How can you determine whether e-commerce is right for your business?
Depends on your product and industry. Questions you can ask:
- What is your business model?
- Do you just want to sell products or build a brand?
- Do you want to retain stock?
- Do want to use a third-party logistics party?
What are the key ingredients of a successful e-commerce store?
- Easy and transparent user experience
- Great search functionality
- Simple payment portal/gateway
- Record of all transactions
What are the pros and cons of using platforms such as Shopify verses creating a site from scratch?
Pros of using Shopify:
- Can get up and trading quickly
- As cheap as $9 to get started
- Can scale up as your business grows
- Great for selling physical products
Pros of creating a site from scratch:
- Can create a bespoke shopping experience
- Selling services and digital products might be better suited to integrations such as Stripe
- Can always build-in added functionality later
- Greater capacity for customisation
Important Question: Do you want to focus on selling or creating a new e-commerce experience?
How do new players in e-commerce differentiate themselves from increasing levels of competition?
- Create a niche and offer different products
- Provide a better user experience than competitors
- Create a strong and definitive brand
- Utilise the power of AI such as predictive marketing, hyper personalisation, dynamic pricing
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