An e-commerce business is a company that sells online. E-commerce isn’t just about marketing, but it pertains to sourcing, logistics, and distribution. Therefore, building an e-commerce business model implies understanding digital business and how to integrate physical parts, like sourcing and logistics, to digital elements, like distribution and digital marketing.
- Understanding the Basics of E-Commerce
- Advantages of E-Commerce Businesses over Physical Stores
- E-Commerce Business Models
- Selecting a Microniche
- Choosing and Sourcing for profitable Products to Sell Online
- Make A Keyword Search
- Solve A Problem Or Meet A Demand
- Make a Market Survey
- Engage in Prototype Survey (sell before you build)
- Select A Brand Name
- Quality Control
- Time Factor
- Production Scale and Capacity
- Ease Of Finding a Manufacturer
- Searching for a Manufacturer
- Things you need to know to effectively sell online
- Customer Service
- Things You Can Do To Improve Customer Service
- Analyzing Competition in your Preferred Niche
- Steps Involved In Competitive Analysis
- How To Effectively Handle Third-party Suppliers and Quality Control
- Essential Pages To Have On Your Website
- Becoming Profitable
Understanding the Basics of E-Commerce
E-commerce, which is a short form for Electronic commerce, may be defined as a business model that involves buying and selling physical products, services, and digital products between several firms and individuals over the internet, without the distance posing a barrier. It also involves the electronic transfer of money to execute these transactions, without buyers meeting sellers. E-commerce, usually conducted over mobile devices and computers, tablets, is also referred to as an online version of catalog shopping, like you go through the Mallmor stores, pick a product you want, pay for it and check out with your credit or debit card.
Nearly every product and service you can imagine is available through e-commerce platforms, including books, plane tickets, perishable items like food, digital goods like online courses, and even financial services such as stock trading and investing.
E-commerce has helped many businesses establish a more prominent market presence. Since the internet isn’t limited to physical buildings, someone in Toronto can render a service to a customer in California without meeting the person. A seller in Asia can sell to a buyer in Europe. Due to the limitless nature of the internet, it enables efficient distribution channels for products or services.
American-owned Amazon and Asian-owned Alibaba are examples of the largest e-commerce businesses, and their rise has inevitably reduced the importance of physical stores.
Advantages of E-Commerce Businesses over Physical Stores
E-commerce businesses reducing the importance of physical stores is inevitable because of the great convenience experienced in online shopping. Physical stores need customers to leave their homes, go to a store, searching catalogs and departments, and even deal with the possibility of not finding the item in the said store and having to settle for another product or going to another store. But since the massive adoption of e-commerce, customers sit in the comfort of their homes, use a search box to search for items they want, pay securely online with debit or credit cards, and can even compare prices with other online stores, pay a small fee for shipping and get it at their doorstep. Convenience has been a crucial part of human evolution, as seen from our devices, and applications; they consider the convenience of the user.
E-commerce business runs 24 hours a day and 7 days a week, unlike many physical stores that run for about 12 hours daily and 5 to 6 days a week. Online stores also typically offer a wider range of products on their platforms because they can have products from third-party sellers.
The growth of E-commerce has also increased employment in customer service, digital marketing, website developers, logistics and courier services, freelancers, and so on, and the continual rise of E-commerce will only mean more employment opportunities.
Because of these reasons and many more, starting an online business nowadays seems like an attractive idea for many young entrepreneurs. Before anyone explores the e-commerce industry, they need to understand the technicalities behind it and what it takes to run a successful e-commerce business.
There are 4 main significant models of e-commerce businesses, classified based on the participants of the trade. They are:
- Business to Business Model (B-2-B): This is a case where businesses sell to other businesses, like wholesalers selling bulk products to other businesses that will sell in bits or businesses offering business optimization tools as a service to other businesses.
- Business to Consumer Model (B-2-C): This is the most common type of model in E-commerce; as the name implies, it involves a direct transaction between the business and sometimes a third-party retailer with an online customer. Examples of this business model are Nike store, Alibaba, Amazon.
- Consumer to Consumer Model (C-2-C): This is a model of business where consumers meet directly with other consumers to trade with one another, while the owner of the website makes profits from commissions, adverts, traffics, etc. eBay and Offer Up are (Restricted to the US) are examples of this business model.
- Consumer to Business Model (C-2-B): This is a business model where individuals offer services or gigs to businesses, especially between remote workers and employers, usually on a contract basis, platforms like Fiverr, Freelancer, Upwork enables this business model.
