E-Commerce (or electronic commerce) refers to the buying and selling of products or services over the internet. The transfer of money and data to execute these transactions is also part of e-commerce. The term can also be used to describe any kind of commercial transaction that occurs in the digital space.
The first e-commerce transaction took place on August 11, 1994, when a man sold a Sting CD to his friend via his website NetMarket (an American retail platform). Over the years e-commerce evolved, making it easier to find and purchase products or services through online stores like Amazon or Takealot.
And e-commerce isn’t just for big brands. Small businesses and independent freelancers have also benefited from e-commerce. It enables them to sell their products and services in a way that is not possible with offline retail.
How To Start An E-Commerce Business
Thanks to the power and versatility of the internet anyone can launch an e-commerce business. But building your business will take a little more work than simply choosing a brand name, listing products and selling them. Even the best business ideas can fail if you don’t have a plan to follow. Luckily we’ve got you covered. Here are a few simple steps to help you start your own e-commerce business.
Deciding What Product/Service To Sell
Deciding on a product or service t sell is the first step to building an e-commerce business. It’s often the most difficult part of starting a business and there are a few things you need to consider. You need to find your niche but it also has to be something with a large global demand. Do your research into the latest trends and blend it with what you’re good at. Because the key to owning a successful business is being interested in, and having an existing knowledge about the products or services you’re selling.
Form A Business Plan
Once you’ve decided on a product and sourced a good manufacturer, you’re ready to write up your business plan. Start by researching your competition. This way you’ll know what you’re up against and can differentiate your business accordingly. Once your research is done complete, it’s time to start on your business plan. This plan will serve as the blueprint that brings your thoughts and ideas together. A business plan helps you to manage your budget, prioritize tasks and reach new customers.