1. The right choice of products
If one wants to open an e-commerce site, the first challenge is the right choice of products. The lists of products or services generally can make or break a deal. Before opening be sure to research upon the market trends, the types of services that people require can experiment. If unsure about stereotyping niche, build the store around the unique selling proposition. This will vary if one produces the goods or only supply from the market.
2. Large inventory
It may be not possible to build an inventory the size that of big e-commerce sites similar to Amazon, but is effective if started small yet innovative. Highlight the USP. For example, if your store is based on a handloom ,why not take the help of local artisans to grow the business? This is beneficial to both the artisans looking for a comparative platform and to the art form itself. It will give a boost to the ailing industry, knitting technology with art.
3. Working capital
The capital is usually a bone of contention for the growth of e-commerce. Stores with large capital can efficiently run the business, which may not be the case for small traders. Start less and one can earn funding in the form of financial loans from banks, crowd-sourcing platforms but the best approach is the self-fueled model. The growth might be less than expected, but it will pay in the long run.
Another patchy area is to promote the store. Digital channels have evolved way better, and it is advisable not to depend only on one type of promotion. Diversify your marketing plans can drive traffic to your store. Effectively use Search engine optimization (SEO), email, social ads, mobile and affiliate agencies to drive promotion. Word of mouth will surely show its effect if buyers find the uniqueness and benefit accrued to them.
5. Converting shoppers into customers
Only driving traffic doesn’t guarantee sales, until the transactions are really taking place. Retailers should try to capture quality leads and convert them into sales.
6. Choosing the right technology and partners
Growth can also be altered if the right technology isn’t been used. It is always advisable to use the most advanced, up-to-date technology available and efficiently using the cart software, the CRM, analytics and inventory management. The right partners should also be chosen for the creation of a new e-commerce store.
7. Repeat customers
It is generally expensive to lure new customers rather than the buyers who have already availed the services of the store. They are a valuable asset to the store and tactics should help them to become lifetime buyers.
Any e-commerce site for growth needs to make a profit, it is the baseline which makes the management answerable. The ideas should improve marketing efficiency, reduce overheads, reduce inventory costs and order returns need to be controlled.
9. Trust in the site
Even if one builds a site with customisable designs and layouts, probable shoppers would still be hesitant n trusting the store. This is even more accurate if the store is providing items at a cheaper price or large volumes for less. In the e-commerce industry there are several scamming sites which take money but don’t sell products or irreplaceable products. This is a deterrent to genuine ones. It is recommended to show the physical address of the store and a contact number for reference. One can also show the security measures availed like MacAfee, Trustwave, etc.
10. Hiring people: –
When starting a new store, all the tasks are usually done by one person from the selection of products, cataloguing, promotion, etc. This may be done when the volume of sales is small, but if sales increase it is advisable to recruit new people into the team. After a certain level, upon reaching a self-coiling, new ideas get stalled and upon this, it’s best to remove entirely to the management and oversee the team get the job done.
And last of all, one’s self-confidence and creativity always make the difference. So, don’t lose patience, it will pay back if done correctly. The future is exciting as in the words of Cornell University marketing professor Ed McLaughlin
“Anything that can move online, will. And it’s just a matter of time.”