Selling online has become a trend and need of the hour. The e-commerce industry is growing at 15% compounded annual growth from 2020 to 2030. Global e-commerce sales would touch USD 17 Trillion by 2030. Looking at the sales statistics this would be a great time to enter the e-commerce business. Let’s understand the 3 important steps involved to start an E-commerce business. You can apply this to start your online business anywhere in the Globe.
IMPORTANT SEGMENTS OF E-COMMERCE
There are three main parts of an eCommerce industry. There are three types of electronic commerce businesses i.e. B2B, B2C, and D2C. The type of e-Commerce business you want to start.
1. Product Line and Target Customers:
It is very important to select a suitable vertical or product line to sell and to select a suitable market for the products. Keep in mind a few points before selecting the products. First the availability of the product line. Second the competitiveness of the product to sell. You also need to decide the volume you want to deal with.
2. Why a Tech Platform is required?
The question here arises as that why a technology e-commerce platform is required. Simply it’s to do retail business online. We must understand that there are more than 2 million active e-commerce websites doing online retail business all around the world. This shows how intense the competition is in this field. In time to come, there will be a surge in live-streaming online shopping, which needs technology e-commerce platforms to be built. Now the cost of building an eCommerce website varies from USD $ 100 to $ 200K depending on the technology and features you want to incorporate in your eCommerce Marketplace.
3. Supply Chain Management:
Gone are the days when just by setting up a website, putting some product images with prices, and integrating a payment gateway products and services could be sold online. To compete in the market you need to have a robust SCM. Supply Chain Management (SCM) is a range of activities needed to plan, coordinate, schedule, and control the procurement, production, and delivery of products to customers. SCM is the backbone of eCommerce and is a very crucial component in its operations and growth. Supply Chain Efficiency ensures the right product reaches the right customer at the right time. It ensures cost reduction and getting value for every penny spent.
It is a complex and expensive undertaking that ensures that each stakeholder i.e. from manufacturers to suppliers and retailers to logistic partners performs well. An effective SCM is a combination of change management, collaboration, and risk management which helps to create alignment and communication between all the entities.
About Us: We are an online product-selling company. Register with us as a shop and enjoy selling your products. Even if you are a retailer or a wholesaler. We welcome all and provide a platform for small players. We charge a nominal fee for our services. Connect with us to know more. We are here to help you. Check our contact details on the website.