The world of retail has changed significantly in the last decade as the advances in, as it is known, technology, targeted advertising near-total and online security has led to a rise in online shopping and e-commerce. Now stores like Amazon, Alibaba, Wish and Shopify are part of our everyday vocabulary and experience, as are other platforms like Uber and Air B&B. In short, the near-total penetration of smartphone handsets and the extraordinary convenience that results from 24-hour connectivity have e-commerce changed the way that we shop and experience the world. And while it has led to the rise of many mega-online brands there is definitely still plenty of space for entrepreneurs to thrive as well. So, if you are looking to set up your own e-commerce venture, here are a few things that you might want to consider.
Plan for discoverability
There is no point in creating a website if it is not able to generate traffic. The key here is making sure that your site can be discovered by the relevant audience. This can be done in several ways, but one of the most crucial is through good search engine optimization. SEO, as it is known, is the art of ensuring that when a user searches for something online, that your site is recommended back to them as the best fit for their search. To get this right, it will almost certainly be necessary to enlist the help of an agency that offers eCommerce SEO services. Find one close to you and see what they can do – because the most valuable traffic that you can get is the traffic that arrives at your platform through organic search.
Know your market
If you are planning on going head-to-head with the big boys, then you had better have very deep pockets. Amazon is a market leader and they have invested fortunes, beyond most people’s wildest dreams, to establish themselves in their current position. And they sell almost everything. There really is no point in trying to compete directly for them. Rather look to set yourself up in a niche and tackle them in that space. It doesn’t matter if you are selling the same products as an Amazon or Alibaba, because your focus should be on finding a small focus area and targeting that audience. Your prices can be higher because you are offering a bespoke experience that the mega-stores simply cannot do.
Get ready to spend
One of the best things about online advertising is that there are different models by which it operates. One of these is the CPA or cost per acquisition model. This means that you can run business advertisements but only pay for their appearance as and when you convert a user to a sale. CPA rates are higher than most other models but that doesn’t matter because it means that you can budget accordingly. Factor the acquisition fee into the price of the item that you are selling and you, and whoever it is that is advertising your site, will win all the way to the bank.
