The sudden outbreak of COVID-19 has completely changed how people view e-commerce. Today, a lot of people are now seeing the different goodies attached to investing in e-commerce. With e-commerce revenue predicted to reach US$6.35 trillion in the coming years, it’s safe to say that investing in this industry is a good decision.
We have gathered a few burning questions that our clients often ask before investing in e-commerce. Read further to find answers to these ecommerce-related questions:
FAQs before investing in ecommerce
The past two years have helped people better understand that the future of e-commerce is bright globally. If you also want to enjoy all the goodies that come from running an e-commerce business, you need to first ask the following questions before thinking about investing:
1. What exactly are you going to sell?
As you already know, e-commerce is all about buying and selling products or services online. But here’s a quick question; since you’re looking to start investing in e-commerce, what exactly are you going to sell?
Answering this question requires you to consider the following factors:
- What industry do you fall into?
- Do you have any area of specialization?
- Do you have any product ideas in mind?
- Have you ever run any brick-and-mortar stores?
- What selling strategies do you intend to use?
By considering all these aforementioned factors, you should be able to identify the right products to sell to make enough profits.
2. Where exactly are you looking to sell your products?
Once you’ve decided on the products to work with, the next thing is to figure out where you’re going to sell them.
- To do this, you need to first figure out your target audience.
- Where exactly can you reach out to more of your potential customers?
Creating your customer personas may be a good way for you to better figure out your target customers.
3. Should you source your products?
The answer to this question depends on whether or not you’re interested in making the products yourself. If not, your best bet is to consider sourcing the products from manufacturers.
- Dropshipping vs wholesale: These are the two most common options for sourcing products today. You need to decide whether to buy in bulk and manage your inventory or only receive orders and let the handler do the selling.
4. What name do you want people to call your online st
Before going ahead to start investing in e-commerce, you certainly need to choose a name for your brand. When picking a name, you need to go for a catchy one that better describes your brand. Of course, you also need to check and be sure this name is unique to your business.
5. Are permits/licenses important?
Permits and licenses are very important, depending on your location and type of business. As such, you need to do your due diligence and understand how licensing works for your business.
6. What e-commerce platform is right for you?
Today, there are tons of e-commerce platforms available out there. Shopify, WooCommerce, BigCommerce, Magento, OpenCart, and Wix are a few common platforms you can decide to work with. Before picking a suitable one, however, ensure to weigh the pros and cons of these e-commerce platforms.
7. What are the best marketing strategies to use?
You can’t consider investing in e-commerce without having the right marketing strategies in place. How do you intend to reach your target audience and let them see reasons to buy your products? Digital marketing and growth hacking are a few ways to promote your products.
Where to find the right e-commerce expert?
Need help investing in e-commerce today? If yes, Automated Wealth Management (AWM) Holdings is one of the few reliable firms you can work with. At AWM, we have a team of experts who can help you get started with investing in e-commerce. In addition, we also offer the following services:
- Amazon management
- Walmart management
- E-commerce management
- Shopify management
