
2. Quality of your Product or Service
As with most looking to enter this market, chances are that you’ll be looking at selling mainstream products that are already available with much larger trading entities. In saying that – chances are that they will probably be trading much cheaper to you. So what makes you stand out from the rest?
Is it your exceptional service delivery, your one on one relationship skills or just being able to truly understand your customers’ demands and sell them something that they really need? If this is you, I’d start putting in some serious consideration into what’s your competitive edge.
3. Capital… Do you have it?
Often we are faced with clients that have seen ads for the countless platforms whereby they can build their own online shops by themselves in just 10 minutes, all for free…
Now if you’re Peggy’s Bakery looking to sell homemade cupcakes to customers in your area, you have no desire to rank in the world of search engines and probably are not looking to transact online, then this option probably is for you.
But if you looking to take this shop venture quite seriously then you should look at this project very much in the same light as forking out the same amount of capital to what it would costs you to put up a retail outlet. Remember one thing – if done correctly, online traffic ALWAYS outshines retail traffic. Also keep in mind that a large percentage of your capital will go into marketing your online store in both an ‘organic’ and ‘paid ads’ nature. In another article I’ll be digging deeper into the world of platforms available and strategies used for building these online shops.
If you feel that you do have something truly unique and indeed do tick off these 3 vital points I have mentioned, then get in touch with us and let’s get the ball rolling.