Selling goods and services online comes with lots of benefits. It can reach much larger customer base than they can access with a brick-and-mortar location alone. When most people want start an e-commerce business, they think of selling some amazing product and an easy way to make money, build an asset. But even though they have interest, sometimes they end up not taking action.
So what gone wrong with these people?
1. Lack of idea what to sell
2. Fear of failure prevents them from starting
3. They have an idea but are not sure how to do it
E-commerce stores can be an excellent business to go into, if you do it the right way, and take the time to learn how to do it properly.
How to successful in ecommerce business?
There is strategy, that some strategy might work for you and some might work for other. There is lots of reason and if Strategy A, work for you, it does not mean it will work for other. So Here is core issue that every entrepreneur must focus before they start online business and to be a successful in eCommerce business.
Decide what Product you want to Sell
The first step to building an ecommerce business is to know what products you want to sell. This is often the most challenging part of starting a new online business. Knowing what you are going to sell, how, and to whom is a critical part of your business plan. You need to be ‘specific’ enough to get the right kind of customers and the least possible competition. One of the best ways to identify a customer pain point. Products that solve pain points can be lucrative because customers are actively seeking out solutions to these problems. It can be your problem also which you solved and now want to help others. Try to find out customer passion. It’s a fact. Consumers tend to spend significantly more money to support their passions and habits. You can choose to sell the product which is your passion also.
Black Milk Clothing start in 2009 after the founder’s blog TooManyTights exploded in popularity. They identifying the passion consumers had for tights with unique designs and understanding the opportunity the founder created Black Milk Clothing. Now Black Milk is a multi-million dollar company that’s distributes its products globally. Furthermore, by piggybacking on pop culture trends with their designs they tap into passionate audiences and customers from a range of different niches beyond just tights. To find product opportunities, explore for product ideas and finally current trending products you can go online market like Grameen Market and other popular online site.
Evaluating Your Idea
Once you have a product idea in mind, how do you know if it’s a good idea or not? Validating an idea or product is important because it helps you get a sense of the potential market or, lack of market, for your product idea before spending a lot of time and money on it. Simple way to validate the idea by asking people to buy before you started making them. Pre-sales is a powerful strategy that helps you ensure there’s real demand for your product and minimizes financial risk. Pre-sales helps reduce assumptions and gets you moving forward faster with your business. Also, you should faith in your product’s ability to help people because you were the first client.
There is lots of approach to Validating a product. No single approach is appropriate for every person, product and business. You need to decide what you think is best for you. All validation tactics are done to build confidence before investing your time and money. There is no single test that can give you an answer, rather it’s a combination of everything, including your gut feeling, you should rely on.
Obtaining Your Product
After found your product idea and evaluating them, you need to figure out where and how you’re going to obtain your products. The hardest thing is actually creating the product. Here are several options when it comes to acquiring your new products, and each option has its advantages, disadvantages, as well as unique challenges.
The four most common methods of acquiring your products and inventory are:
Normally, making products yourself is a low-risk option financially. Because you’re making the products yourself, there are no minimum orders like you would find if you were manufacturing your product or purchasing inventory wholesale. You may even be able to produce the products as you receive orders from Pre-sales , allowing you to easily get the business up and running and prove your
concept before investing too much time, energy and money into it.
Most products will fall into one of these four product acquisition models. Much of it depends on the type of product you plan to sell. Some products will naturally fall under certain categories. However, the model you end up selling under will partially define and shape your entire business going forward. It’s important to understand the advantages, as well as the disadvantages of each so you can make the right choice for your business.
Third-party eCommerce marketplace
Small business owners who feel creating their own e-commerce site is too difficult have other options for selling goods online. In one increasingly popular method, many entrepreneurs go through a third-party provider, like Grameen eCommerce Marketplace. These large-scale online marketplaces provide each individual business with its own page within the third-party provider’s site. The benefit of such sites is that business owners avoid having to set up an extensive e-commerce website and the hassle of dealing with accepting payments. The process is very simple. Within hours, any business owner can register in the marketplace, set up a page and start selling.
What will you learn from this process?
2. Get over your fear of failure as it is stopping you from success.
3. Focus on fundamentals: Ask people what their problems are, identify a solution, pre-sell it, over-deliver with execution, go where the customers are, and show them how it solves their problem.
Most people focus on the solutions instead of identifying the problems people want solved. Make sure to work backwards from the needs of your potential customers (including yourself).
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