6 things to know before starting an E-commerce business
Getting into E-commerce in the Philippines can be an exciting venture, especially if you’re a new E-commerce business. It’s an industry that presents a lot of opportunities for growth, and one that continues to evolve today.
If you’ve decided to start your own online store, there are some important decisions you need to make even before its launch. There’s also a considerable amount of research and planning that you have to do. Feeling overwhelmed already? Don’t worry, you’ve come to the right place!
Here are some tips to follow if you’re just about to start your E-commerce business.
Create a business plan
Your business plan will serve as your guide throughout your E-commerce journey. It details your business model, your short-term and long-term business goals, and your timeline for each milestone.
Having a business plan helps you stay organized as you grow your E-commerce business, and helps you keep track of your progress. It will also make it easier for you to determine if there are certain strategies you have to change along the way.
Identify and study your target market
You won’t be able to effectively sell products to your target market if you don’t know them. Do some thorough research on them — their psychographics and demographics — and visit the platforms they’re on.
For example, you can check out boards, discussions, or social media groups that are relevant to your audience. Doing this will help you understand the challenges they face, what needs your products have to answer, and what content resonates with them.
Utilize the power of digital platforms
Today’s day and age makes it possible to easily reach customers across the country, or even across the globe. How? Simple – digital platforms. Take advantage of digital platforms like social media or your website to reach a wider audience.
With the power of digital virality, one great social media post can also increase your followers exponentially, and create more brand awareness for you. Having said this, make sure to invest in creating an effective digital strategy no matter what you’re selling.
Excellent customer service sets you apart
When you start your E-commerce business, it’s a given that you should have a customer support representative or team. That, however, isn’t enough; you have to make sure that you provide quick and holistic service. This means having multiple channels where customers can reach you. It also means addressing their concerns and queries in a prompt and professional manner. Additionally, using chatbots that provide answers to frequently asked questions can save you time and effort.
Sometimes, effective customer service can be the difference between a canceled order and a saved one.
Make time for networking
There’s a saying that it takes a village to raise a child. Something similar can be said for businesses, because it takes a community for every business to realize its full potential. That’s why you should make time to get to know your colleagues in the industry.
Go to networking events, attend seminars and talks, and look for opportunities to share your expertise. Doing these will put you in the same place with like-minded people, some who can inspire you or even help you with your business.
Networking will also help you stay on top of industry trends and best practices, helping you innovate for your business.
Launch your business with a bang
Once you’re ready to launch your business, make sure you do it with a bang! This means having a multichannel approach. Set up your social media accounts, make sure your website is optimized, and have an email or cell phone number ready to accept orders and inquiries.
You can also consider advertising your store’s opening, and if possible, even tapping influential people as brand ambassadors.
No matter what approach you go for, make sure that you generate as much buzz and brand awareness as you can.
These are just some of the things to consider when opening your E-commerce business. It can be a lot of pressure, especially if you have to do everything alone. Thankfully, Payo can be your reliable partner in online selling!
Payo is a leading E-commerce enabler in the Philippines that provides holistic solutions. When you partner with Payo, you don’t have to worry about the different aspects of owning an online store. We’ll be there to take care of Warehousing, Fulfillment, Cash on Delivery, and even Marketplace Optimization!
If you want to learn more about how Payo can help you, sign up today or send us a message at [email protected]. We’re looking forward to working with you soon!