Starting an ecommerce business from scratch can be a little bit tough for beginners. There always prevails a fear in their minds as to whether it would become a success or not. This is one of the prime reasons why many people with an idea of start-up go through an online marketplace like Amazon or eBay. Establishing a secure ecommerce business can be hard but people who can survive the rough journey of reaching success are the real winners. It is a matter of keeping patience and waiting for the profits. The ones surviving the patch are sure to see enormous profits and are true gainers.
Establishing an online presence is very important for obtaining success by starting an ecommerce business. Registering a domain is the first step to this which is followed by creating a website, an e-store and a blog section. Also, populating the website with lots of information about the product is necessary. Publicity of the business through digital marketing, raising of funds, laying out infrastructure and last but not the least, hiring talented professionals to maintain and report the progress of the app are also vital parameters to be kept in mind before you start an ecommerce business.
By now, you should have had a basic idea of how to start an ecommerce business? However, there are certain myths and realities about starting an ecommerce business from scratch. Beginning a new business venture can be a lot exciting and on the other hand, it can be a lot stressful at times because, in the initial days, a person has to invest long hours and cut down a lot in his or her budget to make the business grow. To an extent, a person needs to give off his or her luxuries too. We shall discuss some of the myths and realities before you start an ecommerce business and set your goal on the right path, which shall help you reach success easily.
Myths and Realities of Starting an Ecommerce Business
1. Build a website and sit back and relax, success will come automatically- Earlier at the beginning of the 21st century, when the internet was making its way to popularity there were many websites which popped in at a massive rate. Most of them did not make themselves clear to the audience about their products and services and were eventually out of the competition. They just occupied spaces and with time became obsolete.
2. There is no prior experience required to start an ecommerce business- People who are seriously aiming at building a successful business company online, are often told that being inexperienced in the same field does not create a backlog is flourishing with the venture. Usually, this is the pitch where the get-rich-quick scammers can take undue advantage and prove to every person who pays hard for inexperience; it is very costly indeed.
3. Low prices are very important- If everything would have been of equal price, then the price would have been the deciding factor for the success of an app. However, we live in a kind of world where imperfections outlive perfections and so definitely the business owners can find a competitive edge based on imperfections.
4. No requirement of business plan- It is false to say that an online ecommerce business can progress without a proper plan. Often you will hear that online business is different from offline business. But the fact is, without the physical presence nothing is different.
5. All e-commerce products are the same- Without having a basic concept of shopping carts and payment platforms, it is quite easy to assume all things similarly.
Check out the REALITIES:
1. It is necessary to have substantial content- Never be of the misconception that just because you have a catchy name to your business and a few pictures of high resolution in your website, which makes your products, look attractive, you will steadily attract a lot of buyers and customers. There should be solid material or content on the website which answers questions and queries of users and also in a simple and friendly tone.
2. Experience is a must- Would you ever dare to start a business in bricks and mortars in the real world without having prior knowledge on the subject? The same is the case in online business. You need to thoroughly have immense knowledge on what you are dealing in and also the fundamentals of online ecommerce.
3. Businesses usually cannot flourish on low prices- A lot of research says that price cannot influence a purchase decision. But, in order to be a business with low-price lead, it has to have a massive buying power. Customer service is the edge of any business and this comes in the form of:-
■ Hands-on; concierge-type service.
■ Provisions for customer’s rating and feedback.
■ Fast response to enquiries by customers.
■ The user-friendly interface of the website.
■ An active presence on social media.
4. Business plans are essential- Whether in the real world or the virtual world or both, a business cannot be executed properly without a steady plan. A plan of the venture is the blueprint and writing or making a good plan is the first step to start an ecommerce business. The aspects which business plans indicate are:-
■ The overall aims and objectives of the investment or venture.
■ The background of an essential person being involved.
■ How much market research has been done?
■ Clearly indicating the competitive edge.
■ Monetary requirements and considerations.
■ Legal pursuits and regulatory requirements of the business.
5. No products should be alike- The functionality of products, services, price, catalogue, cart options and payment platforms do follow some of its aspects in e-commerce but no two are exactly alike. Your ecommerce business does not need to have the same as a large and renowned company. It is always wise to choose the solution for ecommerce who best suits the size of the company.
Thus to conclude, since you are now aware of the myths and realities of an ecommerce business from the above article, you can now work accordingly for your website or application. Get in touch with us if you need further details on it.