Starting A Successful E-Business: The Future of Business
Starting A Successful E-Business: Roads to Success
Starting a successful e-business depends on many factors. However, current economic and social, and health conditions direct business people to e-commerce. The world is experiencing a great change with the Covid-19 pandemic. The world is perhaps approaching a "great reset". As stated in Mc Kinsey Webinars that ‘’The current crisis has created an impetus for companies to reimagine their business models and quickly adapt their offerings and operations to temporary conditions like lockdowns, travel restrictions, and workplace closures. They might begin by refreshing their understanding of customers’ expectations and needs and rethinking their value propositions in line with those priorities. Similarly, leaders can reconsider where new sources of growth might be found, beyond their current offerings.
Starting a successful e-business: Trends
What Is An E-Business?
E-business is the buying, selling, and ordering of goods and services using the internet. Starting a successful e-business can be carried out in different forms. There are mainly four types of E-Business Models including B2C (Business-to-Consumer), B2B (Business-to-Business), C2C (Consumer-to-Consumer), and C2B (Consumer-to-Business).
E-Business types use the internet, intranet, extranet, and web to be able to connect with their counterparts. E-business includes a lot of business processes including online order processing, order fulfillment, warehousing management, CRM (Customer Relationship Management), delivery, procurement, leasing, supply-chain management, outsourcing, and other relating business activities.
Elements Of An E-Business.
There are three important elements of an e-business.
1- E-Procurement
2- Online marketplace and your online store(s)
3- Online Communities
Roughly, you buy goods or services online, sell them to your customers from your online store. Your customers can be end-users, private or public companies. Your online store is a vital part of starting a successful e-business.
Many people want to run an e-business but only a few people can succeed in it. As we explained in our previous blog, millions of new small businesses are created each year, even if there are some very successful ones, but most of them fail. The main reasons for failure can be expressed as insufficient funds, bad location, and bad management. From 2000 to 2019, small businesses created 10.5 million net new jobs while large businesses created 5.6 million. From 1994-2018, the ten-year survival rate was 33.6%, and the fifteen-year survival rate was 25.7%. Imitating successful online companies and getting support from expert consultants will increase your chances of success.
E-business: Facts emarketer.com
Starting A Successful E-Business: Necessary Steps For A Successful E-Business Store
1- Find the products or services to sell. You need to find the right products or services with the potential for serious profitability and sustainability. Before starting your business, your first step is to choose what products or services so sell. Finding the products or services to sell is the most important part of starting a successful e-business. There are mainly two types of products you can sell: Commoditized or niche products. Commoditized products are the most competitive commodities. The profit margin is low and there are many competitors. Niche products have fewer sales volume but less competition, higher profit margin. If you can find products that you and other people are passionate about, or solve a problem, you will likely succeed in the market.
2- Market research: It includes market viability evaluation, competitive analysis, analyzing target market, competitors, e-business regulations.
3- Develop a business plan,
4- Choose a Business Name (the business name, the domain name, the username(s) on the social media platforms.)
5- Manage your product or service procurement.
Starting A Successful E-Business: Ecommerce Platforms & Your Online Store
6- Design and build a customer-friendly website. Launch your online store. You have to make an important decision at this stage. Will you use e-commerce platforms such as Esty or Shopify? When starting a successful e-business you need a user-friendly web store.
7- Drive more traffic to your online store. You should learn the leading organic traffic driving tactics to get more visitors to your new online store(s).
Here is a list of ways for driving more traffic to your online store.
- Use social media ad campaigns (Twitter, Facebook, Instagram, Pinterest, and Google Ads),
- Offer limited-time discounts,
- Offer discount coupons,
- Actively engage on Twitter, Facebook, Instagram, Pinterest, and LinkedIn,
- Work with influencers and bloggers,
- Produce podcasts, short videos to reach new customers,
- Use your YouTube videos to drive more traffic to your online store,
- Use SEO tactics to boost your store's traffic. Before starting a successful e-business you need to know SEO tactics to increase your store's traffic.
8- Manage order fulfillment effectively.
9- Manage your warehousing and shipping,
10- Scale your business.
E-business: What is your target?
In a nutshell,
Mobile eCommerce will make up more than half of all US retail eCommerce in 2021. About 31% of users in the United States ordered food from restaurants online in recent months because of the coronavirus. 52% of people who switched to online shopping for groceries said they would not switch back. The ways of doing business are changing rapidly, online shopping platforms are taking a big share from commerce. Considering the current trends, starting a successful e-business requires some steps. These steps are briefly as follows.
- Find the products or services to sell,
- Market research,
- Develop a business plan,
- Choose a Business Name
- Manage your product or service procurement.
- Design and build a customer-friendly website. Launch your online store.
- Drive more traffic to your online store,
- Manage order fulfillment effectively.
- Manage your warehousing and shipping,
- Scale your business.
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To start and run your business in the USA, you need a lot of documentation to be prepared. When starting a successful e-business, we can help you. You cannot be an expert in every subject you need. An expert consulting firm you can trust will save you time and money.
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