Selecting a Microniche
A niche is a specific area of a much broader range known to you or one you can handle well. For something to be called your niche, you need to know a great deal about it (with the increased digital competition, to start successfully, a microniche is even more effective).
A lot of E-commerce startups fill up their websites with a lot of products in so many categories, without anything specific; this epitomizes a lack of identity and focus. As an E-commerce business owner, you have to be known for something; it makes no sense to be a “jack of all trades, and master of none.” Unless you have a very huge budget, you can’t stuff up your platform with thousands of products like Alibaba or Amazon. You need to scale down to a well-known Niche to efficiently run an E-commerce business.
Selecting a niche is a key step in opening your online business. It could be wise to approach this process by identifying established companies that already work in your preferred space. At this point, you might be shrugging within you asking yourself why you have to look for competition when you can just look for a space with little competition for a business; the simple truth is that, as lovely as monopoly sounds, for an online marketplace where there are no limits, competition is key; if there is little of no competition, then it is a pointer that such niche lacks people who are willing to purchase the product or service. Although as much as we want competition, we do not want to pick an overly crowded niche because it might seem herculean breaking in into an already saturated market dominated by huge brands.
You need to have an identity. Know who you are and what your brand is, what you represent, and quite importantly who your target customers are, you need to know who you are selling to to effectively make sales.
Choosing and Sourcing for profitable Products to Sell Online
In choosing a Niche, there are certain things to consider to ensure the best possible market for you, and in the end, make a profit – which is the end game of any business.
Make A Keyword Search
The concept behind Keywords – which will still be adequately discussed in further chapters could play a vital part in selecting a Niche, as we want to select a product category that people want; it’s not just about what you want to sell, it’s also about what people want to buy.
From the niche ideas that come into your head, identify the keywords, and do a search. If the items related to your search have much traffic, then it is likely an idea with a good market for a niche. Bear in mind that we do not want too much traffic as well, so avoid overcrowded keywords.
Solve A Problem Or Meet A Demand
As an entrepreneur that wants to delve into a particular niche and grow rapidly, you should sell products that meet a particular need or solve a problem. One of the ways to do this is to examine your chosen niche. Since it is a category that isn’t alien to you, check for products or services that were already available but leaves a loophole with a particular problem you have personally experienced. Remember that good user experience and convenience is a significant determinant of how well a product will move in the market. An excellent example of this is when mobile phone cameras became a crucial factor in buying phones. Still, the initial releases were quite expensive, if you can offer relatively cheaper phones for sale with an excellent mobile camera, you will get a lot of customers wanting to try it out, and if you can adequately solve the problem, the first set of people to buy may leave reviews, even encouraging more people to try out such product.
Make a Market Survey
Remember, it isn’t about you. It’s about potential customers. Therefore, one of the best ways to see if an idea will be lucrative is to simply ask people for their opinions about it. Of course, you can’t just start asking a random set of people questions, and you don’t want to rely too much on the opinion of people close to you because they may attach emotions to their opinions, which will give you a skewed view of things. Objectivity is vital, so it is best to do a survey with an organized set of people interested in the product. They might even be your first set of customers.
What you need to do first is to identify people who might have an interest in the product; you can meet them on social media networking platforms like MeetUp or Smacktive. These people could become potential customers; therefore, they are the people you should network with to get constructive criticism since you’ll be in the same business environment as the people who might find a use for your idea. When talking to people, get an adequate sample space, and talk to 20 people about an idea. 14 people should be able to see the good in it, and it is a sign that you can proceed.
Engage in Prototype Survey (sell before you build)
When you are sure that you have a niche and products you want to sell, and more importantly, you have made connections with a couple of people who you think will be interested in buying your product, then go out with samples, your sample is meant to be a yardstick to judge quality, to see if it matches the product description, and also to judge packaging. Don’t be afraid of getting bad reviews since you haven’t been properly launched. The reviews from the prototype will give you a pointer to what you should look to fix before hitting the market, especially if it is something mentioned by a lot of people. Even if you have no problems with certain things, the potential users do, and their opinions matter more than yours.
Select A Brand Name
Having an identity is very important for product selection, and this is the bedrock for branding. Your brand isn’t just limited to your name and logo, it also comprises of how your products are packaged, your customer care relation, and every other thing your business offers that make you stand out from others. Your target customer base will unconsciously know you for certain things, and if they can’t get those things elsewhere, they will always come back. It doesn’t have to be exceptional; it just has to be unique.
