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A Guide to Building a Long-Lasting Ecommerce Business

StrategyDriven Starting Your Business Article |Ecommerce Business|A Guide to Building a Long-Lasting Ecommerce BusinessLaunching an e-commerce business will allow you to take charge of your future and become your own boss. However, with many online stores available, you will need to develop a site that will set you apart from your rivals and generate a large revenue.

To meet your demographic’s needs, attract many customers, and enjoy many years in your chosen industry, read this informative guide to building a long-lasting e-commerce business.

Find the Right Products

For your e-commerce business to be a success, you need to find the right products. As Amazon is one of the most popular e-commerce websites on the planet, many people will turn to the brand to find a product they are looking for.

For this reason, you must aim to sell unique items that your target market can’t find elsewhere. Identify a gap in the market by considering the products your loved ones or colleagues would like to buy online.

Choose a Product Source

There are different ways you can source a product, as you could:

  • Sell homemade products
  • Manufacture items
  • Buy products in bulk from a wholesaler
  • Invest in dropshipping services

The option you choose can determine your profit margin, warehousing, and branding. For instance, homemade products will help you to create an authentic brand, while dropshipping can reduce your warehousing and shipping overheads.

Build an Impressive Website

Encourage trust in your business by building an impressive website. For example, you must aim to provide easy navigation, an attractive layout, fast page speed, and strong calls-to-action. By doing so, you can wow visitors, decrease your bounce rate, and increase your company’s revenue.

To build a credible e-commerce site with a superb user experience, invest in forward-thinking web design services. It will allow you to work alongside e-commerce specialists who have extensive experience in developing robust sites.

Research Your Rivals

Research your rivals to learn more about their products, services, and pricing. You can identify where you fit in the market, the products your customers are looking for, and the best marketing tactics to grow your brand. Understanding your competitors’ weaknesses and strengths could also help you to discover your business’s USP.

Don’t Lose Customers

Many visitors might fail to place an order when visiting your site. Rather than allowing a customer to slip through your fingers, you must find ways to lock-in a sale. For instance, you could promote limited time offers, launch a remarketing campaign, or send cart abandonment emails straight into your subscribers’ inbox.

Conclusion

According to a 2019 poll, 76% of adults in the United States choose to shop online, with 25% doing so at least once per month. An e-commerce business can, therefore, be an ideal avenue to venture down.

To secure many customers and generate a healthy revenue, you must look for ways to build a long-lasting business. For instance, you’ll need to find the right products, design an aesthetically pleasing, easy-to-use website, and you must thoroughly know your rivals to find a gap in the market.

Managing a Dropshipping Business Requires a Few Tricks of Its Own

StrategyDriven Managing Your Business Article | Managing a Dropshipping Business Requires a Few Tricks of Its OwnMost people reading this probably has a decent idea regarding how profitable and hassle-free dropshipping can be as a business model, which is undeniably true. However, as it is with any type of business model, there are a few tricks to it that a shrewd businessperson needs to be well aware of if they hope to make it all work in perfect synchronization.

Evaluation of Supply/Manufacturing Partners

The whole idea of dropshipping being a profitable, hassle-free business model depends on the assurance that you have a reliable and diligent supply/manufacturing partner. Therefore, it is critical that you evaluate the companies properly, before partnering up with them. The following tips could help in getting it right.

  • Order product samples to first check the quality
  • Check their history with previous partners
  • Look closely at the company policies regarding shipping timelines and how strict they are with maintaining them
  • Go for a “loose” or trial contract for 3 – 6 months to know if they are indeed true professionals

Those that end up with long partnerships with the wrong supply partner are likely to lose business credibility, reputation, and money. Every time their supply partner makes a mistake or does not bother to conforming to the dropshipping business’s standards, it’s their brand in front of the customers that lose out in every department.

Understand that Your eCommerce Website is the Only Asset You Own and Act Accordingly

Your dropshipping site is the only business asset you own and need to manage. Due to the nature of the business model, a website is also pretty much all you should need to commence with a dropshipping business.

On the other hand, if you end up with an unreliable host or build your site on a poor eCommerce platform, the whole business will suffer. High downtime, unscalable and overly expensive plans, a lack of sufficient automation features, extra charges for even basic tools, hidden costs, insecure and buggy platform design, etc. can all add up to the failure of your dropshipping venture.

In short, pay special attention to the host, platform, and web design because they are essentially what represents the whole business. To ensure customer security and assurance, go through the PCI Compliance details here to make sure you are not unwittingly breaking any of the set standards.

Devise a Strict and Penalizing Contract

Some companies in the supply chain are pros who would not let their partners down because they know it’s bad for business in general. Not everyone is so professional and practical, unfortunately, so you will need to have a strict and penalizing contract so that there are repercussions if your business’s standards are broken by your supply partner. Consult with a business law firm to draw up the contract and if it is fair, as well as strict, chances are that your dropshipping business standards will be respected by your supply partner.

There are other measures that you can take to further boost your chances of success in the dropshipping segment, but these are by far the most important ones to take care of. So, pay attention to the basics first and the rest you will learn about in time.

5 Ways to Earn Money From Home

StrategyDriven Entrepreneurship Article |Earn Money From Home|5 Ways to Earn Money From HomeMany people dream of working from home and being their own boss someday. The problem is that many people shy away from the idea and dismiss their ambition as a pipe dream. A couple of decades ago, very few people worked from their homes, and far fewer people were self-employed. Luckily, nowadays, many of the barriers of working from home have been removed, and thanks to modern technology, it is no longer a pipe dream but is instead a viable option.

If you have the determination to stay motivated and feel confident in making decisions for yourself, then running a business from home could be the perfect option for you. Many people are now making money from home, but quitting your day job and hoping to become an internet millionaire overnight rarely happens. A more sensible approach is to consider which online money making options best suit your strengths and interests and then put this to the test. If possible, it is useful to keep up your day job so that you have a regular paycheck coming in. You can then try out your online money making methods without putting yourself in a precarious financial position.

Side hustles are an increasingly popular way to make some extra cash, and it seems like nearly everyone has a side hustle. If you are struggling to think of ways to make money online, these ideas should provide you with some inspiration:

Use Your Skills

Most people have at least one skill that they could capitalize on to make money. For example, if you are skilled at carpentry, you could put this into practice and produce wooden furniture, decorative objects, etc., and then sell them.

Turn Your Hobby into Cash

How do you spend your spare time? If you have a hobby, you may be able to use this as your side hustle. Hobbies such as photography, embroidery, painting, etc. produce tangible products that you could potentially sell online for a profit.

Declutter and Make Money

Almost everyone has items lying around the house that they no longer need or want. Why not create a win-win situation by gathering these items together and decluttering your home in the process, and then sell these items online? It’s surprising how much money you can make from clothing, books, and games.

Give Affiliate Marketing a Try

Affiliate marketing is a hot topic right now, with many people wanting to give this money-making method a try. If you have a blog or vlog, why not Get Launch reviews and bonuses sorted out and see how much money you can make online as an affiliate marketer.

Start Dropshipping

Do you want to run an e-commerce store, but don’t have goods of your own to sell? This is where dropshipping comes in handy! Dropshipping enables you to select products that you would like to sell, and then use the dropshipping company to fulfill the orders. Dropshipping is particularly useful for people that don’t have extensive storage facilities to keep goods.