Planning is important before you launch your e-commerce business. If you are considering how to start a business or transitioning to an online business, do your homework first. Deciding on which e-commerce business models to use involves analysing e-commerce types first. Defining the business tools, like a shopping cart, you are going to use should be a top priority before launching an e-commerce business. Technology is advancing exponentially, so becoming familiar with all the options, and competent as using them, is a must before starting. You don’t want to lose control of your new e-commerce business just because you don’t know how to use the technology you have just spent money on. Here are some business ideas to consider before launching your e-commerce business.
The business name that you choose is the foundation for your business. The most successful e-commerce business in the world is Amazon.com. Think about it. A is the first letter in the alphabet. (Think ABSS too!) Amazon is the longest river in the world. This name exudes a natural style and a healthy global image. It is memorable. Your customers will remember it. When you launch your e-commerce business also take into consideration the culture of your start-up location. Find a unique name that reflects your company identity, culture and values. Don’t rush. Mention it to family, friends and business associates before you decide.
Setting up your business requires a solid legal structure. If you are marketing to multiple locations, your e-commerce business may need to comply with local and international regulations. Payment options and money laundering should be taken in to account. Look into cashless payment systems which are growing fast. Make sure everything is legally watertight. If you don’t secure your business, you could lose it, fast. One big mistake or poor decision could cost you everything.
Accounting is the language of business. It is also the language of digital business. If you are starting an e-commerce business, then your accounting needs to be able to support this. Your new e-commerce business can easily be made more productive with the right accounting software.
Technology can make so much of your work easier, so before you start your eCommerce business, play around with customer relationship management, accounting, project management, and email marketing software that you can integrate into what you’re doing once you launch. This will save you time, money and stress.
There is no point in starting business e-commerce or otherwise, that some else can sabotage or even steal. Cybercrime is huge and increasing. Cyber attacks are becoming more sophisticated and more difficult to detect. More than 900,000 clients of Philippine-based pawnshop Cebuana Lhuillier were recently affected by a data breach. According to the financial institution, the figure represents only 3% of its total clientele. Cebuana Lhuillier, popularly known as Cebuana, is the leading and largest non-banking financial services firm in the Philippines. It provides microloans, pawn-broking, money remittance, bill payments and business-to-business solutions.
Cebuana revealed that customers’ compromised information included dates of birth, addresses and source of income. The breach involved an email server used for marketing.
Any SME will face ups and downs. In order for you to stay in business, you need to keep marketing continuously. If you decide to launch an e-commerce business, let your existing customers know first. Word of mouth is the most powerful marketing tool in the world. Use it. Put the word out then get ready for the e-commerce liftoff. You may be surprised just how fast your SME business will grow.
Before you launch your e-commerce business get the basics right.