Amidst this coronavirus pandemic, when social-distancing and e-wallet are becoming new normal, the demand for an ecommerce website is growing. There was a time when shopping online marked customers’ convenience and sometimes luxury, but now it has become a necessity. The e-commerce business has been growing for a while, but its demand has surged in the present scenario.
Today, many aspiring entrepreneurs are planning to launch a new ecommerce website from scratch. But before joining the league, one must plan the pre-launch, launch, and post-launch phases. Also, it will help if you do initial research and plan marketing strategies.
Here is the list of 6 important things to know before starting an E-commerce website.
Do market research
For entrepreneurs (experienced or budding), performing thorough market research should be the first step. Analyzing the current market scenario will give an idea about your competition. For example, if some locality already has a well-established grocery store, then you don’t want to come with the same idea. Maybe, you can start a restaurant and attract more customers. In case if you have a well-established business, then going online will be an add-on in your profit.
Your initial research should answer the following:
- What to sell?
- Who to sell?
- Where to sell?
- Know your target audience
Once your initial research is done, you need to research about the target audience. Understand their needs, buying preferences, and what makes them buy any product. For better ecommerce results, you should know your audience’s,
- Demography
- Geography
- Culture
- What digital wallet applications or online payment system they use? Etc.
Knowing their preferences can drive you great results.
Know your competitors
As mentioned earlier in the initial paragraphs, knowing the competitors will help you take a firm foot ahead and your marketing strategy. A thorough analysis will let you know your competitor’s business process, production plan, purchase plan, selling program, finance plan, etc.
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