The computer age has bring forward a lot of troublesome innovation. Who in the 17th century will believe that with just a click, you can perform online or have your goods delivered to your doorstep; that is the power of the 21st internet. it advisable to have the idea of the business you are venturing into, that is the reason we brought to you 5 things to know before starting up an E-commerce site.
One of the areas that were not left out with respect to the innovation of our Century is the “the conventional market” and “our traditional way of carrying out transaction”. The introduction of the e-commerce site has change our traditional way of carrying out a transaction and with the rate at which it is growing; our conventional market will soon spit out. If you are planning to join the e-commerce sector, you are on the right path.
E-commerce is a process of carrying out the business deal of buying and selling online. It brings on technology such as mobile commerce, electronic fund transfer chain, supply chain management, internet marketing, online transaction processing, electronic data interchange, inventory record system and automated data collection system
E-commerce is one of the best troublesome modernization that mankind has witnessed. With just a tick from your counter, you get your goods delivered to your doorstep. In the future, there may not be need to set up a retail shop, just a warehouse and an e-commerce site will do the wonders. here are the 5 things to know Before Starting Up An E-Commerce Site.
DETERMINE THE STRUCTURE YOU WANT YOUR E-COMMERCE BUSINESS TO LOOK LIKE
- Business to Business
- Business to Consumer
- Third Party Retail
For you to start a successfully e-commerce site, you need to determine the necessary structures that your e-commerce will operate on. Now let’s go through the above-stated structures.
BUSINESS TO BUSINESS
This involves a transaction carried out between two businesses. For your e-commerce site to successfully run on this type of structure, you must make room for or have access to a large listing of businesses that you will sell to and of course know the market segment that you will serve. A typical example of a business that runs on this business model is Alibaba.com, the Alibaba website serves a medium through which major businesses both SMEs and Big businesses meet to transact.(individuals can also make use of this website for personal reasons).
CHALLENGES POSED BY THIS STRUCTURE:
- Attracting plausible Businesses to join your platform
- Targeting confidential buyers
- resourceful Delivery.
BUSINESS TO CONSUMER
Majority of the e-commerce site around the world runs on this type of structure. The transaction is carried out between the company and the consumer. A merchant can also serve as a middleman in this type of business. Jumia and Konga run on this type of structure.
THE THIRD PARTY CLASSIFIED LISTING.
This type of structure is mostly used for a classified listing website. These are sites that give users the opportunity to post any form of goods (ranging from used to epoch and new product) for prospective buyers to see.
2. CHOOSE A NICHE,AFTER WHICH YOU CAN ADVANCE
When Amazon (which is now known as the largest online retailer) started in 1994, the founder Jeff Bezos, focused mainly on retailing books, but as they grow, Amazon began to add other features.
This is a good way to kick start, study one course until you are perfect to achieve a certain standard in that area. This is the key to Amazon’s success.” From an online retailer that sells books to the world largest online retailing company that has many catalogs of products.
3. CONSIDER FOCUSING ON A PARTICULAR GEOGRAPHIC PROVINCE.
This is the most valuable advice I received before I start my first e-commerce site(mogulquest). We started in a particular geographic area and now we are expanding to other regions. This is a gradual move with a focus direction.
4. SET UP A GOOD DELIVERY SYSTEM.
The business of the first 21st Century is based on buoyancy, how buoyant are you with your delivery system. A good delivery system will help you serve your consumer and of course, give them a maximum satisfaction. If you find it hard setting up a good delivery service, you can opt-in to make use of a third party delivery service.
5. BE READY TO RUN A TARGETED ADVERTS TO YOUR MARKET SEGMENT.
With the high rate at which Startups are been established every day, it is worthwhile to run a ‘reasonable’ adverts to your market sector. This will help differentiate you from your competitors. It is also advisable to make a deep study about your target sector in order to know the type of advert you need in your E-commerce site.