Know Your Business- There is need for online sellers to understand the e-commerce business. “ecommerce business is more than the clicks, the order placement and delivery, and finally getting paid. Key success factors for online businesses are marketing, accounting analysis, business communication and much more. A business attitude is the best key to running a successful online store”.
Know Your Competition- As store owners, you may have noticed that no matter what platform you use, you will find competitors already doing exactly what you want to do. You will need to learn about your competitors and you could start by studying their products, policies, advertising, marketing, shipping features also their customer service. You cannot build your business in the marketplace if you have no idea how the merchants already selling your item are doing it.
Lowest Price Strategy- It is usually common amongst online sellers to go for the lowest price strategy, but It has been proven that this decision does not always yield a positive result. While going against competitors, it would be better in the long run not to engage in price wars. There are better methods to stand out from your competitors. For instance, you could offer added value, like an additional service or product incentive. Giving great customer service is another great way to distinguish yourself from other store owners.
Remember to Reassess- As your business starts to grow, you are going to need more efficient and effective ways to fulfill orders, take stock of inventory, and keep your accounting books in order. You should ensure to do all you can not to falter. You have grown a name for your business and it should not be tarnished by mistakes that can very easily be avoided.