What is E-Commerce? Getting Started With E-Commerce as an Entrepreneur
The world of retail has gone through many evolutions since its inception, and perhaps the most notable development is the emergence of e-commerce. E-commerce provides a new solution for selling goods and making a profit – but it isn’t always as easy as listing your products online and watching them sell in no time.
E-commerce businesses often struggle, with an estimated 90% of all e-commerce businesses failing within the first four months of launch. With staggering numbers like that, it’s no wonder that many business owners are hesitant about transitioning to digital sales.
However, with the right approach, you can start your e-commerce website and thrive like never before. This article will explain how to get started with e-commerce, answering your most common questions to help you take on this landscape like a pro!
What is E-Commerce?
E-commerce contains a world of untapped potential – but what does e-commerce mean? Electric commerce, or e-commerce, is the process of buying and selling goods through the Internet. An e-commerce website is a digital representation of your store, enabling transactions between buyers and sellers for seamless sales.
With e-commerce accounting for 15.6% of total sales, it’s no wonder more retailers are getting involved in the digital realm. Some retailers use e-commerce platforms as a counterpart to a physical store. If you’re getting started with e-commerce as an entrepreneur, you might consider investing all your resources into an e-commerce platform instead of a physical location!
E-commerce allows businesses of all sizes to reach customers globally, providing an unprecedented landscape to buy and sell goods and services. You can find practically anything through an e-commerce platform, from goods like books and DVDs to services like online banking. Whatever you’re looking for, there’s a digital version out there waiting for you!
How to Get Started With E-Commerce
An e-commerce website is the perfect place to start or expand your business – if you know what steps to take for a greater chance of success. With the right strategies, you can avoid the pitfalls many e-commerce businesses encounter in the first few months after launching.
Here are some of the top ways to get started with e-commerce and start making sales!
1. Know What to Sell
You can sell anything through an e-commerce website – but this doesn’t necessarily mean you should. Some products are more suitable for the e-commerce realm than others, and if you aren’t careful in selecting the products and services you want to offer, you might struggle to make an impact in your chosen field.
Not sure what you want to sell or if it’s a good fit for an e-commerce business? Consider the following:
- Define your audience and their pain points to learn how your product or service can meet their needs.
- Research, research, research – the more you know about your market, the better!
- Reach out to possible customers and discuss their frustrations to learn how your offerings can make a difference in their lives.
- After you’ve made some sales, ask buyers for feedback on your product to determine whether it can sell sustainably.
- Look into social media; this is where you’ll find plenty of buyer opinions and preference
2. Understand Your Competitors
You might have the best product on the market, but that doesn’t mean you’ll sell more than the competition, especially if your competitors have a better marketing strategy. Take time to get to know your competitors before launching your e-commerce website, learn about their business models, and determine how to separate your store.
As you research, look for things like customer reviews indicating the effectiveness of your competitor’s product. Determine the range of products and services your competitor offers and how you can outperform them in this aspect – and, of course, keep competitive pricing in mind!
3. Choose Reliable Sources
Where you source your products can make or break your overall success in the world of e-commerce. High-quality, effective products that live up to their claims are the best to keep your online store thriving, and you’ll have several options for sourcing your products:
- Create and build your own products individually or with help from a manufacturer – but remember that this method can be difficult to scale
- Resell existing products by using online listings to find suppliers and vendors
- Dropshipping, which involves products being sourced and manufactured at the time the order is placed
4. Launch Your Website
Once you’ve dotted your I’s and crossed your T’s, it’s time to get to the step you’ve been waiting for: launching your website! You can start by building your digital storefront with platforms like Shopify, BigCommerce, and Squarespace – all excellent resources for launching an online website with stunning designs and user-friendly interfaces.
When your website is up and running, it’s time to promote, promote, promote. This is where services like Marketing Made Easy come into play!
5. Invest in Marketing
There’s a reason why e-commerce companies spend up to 12% of their gross revenue on online marketing – because it works! How you market your products is a core determining factor behind your success as an e-commerce retailer and should remain at the forefront of your mind as you approach your e-commerce website.
While you can navigate the vast digital marketing landscape individually, there’s no need to go through the process alone. Marketing Made Easy has the resources you need to succeed in e-commerce through effective and compelling digital marketing. Schedule a consultation with our digital marketing team today!
Promote Your Business With Marketing Made Easy
Understanding how to get started with e-commerce is only the beginning of your digital selling journey. Your real e-commerce experience is only as successful as your marketing is effective – meaning you need experienced services like Marketing Made Easy to see your store go above and beyond its goals.
Marketing Made Easy provides expert marketing services for businesses of all sizes looking to break into the digital retail world and thrive outside brick-and-mortar retail stores. With Marketing Made Easy, you can achieve your e-commerce objectives in no time!
Contact Marketing Made Easy today to learn how we can help your business reach new heights!