If you're just starting your e-commerce business you have a lot of things to think about. A well thought out plan should be created to handle everything pertaining to the business before you even consider how your website looks or functions. Here are some things to think about:
Is your product unique?
According to Forbes, it's easier to sell a product online that you can't buy in a store. If your customer can walk down to the grocery store and swipe his or her debit card to purchase whatever you're selling without having to worry about delivery and the online purchase process, you're probably not going to do so well. Make sure your product is truly unique and fits a niche that was either previously unoccupied or underserved. This will ensure that your products are purchased from your online store as opposed to a local brick-and-mortar retailer.
What's your price?
Determining the right price is one of the most important decisions an e-commerce store owner will have to make. If it's too high, you're not going to make sales, but prices that are too low won't allow you to make a profit. When it comes to price, it's about balance. You need to make the price beneficial to both yourself and the customer. If you have competitors, consider looking at their prices and then crunch the numbers to see if you can go a little bit lower than they are.
Who's your ideal customer?
Know who you want purchasing your products. Having an ideal customer can help you market your products and focus your efforts to bring in more sales. Consider building a customer profile of the person you want to sell your products to. Once you've been in business, look over your customer's information or even consider sending out a survey to your customers to find out if you're selling to the right people. You may find that the customer you had in mind and the customers you actually have differ greatly. You can use that information to make adjustments to your business and marketing strategy for the future.
What's your payment structure?
When it comes to e-commerce payments, you really have two main options: subscription billing or bill per individual purchase. When determining how you would like to bill your customers, you need to think about your products and how they will be used. If you sell something that isn't wanted or needed frequently, you're probably better off not worrying about implementing subscription billing. If your product is a consumable, like food, drink or something like video or print content, then setting up subscription online payments may be smart.
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