E-commerce is a vast space where there is numerous things that needs to be managed. If you’re looking to start your own online shop, it is best to understand the market. The e-commerce business is booming and with good reason. The plethora of benefits like convenience, lower costs, and quicker supply times, make this platform attractive for all stakeholders. Let’s take a look at the market and what you should be doing.
The growth of the industry
In the US alone, e-commerce sales represent about 49% of the total retail sales. Statista.com predicts that the growth of e-commerce will continue, and by 2024 projected sales amount to about $476.5 billion. So what’s the global scope of e-commerce? E-commerce sales across the world were set to exceed $4.058 trillion by 2020. Trends of more shoppers shifting to online channels are also prevalent.
What are the types of e-commerce?
If you’re looking to enter this space of business, you can opt for either of three options: Business to business, business to consumer, or the consumer to consumer segment. The B2B segment sells to other businesses, like Samsung supplying screens for the entire phone market. The B2C segment is where you’ll be selling your products to the customers in the market. It’s the most common type of business. A C2C channel is where one consumer sells to another. These include websites like C2C, eBay, etc.
How do you start an e-commerce business?
Starting an e-commerce business is quite easy. First, you’ll need to understand your audience and research the competitors in your market. Then develop a business strategy with relevant business models and register your business. Next, establish a brand logo, create a product, assess manufacturing costs, and set up your shipping partners. Finally, create a website, develop a marketing plan, secure social profiles and launch your store! At Websoars, we offer a grant of up to 80% to support local SMEs. Our comprehensive Ecommerce package includes inventory management system, promotion management and digital marketing tools! Enquire now to find out if you qualify, how to apply and what is included.
What are some best practices in e-commerce?
One of the best practices for ensuring success in the e-commerce space is to personalise your approach. It’s recommended that you test out ad campaigns, use SEO strategies like performance marketing, stay in touch with customers, gather feedback through surveys, and choose good e-commerce software. While choosing software, consider the themes available, domain customisation options, expert support, payment options, and language options.
Finally, we would recommend turning your notice to website best practices. Pay close attention to the design and accessibility through UI/UX. Ensure that your website is optimised and creates a good customer experience. Ensuring simple layouts, lower load times, and a clean, accessible interface is quite essential.
Boosting sales on e-commerce is quite easy. You’ll need to reach buyers, inform them of your product, build awareness, and don’t shy away from re-engaging prospects. However, make sure that you don’t badger your prospects. Collecting information is essential in this business as you can then use analytics. Further, integrate your socials and also use paid promotions. Stay in touch as much as you can and make an impression.
Websoars provides an end to end solution to all ecommerce business needs. Website development, digital marketing and even custom applications like marketplaces for advance ecommerce needs.