The fact cannot be denied that e-commerce today is the most profitable medium when it comes to reaching a wider customer base and making money. When it comes to establishing brand in the market, many entrepreneurs faces hurdles while handling their business when there is a lot to be done from inventory management, managing, promoting, selling and much more. Though having some pre planned elements could help overcome these barriers.
Decide how much stock you need to keep, remember, a little extra is alright but never go too little with the stock. Attain the perfect equilibrium.
This all starts even before you think of going online for selling. Research and understanding the niche of your business idea and the demand for the product in the market will ultimately tell about how much you must keep as stock while starting up. Keeping a little extra backup stock for the most desired items will help you avoid any sort of customer dissatisfaction or complaints.
How much capital do I need?
Well when starting you e-commerce business you don’t really need to keep huge sums of money and at the first stage. There are many websites builder who build ecommerce site in a small pricing plan, Try GetMeAShop. Just like keeping backup stocks, remember the importance of backup savings.
Remember that profits don’t come instantly so prepare yourself financially. Divide capital for future needs. If you’ve done proper research and market analysis on your niche, you should know where you need to invest your money and where you can pull your wallet away.
Select the best: Don’t do technical part yourself
Well the answer to this depends upon the kind of e-commerce website you want and which website builder you choose. Try GetMeAShop and get proper hosting and a complete solution for your e-commerce business needs without you knowing the technical aspect
Your brand reputation
Well this is one of the biggest hurdles that e-commerce business owners are facing and are in fear of. Leverage social media platforms and engage customers which in turn could help your establish your brand name. The more you engage and pay attention to customers online, the better chances you have of getting loyal customers who would praise your brand on the platform. So if you keep your customers happy, they in turn could boost a positive image of your brand through blogs, reviews, and tweets!
The Correct SEO strategy
A logical strategy for SEO/digital marketing should be made and applied when the website is ready and live.
At GetMeAShop, we always make sure that your website is completely fixed and live from the development point of view as any issue on the development can kill your brand’s search engine ranking. SEO/Digital Marketing is important and you need to add them in the process from day one to save big in the longer run.
If you go by stats,
– 40% of the customers want more than one payment option
– 60% of total web transactions happen via PayPal.
– 59% only want to pay with their preferred payment method.
These facts says a lot, your business have to have multiple options of receiving payments. Let customers choose a payment mode as per their need so that they can trust you more and confidently checkout from the website.
Customer Service- The key to success
Customer service can shape your entire business in a positive or a negative way. One happy customer can help your brand flourish in the market whereas one angry customer could kill your brand image. Keep regular communication with your customers that will help you gain loyal customers in the long run. Collecting feedback and suggestions could help you improve the business and avoid any further hurdles of having unhappy customers.
Focus on maintaining good customer relationship. Make sure to make them feel important while taking care of their queries and acting on the complaints. Try to resolve the complaint they have and try to resolve it and later follow-up to check if the problem has been fixed.
As a conclusion, whatever business you get in, there will always be several hurdles in the way of your e-commerce business but with a correct strategy you could overcome them. Stay updated, keep researching and follow your strategy to succeed in the online business world.