When selecting a brand name, it is important to select a domain name to go with it. Since it is the address for your website, a domain name will help buyers find your business easily. It is advisable to use the same name for the business as your domain name so that visitors who can remember can just type in the website address at any time without having to do a Google search. “Amazon.com” is a website – here, “amazon” is the domain name, and “.com” is the domain suffix; there are other domain suffixes like “.co,” “.org,” etc. But it is usually advisable to go with “.com” as it is usually what comes to the mind of people first, and even in computer auto-fills, “.com” is more likely to appear.
All these things exclusive to your business make up your brand.
Often, certain products hit the market, and people love them, even you as a consumer and not a business owner love the product, but sometimes they don’t catch people’s fancy for a very long time, these products are called trends. Trends are not advisable for a fresh business, but when you are established, you can hop on trends – since it satisfies consumer cravings. This will make you benefit from a product in massive sales for the time the product is trendy. Be mindful though, jumping on trends when the demand is starting to wear out may just leave you with overstocked items with little sales volume.
We have discussed criteria for choosing a product to offer the market, but another thing to consider is how to source them. As an e-commerce business owner, you are most likely not going to manufacture your products by yourself. You will need a manufacturer.
There are two types of manufacturers where you can source for products, which are: Local and International. As a business owner, you should weigh them side by side to determine what is best for your business and fits your financial constraints.
Local manufacturers are usually more expensive than international manufacturers because of the higher cost of manufacturing and even higher cost of labor in European or American countries. Many Global manufacturers produce for cheap. But they generally demand that you order many units, which could be a challenge for new e-commerce stores.
The majority of the top global manufacturers are in Asia; the language barrier might be a problem to effectively communicating what you want in your prototype, you may also be in different time zones, and when you are free to efficiently communicate, your manufacturer is at his busiest period. Local manufacturers are much easier to communicate with, make corrections in the prototypes, and have to do way less remodeling.
If your business requires a lot of quality control, then local manufacturing is probably the way for you, as you can ensure consistency in the quality of your product because of the proximity between you and your manufacturer. It is usually more difficult to manage quality, especially for the first few times with an international manufacturer.
Local manufacturers will likely take more time to complete manufacturing due to the relatively smaller scale of production. In contrast, international manufacturers will complete manufacturing faster but will definitely take a couple of weeks longer to get your items shipped to you due to the distance involved.
Production Scale and Capacity
International suppliers can usually produce on a large scale, unlike many local manufacturers. If you want many units of products, for efficient production, it is advisable to consider international manufacturers.
Getting raw materials for production may be more difficult for local manufacturers. If your projected product will be one with scarce raw materials, it is advisable to go for international manufacturers to ensure the best materials used for your products.
Ease Of Finding a Manufacturer
It is quite easy to find a global manufacturer for almost all products, but local manufacturers may be scarce for a particular product. Even at times, geographical conditions may prohibit the manufacture of some products in certain climes. Generally, you’d find it easier to get a manufacturer for your product on the global market than the local market.
Importation can sometimes be unpredictable, as there may be regulations for international shipping, causing constant hassles and delays. It is vital to be abreast of the relationship between your country and your manufacturers to know its effect on bringing in goods to the country. If you are unsure, it is safer to go to a local manufacturer.
In all, there is no better one between local and international sourcing. Still, as a business owner, you should understand your products and adequately decide the better method of sourcing for a manufacturer. Although it is important to note that as a startup, local sourcing is usually more efficient, and eventually, you may be ready to move from local to global manufacturing to get a higher volume of products at a more affordable rate.
Searching for a Manufacturer
You can use search Google and Bing to find a manufacturer. You can also try specific business search engines like ThomasNet, also on Alibaba, you can find manufacturers.
Once you find several manufacturers you might want to work with, it’s time to research them to know their track records and see reviews other businesses have about them. Check also who they manufacture for, if they manufacture for a well-known company, it may be a pointer that they will guarantee quality.
As earlier mentioned, your packaging is part of your identity and your brand. No matter how great the product manufactured is, packaging usually gives it aesthetics, making it more appealing. The packaging doesn’t necessarily have to be crazy. It only needs to be specific to your brand, appealing and neat. The packaging is the very first part of the customer experience because it is the first thing customers will notice when they get your product, so it’s important you get thinking about it, put yourself in the position of the buyer, and look to impress yourself while being very critical. As I have reiterated, consumer experience goes a very long way in determining the success of any business – online or offline.
