Right Business Strategy to Start an E-commerce Business

There is no doubt that eCommerce is the fastest growing industry. But the question is how to launch your own eCommerce business. Don't worry, in this series we are focusing on the main 10 steps to start your eCommerce business . But before we move forward let us understand the various business models associated with the E-commerce business, which are of four major types :

• Business to Business (B2B) - Generally wholesalers and online retailers carry out B2B transactions. Alibaba, Indiamart, Industry Buying, E- World Trade, Indiamart, Global sources are some B2B platforms for eCommerce.
• Business to Consumer (B2C) - Businesses that sell products or services directly to consumers, or end users. For example, Amazon, Flipkart, eBay, Nykaa, Zara,etc.
• Consumer to Consumer (C2C) - C2C is a business model that facilitates customer-to-customer trade online. Flyrobe, Quickr, Olx, Cars24 are some of the C2C platforms.
• Consumer to Business (C2B) -? ? A consumer-to-business model involves consumers or end users providing organizations with products or services. For example Freelancer, Upwork, Designhill, etc.

To start with the first step, we will talk about the right business strategy for your business . Choosing the right business strategy for your new venture plays a key role in deciding the future of your eCommerce business as it creates a vision and direction for the organization as a whole. Everyone in an organization should have clear goals and be following the company's vision or mission. Here are some of the important points to keep in mind while choosing or formulating your business strategy.

• Right Channel: Before you go online it is important to choose the right channel for your sales, decide the channel you wish to sell your product on. Marketplaces like Myntraa, Amazon, Flipkart, and many more are there to choose from.?
• Marketplace: It is always advisable to test the water before going for a deep dive. Initially start selling on marketplace, understand the business peculiarities, study customer feedback, and make the necessary changes in your products, businesses, and services.?
• Own Website: Once you are ready to launch your own website, the next important thing is to identify your target market or niche. Try to simply focus on 05W’s which are as follows:

1. ‘Who’ are they- are they men, women, kids, teenagers or senior citizens? If kids then the decision to buy that product is with mothers, so your target customer will be women who are mothers.
2. ‘Where’ you can find them- social media platforms like LinkedIn, Instagram, Twitter, Facebook, easy audience, etc.
3. ‘What’ do they do- are they school-going kids, infants, college, homemakers, office-going, etc.
4. ‘Why’ will they come to you-? what is the USP of your product or business and why will they buy your offer and not from your competitors.?
5. ‘When’ will they buy it- There are definitely high and low selling seasons for every product. For instance water bottle sells around the whole year but summers, festival seasons and corporate events that mainly occur in June, October and November respectively are the high selling periods. It is very important to mark out your high selling seasons and low selling seasons.

Why YRC

Your Retail Coach is an ecommerce consulting firm with a phenomenal track record of providing results and helping grow many eCommerce businesses across the globe.

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