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Editor's Note: Take a look at our featured best practice, Retail Value Chain (36-slide PowerPoint presentation). An Industry Value Chain is a visual representation of the series of steps an organization in a specific industry takes to deliver a product or service to the market. It captures the main business functions and processes that are involved in delivering the end product or service, illustrating how [read more]
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Are you a successful business owner thinking about expansion? Why not increase your sales by starting your own ecommerce business? Buying and selling goods online has become an enormous industry in recent years so it is easy to see why so many people are setting up online stores. However, it is not an easy industry to survive in; the market is flooded with competitors and therefore it can feel impossible to get people to your store and then convert them into customers. You must know how to succeed in the ecommerce industry and there are a few handy tips which should help when starting your own ecommerce store.
1. Get a Website Professionally Designed
There is nothing more important than your website, so it is worth using the services of a professional web designer. It should be easy-to-use, up-to-date and attractive with high-quality images, customer reviews and fast speeds so that you can easily convert visitors into customers.
2. Sell the Right Products
The key to success in the ecommerce industry is selling the right products. You might have a passion and interest in a certain area, but it will be hard to succeed if the products are not in demand. Instead, look into what products are trending and predicted to grow in the coming years and focus your efforts here. It is also helpful if you are able to provide a range of products which are all related in one way or another. If you sell exercise clothing, for example, then you could also sell protein powder, healthy snacks, water bottles and other related products.
3. Create Original Content
You will need to do more than simply sell trending products if you are to compete with the bigger brands in your industry. Creating original content is a smart way to promote your brand, increase your visibility online and show your expertise. Think about content which would be valuable for your target audience and then use a variety of mediums to engage your customers. This could include instructional videos, how-to guides, infographics and anything else which will be of value.
4. Use Demand Forecasting
It is important that you always have enough stock for your customers but equally you do not want to invest in too much inventory which you might not sell. A good way to strike the right balance is to use demand forecasting which will help you to figure out how much stock you need for different parts of the year based on previous sales.
5. Make Shipping a Priority
Modern day consumer expectations have changed in recent times and now it is essential that you can provide a good shipping process. You should have a few options available and make sure that shipments are fast, affordable and reliable. Otherwise, you will struggle to retain customers and develop a negative reputation.
If you are considering starting your own ecommerce business, then keep these tips in mind when setting up. There is the potential for success, but you must always be aware of just how competitive it can be online.
You can download in-depth presentations on Retail Industry and 100s of management topics from the FlevyPro Library. FlevyPro is trusted and utilized by 1000s of management consultants and corporate executives.
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These best practices are of the same as those leveraged by top-tier management consulting firms, like McKinsey, BCG, Bain, and Accenture. Improve the growth and efficiency of your organization by utilizing these best practice frameworks, templates, and tools. Most were developed by seasoned executives and consultants with over 20+ years of experience.