To help inform your packaging decisions, it would be helpful to spy on other sellers in your niche; you can order products from your competitors to allow you see exactly how they package their products, see what they are doing right, and take it as a pointer, critique what you think they are doing wrong, and improve on it.
Search online for packaging ideas; Google and Pinterest are good avenues to do this. Just search with your “product type” and packaging as the keywords, and you have a barrage of results to choose from.
Things you need to know to effectively sell online
There are a couple of things you should bear in mind before you begin your journey as a new E-commerce business owner. These little details sometimes draw the lines between a business that sells effectively and one that doesn’t
Don’t Focus Too Much On Premium Price Commodities
As a startup, you should have a relatively low retail price range in mind as you search for products. You should also not set your prices too cheap or too expensive, to get good attention from the public. However, you should not only consider manufacturing costs, but you should also consider other running costs like an advertisement, logistics, and so on. Although you want to go cheap, do not engage in too cheap products as you may find it difficult to get reasonable profit margins to make a profit or even break even. You can set your minimum retail price at around $20, duly putting your costs into consideration.
Sell Products with Good sales volume
During your market survey, you should consider dealing with commodities that many people want; note that products with high sales volume are not usually expensive or luxury items. Sales volume is very important If you are selling a product at the cost of $20 with an estimated profit of $5. You sell 500 in a month, then only one product has made you $2,500, unlike if you sell a product worth $100 with an estimated profit of $15, and you can only sell 100 in a month, that product will make you less money than the first product, despite having a far greater profit. That is the impact of sales volume.
Consider Products With Low seasonality
It makes sense to sell products that will sell all around the calendar year, unlike products that will sell in particular periods or seasons or holidays. Very seasonal selling products will leave your business in a weak position.
Judge Market saturation With Reviews
When selecting a product, consider the number of reviews the top sellers get on global marketplaces like Amazon. This will give you an idea of how much competition you are likely to face. 100 to 200 reviews are good enough to get a customer base, but above 200 reviews might indicate that you are going into a very competitive market, which may not be good for a new business.
Sell Products That Can Be Improved
You most likely will not be the first person to think of a particular set of products. Many people would have done the same; in fact, many people will create a successful product, but you will only stand out among others if you create a superior product achieved by regular modifications tailored to meet consumers’ demands. Therefore allow your customers to be the judge, encourage them to leave a review. This will give you a hint on what they want you to improve.
Sell Small and Lightweight Products
Huge and heavy products will attract more shipping and storage; this is why going for small and light products will keep your shipping costs and warehouse storage fees at the barest minimum. And our most basic mathematics tells us that fewer fees will give us more profits.
Complexity In Manufacturing
You should avoid materials that you sense will pose a couple of manufacturing challenges, resulting in great customer dissatisfaction and more need for modifications, taking the focus of your business from you. Keep it as simple as possible.
As I have previously mentioned, your customers are the most important; as much as you want to sell something you love, you need to sell what will sell. And in going into a competitive market, one thing that will attract customers to you is your Unique Value proposition.
The Unique Value Proposition (UVP) is a sentence or phrase that explicitly tells your potential customers what they stand to gain from shopping with you rather than your competitors. How well your products can meet their needs and solve their problems.
To efficiently satisfy end users, you need to think like them, put yourself in their position, and make yourself see reasons why they should purchase from you and not your competitors. If you cannot indubitably convince yourself, then you cannot convince a customer.
You need to ask yourself, what benefits do the end-user find important? What benefits can you give, but your competitors cannot? What benefits will the target consumers easily understand? Is there something in your selected niche you would like to buy online but can’t find?
Your answers to this question will determine what unique value you need to propose.
Your Unique Value Proposition should be your watchword that even registers in their subconscious. For example, Amazon‘s UVP is “Low price, wide selection with added convenience anytime, anywhere.”
This watchword of Amazon is what they follow, and it’s what their customers usually expect from them.
If you notice that statement, it is only a short sentence that passes a “this is what you should expect” message to customers. That is how a UVP should be. Precise, short, and concise.
In your market survey, you should note what holds a lot of importance to your customers and make sure you offer them that exclusivity, and in no time, you will be the benchmark in your selected niche.
Usually this UVP should be on your website and other newsletters you publish. In constructing this short but powerful sentence, you need to be unique such that you are difficult to copy and capture readers’ attention, so you should be careful not to use words difficult to understand.
