Once upon a time there was a DotCom bubble; and it burst. What followed this bubble was something far more powerful, far more important, and far more overlooked – the rise of eCommerce marketplaces. Where there once was a fad, a phoenix arose from the ashes. eCommerce isn’t a big idea, it is the reality of the world today. The business to business gross volume transactions in the US alone is predicted to reach 7.66 trillion dollars. The industry has gotten so massive, and so part of our everyday lives that we don’t even notice it. For those who still fear buying online, there are even sites that allow you to get to know who you are buying off. If you are looking at graduating soon, what do you need to know about entering the eCommerce industry?
First Steps To Consider
Before beginning there are some very basic things that all eCommerce entrepreneurs need to consider. What will you be offering? Are you going to be service or sales based? How will you generate income? What will make you stand out from everyone else? There are some truly innovative businesses on the internet but it is important to note that innovation doesn’t mean “doing something that nobody else does”. Innovation can be about doing things differently, or putting a unique spin on a well known concept. What is it that you can excel at, and how can that be used to make money?
You Have To Speculate
Very few eCommerce businesses started without considerable effort and investment from their owners. You will need to maximize your income and reduce your expenditure before starting on a new venture like this. Free up as much money as possible to invest in your site. Once you have your idea and have built the website/app infrastructure you need to bring people to your site. Conventional advertising is still successful but it is extremely expensive. Those who are successful in eCommerce know that the secret to bringing in the visitors is SEO optimization and content. Producing articles, blogs, videos and social media posts not just about your brand, but about things that capture the spirit of it, can have a huge impact on site visitor numbers. It will cost you initially to outsource this but in time the sharing of this content more than pays for itself.
There are many eCommerce success stories but these need to be balanced by the significantly larger number of failed businesses. The big difference is the scale of potential profits. By removing the need to have retail stores, customer service staff, and all the other additional cost that come with this, you are in a fantastic position to make tremendous profits. For a site that started as an online bookshop, Amazon shows how a small idea can become a huge deal. In 2017 alone the company had a gross revenue just short of $178 billion. If you find your market, and invest wisely in it, the potential profits are nearly limitless.
eCommerce was once considered to be a flash in the pan, but it has gone on to become one of the most important revenue streams through selling stuff online in retail history. For those with vision, who are prepared to invest financially and in terms of producing a fully rounded customer experience, the sky is absolutely the limit.