The new capital brings Udaan’s total funding to date to US$1.15 billion. Indian Business-to-Business (B2B) ecommerce startup Udaan announced on January 6 that it has raised US$280 million in additional financing from existing investors Lightspeed Venture Partners, DST Global, GGV Capital, [...]
By Annie LUI On Ni
Ecommerce business is booming. Recent data shows that the sales from ecommerce B2B are going to continue growing at an increasing rate for many more years to come. The following six-step guide will allow you to tap into the field with ease.
- Research the Basics of Ecommerce Business
An ecommerce site needs to not only please the eye, but it should also offer a stress-free shopping experience. Familiarize yourself with the key elements of a successful ecommerce website, including user-friendliness, hassle-free shopping cart and check-out process, mobile compatibility, calls-to-action, interactive descriptions, customer support, and security and privacy.
- Start Ecommerce Niche Research
Research is integral to the success of your ecommerce store. It enables you to identify the best products to sell, and allows for an understanding of how to start a successful online business. It’s also important to look at your competitors and pay attention to their barriers and costs of entry, as it’s likely that you will face the same challenges.
- Product Selection
You have to be strategic in identifying a set of products that are trendy and off the major players’ radar. Start by making a list of potential products you might like to sell in your store. Think about things that you, your friends, your co-workers, or family would be interested in. Make sure you also spend time exploring social selling sites like Pinterest, Etsy, or even Instagram for a stronger idea of what to sell.
- Create Your Online Store
LinkedIn Co-founder Reid Hoffman famously said, “If you’re not embarrassed by the first version of your product, you’ve launched too late.”
This certainly applies to ecommerce businesses as well. The key is to launch quickly and start thinking of ways you can improve upon what you have.
Naming your ecommerce business something memorable will guarantee that people will remember your company. This goes for your logo as well, which can be as colorful or creative as you want it to be.
Remember, you can always look for and start from templates rather than from scratch. Choose a theme that suits your target audience and prices that reflect the success you envision.
When your website is ready to go, walk through the process yourself to make sure the process is easy to follow and smooth for your customers. Eliminate any additional steps and only ask for information that is necessary for the check-out process.
- Attract Customers to Your Ecommerce Store
The secret to ecommerce marketing is to find the right channel and marketing strategy for your products.
While this is a hard pill to swallow, initial success with an ecommerce store does not represent the right moment to pocket all your earnings. Any earnings should be re-invested in marketing the store and helping it scale. Keep a close eye on the relationship between profits earned and money spent on ecommerce marketing by checking your advertising ROI twice a week at minimum to ensure its effectiveness.
With direct advertising through Facebook or Adwords, you can reach more potential customers immediately. It is best not only to learn how to run your ecommerce marketing campaign on Facebook, but also how to optimize a campaign to make sure that you are receiving the best results for your money.
Furthermore, check out the latest trends like Instagram marketing and Snapchat advertising. With the right inspiration and so many different avenues available for use, you can easily publicize your own ecommerce business.