After doing all these and you have started seeing progress in your business as you wish to, you will begin to have more demands than when you just started out. To avoid being overwhelmed by these demands, you will need to expand your business operations to meet the increased demand. This is what scaling is all about.
You will discover that at certain points, your business becomes more stressful, and you have started taking on too many tasks than you can handle, and barely have time for yourself. It is imperative to widen your operations and bring on more personnel.
Even if you cannot fully employ staff, as you may feel it’s too costly, you can still outsource many things on a contract basis. Some tasks can be safely outsourced to freelancers, especially things like a few administrative tasks such as data collation and analysis, graphic design, marketing, copywriting, and social media publicity. Although, as much as you want to outsource roles and delegate responsibilities, you should take up roles that will directly affect your business. It may not be wise to put control of your website in the hands of some random person you met online. Instead, you can employ them on a contract basis, build trust, and when you feel they can handle things on their own, you may lend more backroom control to them.
Automation, which uses devices and software to reduce human intervention in tasks, is another way to ease the burden of overloading yourself as a business owner. Certain tasks you do manually can be automated to give you more time to handle other things that need human intervention, to a good extent, and even eliminating human errors.
Customer service is an important element for any business online or offline, but it is key for E-commerce. Buying things online and the ease that comes with it is very appealing, but there is always a concern about getting substandard products or not getting what was paid for or even being scammed. Giving reassuring and prompt assistance to customers will help eliminate these concerns.
Your customer service is part of your brand as a business owner; the way customers report your customer service to non-users of your platform and potential customers is part of who you are. If customers complain about poor service about your newly growing brand, it could be a killer and a major setback in your journey. Your accessibility to engage them and soothe their grievances will go a long way.
Prioritizing your customers, for the umpteenth time, cannot be overemphasized, they literally trust you with their money without knowing you, and they deserve to be treated with utmost regard because they are a business’s greatest asset.
Things You Can Do To Improve Customer Service
- Set up a Customer Support Email that contains your company name, e.g., email@example.com
- Reply to Emails Quickly
- Write Email Templates to aid quick response
- Create a Chatbox on Your Website for live chat and a bot to handle some part of it.
- Give Free Product to Unhappy Customers
- Save Repetitive Questions and Create Frequently Answered Questions (FAQs)
Analyzing Competition in your Preferred Niche
It is important to identify your competition to understand their position and how you can relatively place yourself to be at a vantage position, noting what makes you similar to your competitors and what can make you stand out. Analyzing competition also helps you discover a few strategies your competitors use to make their website rank well.
Steps Involved In Competitive Analysis
Identify your competitors
To do a good competitive analysis, you need to first know who you’re up against. A keyword search is a good way to do this. Identify websites doing well in this niche; competitors focused on more than one niche but doing well in your selected niche are not your biggest rivals. Rather, your strongest competitors are those in just your niche. In searching keywords, as a fresh company, it is better to use low competition keywords at first. When you have successfully launched and have a rank, you can go for higher competition keywords to make your rank even better.
You can also extract your competitor’s keywords with tools like “Ahrefs” or “Ubersuggest” or many other tools online.
Watch Their Social Media
It is also a great idea to see how your competitors are doing on social media, how their promotion and Ads go, across several social media platforms, Twitter, Instagram, and Facebook. You should see a pattern, which will help you identify their objectives. You should duly note the kinds of content they upload on these platforms and content people engage more. This will give you a hint on where to channel your energy. Checking from several companies and combining results for yourself will help you move faster.
On your social media, you need to get high traffic, and users of different social media apps respond differently to different content. To identify the content that engages twitter users, differentiate it from Facebook, and eventually apply properly in your case.
Note their Unique Value Proposition
You need to know what exclusive thing your competition offers, and you should offer something catchier.
Analyze Competitors Websites
Visiting your competitor’s website will help you understand how well they have optimized their web page to please customers. Design themes used, content management, customer engagements, frequency of posts, and many more things are worthy of note. In essence, combine your strategy with some of your competitor’s best strategy and apply it to your own website to stay ahead from the perspective of the customers.
It is important to note the type of content your competitors are generating, their visual content (i.e., Images and Videos), how they use it to breakdown their content, whether they choose to give more information or seek to regularly dialogue with their customers, discover what is not good enough and improve on it. Note how deep their content is; you should give better-detailed content, more information, and value your customers get from you will make them rank you better.
How To Effectively Handle Third-party Suppliers and Quality Control
Third-Party suppliers are the most integral factor in the success of dropshipping. They can ease your business or become a burden and cost you resources in money, administration, and performance.
