15 Points to Follow for an e-Commerce Business
Rapid growth has occurred in the use of the internet for e-commerce. This has led different sectors to readjust their demands and communication forms by using ICT's potential in the development of commerce and trade. If you have some interest in starting an online business in Bangladesh that will give you good profits, you have come to the right place. This business formulation has grown trendy and is experiencing a rapid growth rate in Bangladesh.
Knowledge of these types will help you determine the business model you will venture into, depending on your resources. There is a ton of other things that you need to be aware of before you decide to get into E-Commerce. These will help you shape your business and expectations from it while also influencing your daily decision-making when running the business.
E-commerce seems to be dominating the retail world right now. If you sell tangible products, you must have a strong online presence. But there is so much competition in the e-commerce sector that it is very hard for you to establish a platform in this market. Luckily this sector is growing in Bangladesh. This is the guideline for everyone who wants to start an online business in Bangladesh. When I created my first e-commerce business, I made my fair share of mistakes. That’s why I created 15 ecommerce tips, so that you get the right track from the beginning.
1. How to select the products or services you will be providing
It is fatal for you to mimic what other E-Commerce businesses do by providing the same services or products in the same geographical location or any other. This decision needs to be informed by thorough research of market demands. You can also transform your successful business into an E-Commerce business since you have already secured a strong customer base.
2. Researching your ideal consumers
Identifying the real customer is the key factor of any business. But it is very critical to know who your ideal customer is. Many entrepreneurs operate their companies for years without truly knowing who their ideal audience is. If you’re not sure who your ideal customers are, here are some ways to do research :
- The social media pages of your competitors are a good place to start. Follow your competitor's social media pages, keep track of the content they are posting, also comment and reply on their message’s tone.
- Install Google Analytics on your website. It gives you a number of details about website visitors, which leads you to better understand your ideal clients.
After knowing what you will sell, you should know to who you will sell your product or service. Your research should inform you about the computing devices they use, their buying preferences, demography, geographical location, and culture to plan your business strategies.
3. Knowledge of the technicalities of credit card processing
Technological advancement has made it easier for money transactions to be done online. Luckily, there are lots of popular gateways in Bangladesh that are currently providing good services. The most trusted payment gateways for local currency are :
Local gateways are probably not a good solution if you have a foreign client and want to receive foreign payment.In their documentation they said you can receive foreign payment, but the process is difficult and not so realistic. For international transactions, 2Checkout is the best solution. It is very easy to set up.
4. Knowing the amount to sell or invest
An estimate of prospective buyers' buying capacities will also come in handy in shaping your business strategies. Competitor surveys will give you insightful data on this, which will help you allocate your financial resources and business registration.
5. Knowing your competitors
A thorough competitor analysis will help you formulate business strategies that shape your purchase/production, business processes, financial planning, and selling/marketing. A proper competitor analysis can help to find a unique selling point. Also, it helps you to find your competitors' strengths, weaknesses, and future strategies. A deeper understanding of the current business environment helps you develop brand positioning. It is strongly recommended that before you start your competitive analysis, you use online tools. Google and social media networks help you analyze your competitors. But before using Google or social media, you need good keyword research. For keyword research, there are some popular tools like Moz and SEMrush.
6. Stock tracking and inventory management
Inventory tracking and stock management is a critical element of supply chain management. The goal of inventory management is to have the right product in the right pace, at the right time. The right inventory tracking system can help you solve this problem into a single interface.
Here, Nexchar POS brings a great solution for your business. With this system, you can completely manage your inventory and set low stock alerts for your products.
7. Making and tracking orders
Order tracking software will help your customers track their order status while enabling them to modify or cancel. Other software will handle such shooting emails. These tools will save your budget on the human resources needed for those tasks.
8. Management of the shipping process
As an E-Commerce vendor, you will need to forge ties with shipping services for the diverse shipping needs depending on the goods or products you deliver. There are shipping calculators to integrate shipping rates before giving out a final payment invoice, which enables the online shoppers to be aware of the actual prices when the product arrives. Integration of order tracking software allows you to track the prospective arrival dates and shipping status.
9. Management of the returns
Since, as a buyer, you can only feel the product when it arrives at your doorstep, a good E-Commerce vendor will give the option of returning with some precautions and flexibility. This enables the honest customers to immediately return unwanted goods and get a replacement or return of their money.
10. Monetization
When you are in this business, you have to count your products or services' price tags depending on ongoing expenditure, investment, cost of site development and maintenance, and the profit to sustain your enterprise's growth.
11. Development of E-Commerce
You should then consider a web portal or an E-Commerce website as an action of the efforts and planning you have put in place to provide an interactive and live storefront.Your e-commerce website is similar to your storefront, where first impression matters. An attractive and responsive design will encourage your customers to browse and buy.
Nowadays, launching a full-featured e-commerce website is very easy. Those solutions are very robust and expandable with secure payment, shipping labels, email and SMS marketing, and multichannel sales support.
Nexchar provides an easy way to launch a full-featured e-commerce website. You can launch a complete e-commerce website within a few minutes. Nexchar offers a way to connect your offline and online businesses on one platform. Once you configure your products and website, you can control everything from your smartphone.
12. Selecting the domain name and the business registrant
The name you assume for your business should show its purpose while also offering branding opportunities. Registration should follow the rules that apply in Bangladesh, which might be slightly different from other places. Your unique business name can then enable you to register your domain name, which gives you an online identity. You must also get an Employer Identification Number (EIN) to open bank accounts and meet taxation requirements.
13. Identify Your Niche
A business niche refers to a specific, targeted segment of a market that a business serves with a unique product or service offering. It can be characterized by specific customer needs, demographic characteristics, or buying behaviors, and can be differentiated from the larger market by its specialized offerings and target audience. By focusing on a narrow segment, a business can differentiate itself from larger competitors and serve its target market effectively.
Here are some steps you can follow to find your niche:
- Identify your passions and areas of expertise: What do you enjoy doing or what do you know a lot about? This can help you find a niche that you are passionate about and that you can bring unique value to.
- Research market demand: Look for areas where there is a high demand for products or services. You can use tools like Google Trends or keyword research to identify trends and demand.
- Analyze competition: Look at the competition in your chosen area and see what they are offering and what they are not offering. This can help you identify opportunities for differentiation and unique offerings.
- Identify pain points and unmet needs: Look for problems and needs that are not being adequately addressed by existing businesses. This can provide an opportunity for you to offer a solution and fill a gap in the market.
- 5. Test your idea: Conduct market research and gather feedback from potential customers to validate your niche and ensure there is a market for your product or service.
Remember, finding your niche takes time, research, and experimentation. It's important to be patient and keep refining your niche until you find one that resonates with your skills, passions, and the market.
14. Selecting the marketing strategy and team
To make your brand known, you should have a pre-launch landing page having a Coming Soon message, then extend your influence on social media. You should also declare marketing incentives and then use Beacon technology for your store. Your online campaign can take the form of natural SEO, but an initial boost might require a paid search on social media and search engines. It would be best if you had online marketers who are richly experienced for this.
15. Design your E-Commerce website
Due to each product's uniqueness, unique website design approaches are needed. This demands a thorough search for the perfect example to take after, then applying your creativity to create your amazing site.
In addition to all these strategies, you need a good Point of Sale (POS) software so your customers can easily pay for your goods or services. Mobile POS might be quite useful since most online shoppers use mobile phones. To acquire these, you need to do thorough research on the best POS in the Bangladesh economy.