Welcome to Ecommerce Camp, where today’s topic is Starting and Managing an Ecommerce Business. Ready to start ecommerce business? You’re in the perfect place.
Firstly, we will examine the research and preparation involved in setting up an e-commerce business. Then, we will delve into the setup work required. Finally, we’ll discuss the day-to-day management of the e-commerce business.
1. How to start Ecommerce Business
Let’s begin with the first section: getting started in e-commerce. It’s essential to understand if e-commerce is a viable industry worthy of our attention. The answer is a resounding yes. The UK is the third-largest e-commerce market globally, following China and the US. In the last decade, e-commerce has seen substantial growth, driven by the increasing shift towards online shopping. The COVID-19 pandemic accelerated this trend as more people turned to online shopping due to lockdowns and social distancing measures.
What fuels this growth?
It’s driven by increased internet and mobile device usage, offering the convenience of shopping from anywhere, anytime. It eliminates the need to queue, deal with crowded stores, and waiting times. E-commerce is cost-effective for retailers, allowing them to offer lower prices and discounts. Personalization and customization have also improved, enhancing the online shopping experience. The outlook for e-commerce is positive, and this trend is expected to continue as more people adopt online shopping for their everyday needs.
Getting started in e-commerce involves finding a niche and addressing important questions:
- Who is our target audience? What are we going to sell?
- How will we differentiate from competitors?
- How will we make it profitable, and will it stand the test of time?
Ecommerce opportunities
Ecommerce is undoubtedly a growth industry.
UK is 3rd biggest ecommerce market after China and the US.
Over the past decade, ecommerce has experienced significant growth as more and more consumers have turned to online shopping. The COVID-19 pandemic has further accelerated this growth, as many people have shifted to online shopping due to lockdowns and social distancing measures.
[Sources: The state of UK commerce 2023 Report, Grand View Research industry report, Statista, Forbes]
What fuels this growth?
Several factors are driving the growth of ecommerce, including:
- Increased internet and mobile device usage: The widespread availability of internet access and mobile devices has made it easier for consumers to shop online from anywhere at any time.
2. Convenience and accessibility: ecommerce offers consumers the convenience of shopping from home, avoiding crowded stores and long lines.
3. Lower costs: Online retailers often have lower overhead costs than brick-and-mortar stores, allowing them to offer lower prices and discounts.
4. Personalisation and customisation: ecommerce platforms are increasingly offering personalised and customised shopping experiences, allowing consumers to find products that meet their specific needs and preferences.
Overall, the growth of ecommerce is expected to continue as more consumers turn to online shopping for their everyday needs, and as ecommerce platforms continue to innovate and offer new features and services to meet consumers’ evolving needs.
Getting started in e-commerce involves finding a niche and addressing important questions:
- Who is our target audience? What are we going to sell?
- How will we differentiate from competitors?
- How will we make it profitable, and will it stand the test of time?
NOTE:
This is a script of our in-depth webinar with Albie Attias, covering various aspects of starting and managing an ecommerce business. The webinar delves into crucial strategies, tips, and real-life examples to aid your entrepreneurial journey.
To further assist you, we’ve made accessing this valuable resource simple. You can easily view the full video recording:
Need Specific, Targeted Advice For Your Store?
Whether you’re embarking on your first steps into the world of e-commerce or already running an established business, don’t hesitate to contact us. Our dedicated team is here to provide unwavering support and assistance throughout your entire journey.