To avoid scenarios like these, quality control and assurance is vital in ensuring that your business is eased and not worsened, and you should consider these steps in selecting a third party supplier.
Develop A supplier list
Every e-commerce business should have an approved supplier list sorted hierarchically by metrics of performance concerning cost, quality produced, and efficiency of delivery. Sorting your suppliers will give you a first choice and subsequent choices for different products at a time and add varying levels of importance to individual suppliers.
Supplier quality audits are very important in ensuring that the products from these third-party suppliers to be dropshipped meet the pre-agreed quality specifications. Since you have a list, you should audit for importance, scrutinize those suppliers that you know are more critical to the product’s availability and quality, and ensure more frequent on-site audits to ensure that they have adequate quality controls and measures. Also, ensure audits are an avenue to let the supplier know what you have learned from the market survey and what you feel should be scrapped, added, or improved.
Keep Suppliers To a Minimum for Better Quality Control
The popular phrase “the more, the merrier” doesn’t apply in this case, as it makes a lot of sense to keep dropshipped products at a minimum. More products to be drop-shipped will mean more suppliers are needed, which will amount to a more challenging and costly avenue to monitor quality. Like mentioned earlier, Dropshipping should be a means to aid your business, do not enter your business around dropshipping. This process of supplier rationalization enables you to develop a better supplier list.
Estimate Supplier Performance
You can easily measure supplier performance with a couple of Key Performance Indicators (KPIs) such as Delivery time, Response time, Defect rate, Inspection results, and audit results
Managing your third-party supplier quality is not just about avoiding costly customer backlash, bad reviews, or poor website rankings. When quality control is adequately ensured, it generates great value for your business due to overall standard product quality, boosting your company’s reputation, and bolstering high-quality business performance.
Essential Pages To Have On Your Website
- Shop: There should be a separate link to your store, even if you have products for sale on the home page. You should have a store where you will further sort products into categories.
- Shipping/returns: Provide necessary information on the way to go on shipping, your return policy, and your money back policy all next to each other in a quite obvious position on the website.
- Contact/help: There should be clear customer support emails and social media handles.
- Frequently Asked Questions: As you engage customers with their issues, you’ll start getting a certain set of questions several times. Instead of just emailing the same several times, you should compile them on a “Frequently Asked Questions” FAQ page.
Create A Landing Page
A landing page is usually created weeks before the official opening of your store. You drop your website link on your ads, and potential customers go there, and to everyone that visits, the landing page comes up with a lead magnet (freebies you offer potential customers in exchange for their details). You can offer them free shipping on the first order, or a 10% discount on all items or something else you think can be enticing enough to make the potential customer drop their email address. The submitted email addresses are collated into an email list, where you can send a reminder newsletter upon your launch.
Maintain Social media Presence
You should be on social media well before and even after your store launches. You can use influencers on Twitter or Instagram to push campaigns that will make you on every mobile phone, before, during, and after your launch – you want to stay fresh in memories.
Learn To Maintain Good Customer Relations
One way to grow your e-commerce store is to make your few regular customers. This is even easier than finding new customers altogether. Because of some level of trust already built, you are more likely to easily sell to an old customer than to a fresh customer. Offer discounts for returning customers, or for cheap items a “buy one, get one free” coupon. You could also give customers another item related to the first item they bought at a cheaper rate.
For example, “you just bought a new Apple Macbook pro, would you like to buy a new laptop bag at a 10% discount”. This will, of course, seem appealing to the buyer, and even if he didn’t have it in mind before, he would definitely consider it.
As this book has mentioned several times, your customers are your biggest assets. Communicate with them as you care, and they will return the favor. And vice-versa.
Keep Tabs On Data
Tracking key statistics and data for your store can help you maintain organization, save money, and help you avoid mistakes. Pay attention to performance indicators, and you will run a business that will yield optimal profit.
Be Ready To Face Challenges
You are your own biggest challenge; the moment you can overcome the pessimism within yourself, despite understanding how challenging E-commerce can be, you should be ready to face many challenges at the beginning, and even after you are off and running. As you grow, you will become stronger against challenges.
Mistakes are a Part Of The Business
You definitely cannot have it all figured out initially. You have to be fine with making mistakes and learning from those mistakes to build experience so that you won’t repeat a similar mistake. When you take a wrong step, return to the drawing board, analyze your failures, re-evaluate, and form a new strategy, to make progress.