7 Questions that Should Ask before Starting an Ecommerce Business
So, here you are on the brink of launching a business online. But before starting out the wisest route is to examine every aspect of the venture you are diving in. Our experts have rounded up seven questions which will help you assess your decision from all possible angles.
Which products should you sell online?
To explain in broad terms, you can either sell mass-produced products or those that are extremely unique. The second option usually reaps better profits as they meet specific customer needs. And the competition is likely to be less. With products which are of common use and widely available, there is also the issue of competitive pricing.
Once the decision has been made, it is time to pick the products you would actually sell. You could deal in a niche that appeals to you. Or products which are easy to brand and promote. Going through recent trends like graphic design blogging also give you an idea what would instantly grab the attention of your target market. Using these techniques, you will be able to zero in on the products you can place in your online store.
Is it practical to sell these products online?
There are three things which you need to focus upon at this stage: cost, experience, and shipping.
How much does the material cost you if you create the products yourself? How time-consuming it is? How much does it take to store and bring the product to completion? You must also consider the minimum amount that you require if you buy from a wholesaler or manufacturer.
A physical store can build an ambience which attracts customers and encourages them to purchase. An online store needs to replace that experience with a virtual one. Have clear and appealing images or even videos of your products. Reviews are also your steady friend as many customers rely on that no matter how great the product visuals are. Think about exactly what would urge visitors to buy from you and implement that on your site.
During the process of determining your product, its weight and dimension should be your biggest concern. The heavier and bigger a product is, the greater it would cost for you to ship. If the overall costs turn out to be expensive, it is in indication to rethink all your plans.