So, first of all, what exactly is an eCommerce business?
Electronic commerce — often referred to as e-commerce is a business model that lets organizations and individuals conduct business over online networks.
The most common form of e-commerce is online shopping. E-commerce can also include online financial transactions, ticket purchases, auctions, and investing among other things.
E-commerce businesses are narrowed down to three categories:
Business to consumer also known as B2C:
This is the most commonly thought of e-commerce business model. Online businesses selling directly to individual customers. Companies such as Amazon sell the majority of their items as a B2C business.
Business to business also known as B2B:
This is when one business will sell in bulk to another business. An example of B2C would be online wholesale companies such as Costco or Sam’s club selling items online to smaller companies — such as restaurants for them to resell.
Consumer to consumer or C2C:
This is typically when consumers resell items that they have previously used. It’s often done through online marketplaces like Facebook, Ebay, or Craigslist. This method is on the rise as consumers are learning how to be more environmentally conscious and save money.
Are you interested in starting an eCommerce business? Here are a few things to think about before you get started:
Can I sell a better product than my competitors?
If the item that you want to sell is already a saturated market, you’ll need a product that is more durable or with an improved design or something that costs less than your competitors. Research your competition and evaluate your product.
How will you market your brand and products?
It’s important to choose a well-fitting name that suits the products you will sell. Have a proper logo that your customers will notice and remember and a website address that’s easy to find. You need to create your brand.
After you have an appropriate website, what methods will you use to advertise your store? Social media companies such as Facebook, Instagram, and Pinterest now allow you to market your business on their network channels. This can help bring brand awareness.
What sales channels will you use to gain new customers?
Will you sell directly from your website or will you use existing online stores such as Etsy, eBay, and Shopify? There are benefits to both methods and the answer boils down to the type of product that you’re selling and how much of it you plan to sell. For a small business, it might make sense to use existing channels to sell items while you drum up business.
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