The spectacular success of e-commerce sites like Amazon, Alibaba, Baidu, etc., that have turned virtually into cash vending machines, and has powerful presence in the investment markets around the world, has made the entrepreneurial dreams in this online field extremely enthusiastic. With the guaranteed same day delivery processes, hassle free customer service, drone-delivery, international service, macro management, personalization, customization, etc., have made this business ferociously interactive and profitable. The diminishing demand of brick-and-mortar stores and augmentation of wholesaler and retailer merchandising online has made e-commerce one of the hottest startup enterprise. The fact that the business to consumer pattern of e-commerce sale is set to increase to $1.5 trillion invigorating by 20.1%, is a testimony to the demographic penetration globally. The staggering statistics and revenue are a contribution of convenience, speed and bargain quotient, faced by the consumers.
- Choosing an Industry and Product
Well begun is half done, but the most crucial issues come up with the beginning. Identifying the target customers, website coding, maintenance of server traffic, operations management and marketing are the cardinal features of any enterprise. However, the biggest responsibility is identification of the product that has to be sold and the right industry associated with it.With a gargantuan competition in this segment, decision of price is the principal issue. Customers are known to be spoilt for choice, and hence turning their attention over one’s product is monumental task. Products have to be marginalized and relevantly updated with the local budget. Hefty shipping costs can be a big turn down along with refund or return complications. Desire and passion are the fire that lights the way, and hence this journey of business should come loaded with dynamism and efficacy.
- Financial Planning
Another herculean task is setting up sellers, manufacturers, staffs and technology associates. It has to play multi-purpose by becoming a customer as well as staff oriented company. They can be appropriated through Google directories and relentless searching according to one’s requirement. Proper remuneration has to be negotiated beforehand and services allotted within the deadline.Thousands of sellers are into this area with millions of products at their disposal. The micro and macro issues have to handled with ease and energy. Moreover, there has to be a clear supply management chain, customer relationship management, and inventory management, with proper budgetary allocation.
- Setup e-Commerce Website
Estimates state that US consumers will send $327 billion in 2016 online. In order to gratify such booming demand, the website has to be extremely catchy. The major factors that escalate customer sentiment and supplement business through a website are accessible and uniquely simplistic content; intuitive design from a user point of view; application style interface; iconic and responsive; colorful and interactive interface; platform independent and innovative.The domain name for branding and server for hosting are the essential prerequisites. Besides, a SSL certification is needed for the encryption of sensitive data. Furthermore, e-commerce merchandising requires product badging. Shopper must be aware and educated about the products purchased. Avoiding jargons, providing discounts, customer royalty points, deals and offers, free returns, product reviews and testimonials, etc. are some of the healthy and adept practices.
- Logistic & Shipping partner
Consumer psychology is a perplexing phenomenon. Success comes to those who persevere. Hence, in a e-commerce website, the logistics management and shipping is of paramount importance. Taking care of all dimensions sizing and packaging must be given due attention. Distinguishing perishable and non-perishable items, timed delivery, status updates, managing shipments, time analysis and proper feedback are crucial factors.
- Marketing of your e-Commerce website
Marketing has to attain niche in any business. Strategic marketing and predictions are valuable predilections. Some of the inevitable ones are productive advertisement on social media platforms, event organizations and collaborations, analysis of web-behavior to leverage customer potential, data visualization, technical predisposition, and also communication expertise. Along with traditional marketing options such as email, broadcast, or newsprint, the new measure of Search Engine Optimization or Paid-Per-Click services must be utilised to achieve maximum gain.
- Traffic Analysis & Understand Consumer behavior and make customer delight
To have a positive and moneymaking domino effect on one’s e-commerce venture, the owners or perpetrators have to exhibit immense dedication in the traffic analysis. Alongside, the complete segmentation of departments have to effectively decentralized, each headed by an authoritative personnel. There should be transparency and accountability in the product and customer services. A grievance redressal department must be instrumental in solving issues immediately and bringing luxuriate services.