You might be a successful entrepreneur when it comes to land based businesses, but taking your business online is a completely different ball game. At a glance business like eBay and Amazon seem to share mutual interest with the store owners, however when you delve deeper into the finances there is much more to the balance than meets the eye.
Every business has its own marketplace strategy should be reinforced by any ecommerce portals in order to thrive and be successful. This article is here to share some unforgettable insights for young entrepreneurs from ecommerce leaders like eBay, SnapDeal, Amazon, and Etsy.
Lesson 1: Be flexible and open to new ideas
The tech world is highly unpredictable and the changes are lightning fast. While treading on such treacherous grounds it is not smart to limit yourself only in your comfort zone. With changing demands and market trends you need to embrace the change and incorporate new ideas into your online business. Take the example of Amazon, when came into existence in the 1990’s it was just an online bookstore. However, today the company has intangible assets of over $59.4 billion.
That is long way from just dishing out cook books!
In a couple of years Amazon is even talking about delivering goods via drones right to your driveway!
Lesson 2: The right place at the right time
It is imperative for all marketers to understand consumer behavior. Take for example new companies like Uber and Airbnb which base their business on “Sharing Economy”. These startups had the foresight to utilize the the
Even Etsy, which is known for its sublime jewelry and handcrafted trinkets, has reached the epitome of success by catching onto the DIY culture. In fact you can see innovative and subtle adverts of Etsy products on social media and blogs including Pinterest and Instagram.
Lesson 3: C2C or B2C
EBay pioneered the idea of propagating a C2C and B2C business while profiting from the commissions from the sales. When eBay was launched in 1995 it was the first ecommerce website to launch online auctioning. Today multiple features like Group Gift have been added which allows multiple parties to pay for a single item from a particular seller.
However the key to success for any B2C or C2C business is consumer trust. So there should be a strong (admin controlled) review/commenting sections from which your would-be customers can get a clear view of the quality and services of the products in store.
Lesson 4: Do not forget your social elements
All the successful online stores have closely knit social advertising and social sharing options. It is imperative for all new startups to incorporate social icons and sharing options in their webpages to propagate market expansion and publicity. Social media is the catalyst for your new business. Working in cahoots with popular blogging sites is also a judicious idea for young businessmen where individual bloggers can share links of specific products from your inventory. This is a popular tactic used by Etsy as well as Amazon.
Lesson 5: Go Mobile