The worldwide eCommerce market is surging past the $6 trillion mark this year. Nearly 80% of all consumers make at least one purchase every month. Never count out social media, either, as the social commerce market is skyrocketing to nearly $3 trillion in value.
Analyzing market data is an excellent place to start if you’re serious about starting your own eCommerce business. Even better, setting up shop online is a low-cost solution to competing with seasoned brick-and-mortar locations.
The startup costs are low. The marketing channels are either free (or reasonably priced). Thus, a little creativity goes a long way in making a splash on social media.
Motivate yourself with these easy and effective tips for starting an eCommerce business.
Every successful business starts with an idea. You don’t have to invent a brand-new product or waste your time reinventing the wheel, either. Again, go back to the data and ask yourself what consumers want.
For example, if you’re a yoga instructor, you could focus your attention on yoga accessories. If you’re a woodworker, you could start with a small line of handcrafted tables; this is a great idea if people are already responding positively to your skills in “the real world.”
An eCommerce business is ideal for artisans who excel in making unique clothes, designs, and functional objects. You don’t even have to manufacture the textiles yourself. Instead, you could partner with a company that makes sweatshirts, t-shirts, and hats; all you have to do is provide your unique designs and creative touch.
Instead of competing with the eCommerce giant, you can build a lucrative business under the umbrella of Amazon instead. If this path sounds appealing to you, get started on Amazon store training now to get your store up and running in no time; review resources like Wizards of Ecom to get an idea of what’s out there for aspiring Amazon entrepreneurs.
Picking a business idea and consumer research go hand-in-hand. You need to know the “person” you’re trying to reach. The best way to do this is to conduct market research and generate a consumer profile.
You could even give your profile a name like “Gloria”, a woman between the ages of 25-40 who’s passionate about wellness, yoga, lives in the city, and makes between $68,000 and $100,000 a year.
You also have to learn where your target customer “hangs out” online. Based on trends in your industry, she likely enjoys Instagram. There are many wellness influencers, yoga products, and similar content on Instagram; Youtube is another excellent source for yoga content discovery.
Your brand also needs to appeal to Gloria. This brand needs to communicate clearly across all your marketing channels, including websites, apps, social media channels, product design, and packaging materials. Develop an appealing brand identity that’s consistent and relevant.
Are you ready to turn your passion into a real eCommerce business?
Remember these ideas as you develop your first business plan. Consider various ideas, study your market, and collect and analyze the data.
The blog is also updated daily with ideas to inspire your next project.