The Online E-Commerce Business
Some Essentials for Beginners
Selling a niche product online with focused goals insight has proven to be quite profitable for some people out there. However, going by the E-Commerce statistics, about 50% of online stores fail to come up with a single sale yearly. This may seem quite low down the e-commerce business ladder, but compared against the general success rate of a business (which is roughly 10%), it doesn’t seem too bad.
Pakistan’s e-commerce market size posted a growth of over 35 per cent in the first quarter of the fiscal year 2021 to Rs96 billion compared to Rs71bn over the corresponding period of last year
Here are some KEY POINTS with regards to starting an e-commerce business:
- See what are contemporary product trends;
- Analyze other e-commerce ventures;
- Enhance your customer service;
- Consider sourcing through drop-shipping vendors;
- Build an online store with Shopify;
- Utilize free marketing channels;
- Aim at conversion optimization;
- Keep updating your inventory duly;
- Boost your e-commerce site persistently.
We do hope this summary regarding initiating an e-commerce venture proves helpful to you in setting up your maiden online store; if case of any assistance, we would be happy to oblige.
E-Commerce
FAQs
How can I start an E-Commerce Business with no finances?
Frankly, money, (at least some of it) is a pre-requisite of setting up of any business venture. A product-based business needs effective marketing and healthy investment to grow. However, there are marketing gimmicks, like choosing drop-shopping as your business model, utilizing free marketing channels, and creating brand awareness through word of the mouth strategies, which do help a lot when you are low on finances. Moreover, funding programs may be available to help let you take off initially.
Can an E-Commerce Business give me good returns/profits?
Yes, it can definitely!
However, you need to be realistic in your expectations as the profits may not surface right away, taking a while (sometime over a year) to appear discernibly.
A word of advice: Do not measure your success (or failure of your e-commerce business in the very first year.
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