Three things e-Commerce startups need to know

Along with our social lives, hobbies and most other aspects of 21st century life, the internet has radically changed the way we do business. In particular, the rise in the buying of goods and services online has welcomed the age of e-commerce.

Unfortunately, because almost anyone can create a website and sell online, it can be easy to fall into the trap of believing that life as an online entrepreneur is an easy and fast way to make money – just read about these 92 expensive startup failures to find out what can go wrong.

That being said, e-commerce can be an excellent and rewarding business for hardworking entrepreneurs. If you want to succeed, take note of these three things every e-commerce startup needs.

Find Your Niche

You may have a dozen startup concepts that you believe could be a huge success, but a common problem amongst entrepreneurs is too many ideas. The most important thing to remember is that the e-commerce market is very competitive, very large and heavily saturated, meaning that most ideas have already been done.

That’s not to say that there’s no room for your startup, but in order to succeed, you need to hone in on your ideas and find your niche. Ask yourself: What is it that makes your e-commerce startup different from others? Why is it unique? What is your selling point?

Use Paid Media

When you have your idea firmly locked down, you need to consider how you’re going to draw in consumers. In an ideal world, your site would instantly be full of eager customers, but in reality, you need to work to bring in traffic. To do this, think about your customer. Who are they? What do they like? What sites do they use?

In a digital age, the face of advertising is constantly changing. Depending on who your customer is, you could consider paid adverts on social media websites, or SEO marketing strategies.

Research and Exploit Data

Data comes in all different forms, but if you want to build your e-commerce startup, you need to harness it, from collecting statistics about customer engagement, to utilising the services of companies like Nettitude Ltd to improve the security of your website.

The former will help you to create new marketing strategies and target new customer bases, while the latter can secure your business and protect you from financial fraud. Remember, successful businesses are always looking for ways to evaluate and improve their services.

 

If you’re thinking of starting an e-commerce business, keep this three tips in mind for a rewarding and (hopefully) lucrative experience. Good luck!

from Finance Girl http://www.financegirl.co.uk/three-things-e-commerce-startups-need-to-know/