Business is unpredictable; this is what we have been told time and again. E-commerce, on the other hand, is predictable to a certain extent, because it analyses the data there and then without any delay. The trends, the preferences, and the choices are all analyzed in grouped sets and both longitudinally and for cross-sectional study as well. This helps predict the growth and the direction the e- commerce business will take. There are thousands of online stores springing up, and many existing brands are also trying to sell online. They are becoming a part of the social media giants to grow their business online. There are many who have dabbled into the e-commerce world, and there is no particular recipe for success, but the general rules are:
- You should have a business plan: Having a business plan is a necessity. It is like a blueprint, and you need to have it so that you know where you are going, where you want to be and how do you expect the final to look. A business plan helps you understand how much you need to start and remain afloat. The marketing strategies and the overall strategies you need to adopt for the firm to become a success.
- Discover the need for the unique requirements of your business. Every business needs to carve out a niche for themselves. If they fail to do so they will end up among the routine businesses. A company needs to have a separate identity if it wants to make the brand wants to do business online.
- Have the right understanding of the e-commerce world. You cannot be a part of the e-commerce world without having a complete knowledge of the mechanics of the e-commerce world. This will make a business owner aware of how to bring in customers and retain them.
- The e-commerce business should be completely integrated. This means the e-commerce, marketing, management, advertising, customer relations, payment methods and online store should all be integrated so that there are no loop holes. Neither there is discrepancy in the strategy formulation. When all the aspects of the e-commerce website are thoroughly enmeshed, there is synergy which helps the business become a success.
- Last but not the least, the business and the IT should be working together in collaboration with each other, so there is no conflict of interest.
— Square Canada (@SquareCanada) 16 de junio de 2017