The internet is fast defining how our world relates, particularly businesses.
You must have been catching the vibes about the unlimited opportunities in online business, particularly ecommerce. Whether you're tempted or aiming to do the business, perhaps you're already in the game but looking to know more and boost sales, the following note could be your ideal guide to success.
It's not just about selling anything that people could buy, but well, if your business has attained a level of monopoly, it may not really matter what (product/services) is hot or not. But if you're looking for a quick
even long term means of making a big margin of sales cum profit, selling what's hot could be your best bet, or it could very well worth your time and efforts.
People have needs, but more problems.
And so, you might be required to be on the lookout for exclusive products that address certain problems and more, or situations and events; products that are not readily available on the store down the street.
Think about something that could meet the special needs of the general public, or of people based in your locality. It could be other things that address the need for a peculiar/set of people. Today, a number of obsessed people are looking to shed weight while mosquito yet remained a challenge to many in most parts of Africa. While some set of consumers are only looking to buy inessentials, there are other issues and concerns which the others are looking to fix, on which you can leverage by offering them a solution. And that's what's hot indeed!
If your competitors (with common products/quality) are selling things at a more affordable rate, that could prove somewhat slowing for your market in terms of sales, ultimately profit. Pricing competition can be hard on product sales-oriented business (especially small scale business/startups). Consider you're selling a certain cream brand at 100 while your rival goes for 70. Albeit you accrued more profit, they are more likely to run out of stock at least twice your own stock last. By this, they sell faster and accrue profit and mileage, ultimately trust from the same targets who are supposed to be your patronages.
In essence, you might have to consider what's most important to you, but most of all what's important to your business.
The digital medium is yet the most effective way to market as an eCommerce or online businessperson. While some are getting it right with digital marketing, others are not only struggling but losing money to online marketing.
It takes doing it right to get it right really. And this takes studying the digital marketing scope as a whole, the industry, and trends. Consumer's type, targeting, interest, demography, and behaviour are just among the area one should understand. But other things to master are lead magnet, sales funnel, analytics, CTR, conversion path/rate, lead generation, Search Engine Marketing, social media among others.
It also takes you being on top of the game; as with digital skills to stay afloat the industry.
Most of all, being strategic and thinking outside the box is just what could give you that K.O edge over rivals and the industry.
If you're an online business person, it would come a time you realise you don't really have to kill yourself.
For instance, you have a product which is about 100 in quantity. This implies you have about 100 trips while the stock lasts.
With the upward trend in eCommerce business, we've been experiencing the rise in the logistics business. By far, you have all to gain by outsourcing logistics, as you can get a good delivered across with the same transport expenses it would have cost you running the express show.
There's a number of logistics companies based in Lagos, Port Harcourt, Abuja and other cities of Nigeria. Notably is FedEx/RedStar e-commerce, African Courier Express (ACE), Courier Plus, Jumia.
Alternatively, albeit businesses that have the financial/resource capacity, one can hire a delivery person or start up a dispatch department.
Leverage marketplace/third-party platforms
Marketplace makes for e-commerce business (person) to market products on third-party platforms to increase sales. Popularly in Nigeria is Jumia and Konga, but other platforms are also on the rise and quite promising.
Selling on marketplace is nearly free, asides commission fees and other fees as determined by the platform you're dealing with.
But then, it would've left for you to determine your prices by cutting your losses.
Check out our reports on things you may need to know before selling on Jumia and or Konga.
Meanwhile, there's a number of other marketplaces you may seek to extend sales; Habari, alt. Mall, Tajmall among others.
This is the ultimate.
You really want to grow in business, power, and influence, such that would bring you consumer's respect and trust. But this would be tied on how you've established and delivered over the months or years.
Trust is the ultimate really!
You want to have returning customers. You also want to grow beyond having buyers paying on delivery, but want customers that would place prepaid orders on your eCommerce website or other digital platforms. You may want them to trust you/your business with their card info when they're paying with their credit card.
You want referrals and organic mentions and want to be in the mind of the general public/consumers.
All these and more could boil down to trust.
Trust is not given but earned
It takes being consistent
Being true to your promise.
Selling quality and functional products.
Showing up over and over(this could cover a lot; PR, delivery, quality assurance, solutions, etc).
Keeping up with trends/the eCommerce industry
Engaging users with personalised experience in content/resources
Making progress (hahahahaha; in plain terms, strive to grow your business to something influential. There's something about this; or why do people patronise the so-called popular and rich brands. You'll also wonder why, haha)
Now what? These and more are what win you trust and establish your business in the mind of the masses.
Your e-commerce business success lies within
All the best!