Running an e-commerce website successfully
Amazon, Flipkart, Snapdeal, Ebay….and you!
Any why not?? After all, the above biggies too started somewhere on a hunch and over the years have reached where they are. And like they say, the journey of a thousand miles starts with that single, solitary, shaky step.
Take it. You shall never regret having taken it. After all, what is life without some well-thought out risks?
We welcome you today to the exciting world of e-commerce platforms where for a very modest sum of money, you can sell stuff anywhere to anyone in the world. You would be the owner of a site and all that which gets sold there would bring YOU profits! Neat, isn’t it? No bosses, no seniors, no interventions. Simply, pure business bliss!
Well if you thought it to be so easy, here is the flip side. It is not as easy as it looks- provided you get the perfect partner and are clear with what you want to sell.
If selling online interests you, an e-commerce venture which takes care of the following points is sure to get you the kind of profits which you can expect- provided you work hard and keep yourself updated with the latest in the field of e-commerce, digital marketing and digital selling.
- TRY BEING UNIQUE. DO NOT FOLLOW THE CROWD
E-commerce companies these days selling unimaginative, unrecognizable products are a dime-a-dozen. That is so because opening an e-commerce business takes a fraction of the costs and efforts it may take to open a similar brick-and-mortar business! Simply go online, select a few e-commerce hosting platforms, get a domain name- preferably SEOed for better response and you are more-or-less on. Do just that and you would go “off” the radar within no time. All because your competitors were more imaginative than you! Instead of wasting your time and money, (plus people’s efforts and patience!) try being unique as regards services and products which stand out. If nothing else, try selling the same product with different service deliveries and commitment. For instance, every FMCG e-commerce site sells refrigerators. For a change, try selling refurbished ones at low prices with a decent warranty- especially chillers used in shops. You could, with luck, just make a killing!
- DEAL WITH AN INDUSTRY YOU UNDERSTAND
Your knowledge shall help you stay away from pitfalls and troubles and help you in making a killing at the right time! Knowledge can be acquired fast by reading the right material and being in the company of those who know about the products and their peculiarities.
- DEAL WITH INDUSTRIES & PRODUCTS THAT ARE EITHER PROFITABLE OR PROMISE TO BE
Industries which show healthy profits should be the ones tapped for e-commerce because the latter has costs and sometimes rather unexpected ones given that it depends entirely upon digital marketing for their survival, a field perennially evolving. Newer industries and products have first-mover advantages, part of which means a healthy bottom-line due to the lack of competitors in the initial stages.
- DEAL WITH PRODUCTS WITH SIZABLE MRP WHICH TAKES CARE OF YOUR COSTS
E-commerce is today the synonym for cheaper products due to a very, very different business model with low initial costs and shared costs later. Products with very low MRPs may not be able to go lower any further without affecting adversely affecting their business model. On the contrary, products with reasonable to high prices can cut costs to an extent and still appear profitable.
- GO WITH THE BEST E-COMMERCE PLATFORMS
There are a dime-a-dozen e-commerce platforms which promise the moon. Of these, the better ones who show promise are:
- ALWAYS BE ON THE LOOKOUT:
And last but not the least, always have you antennas tuned for what goes on in the name of demand, supply, e-commerce platforms, technology etc. These change at random and with it your chances of making profits. That being the case, eyes wide open can save you from a lot of heartburn…and help you save lots in the name of profits!
- Your search for an e-commerce platform should be guided by the following points:
- How easy it is for you to use a particular platform to create your dream e-commerce portal
- What do they ask for in terms of prices? To be on the safer side, ask for both an all-incl price as also a cut-down price to know where exactly there is a scope to cut down prices further
- Features offered. Some features being standard, like a great UX/UI interface and the likes, it is the extras which should help you clinch the deal
- Scope of customization once the site goes live. Every product and every seller has their own peculiarities and the website ought to keep this in mind.
- Payment options and how well it is integrated to the website. Sometimes, this one point can lead to a seller’s downfall- despite awesome products as no-one wants to deal with a website whose payment gateways and systems are incomplete or not user-friendly.
- Back-end functions and further automation: Issues like reverse logistics, drop-shipping, logistics etc are very, very important in this line of business. What can’t be seen HAS to be there come what may! For this reason, it makes sense to go with the biggest platform because by default, it can be taken with some certainty that such issues are in place.
- Marketing tools: SEO, SMO are of immense relevance in the field of digital marketing. Any e-commerce platform which guarantees these in right earnest can be expected to get results fast. To gauge the same, the e-commerce site’s past results can be a good indicator.
- Reporting and analytics: These are precisely the back-bone on which the entire e-commerce experience depends. Analytics and its reporting to the clients gives the precise picture of what needs to be done and when. A platform which employs the correct software can get its analytics bang on target which helps save plenty of time, money and patience!
- Service limitations: Tell us what you have AND tell us UPFRONT! A platform known to give all information upfront shall save its sellers a lot of trouble in place of another which does not volunteer information without being asked to. For the correct picture to materialize, check the terms and conditions of all the known platforms before coming to a conclusion.