E-commerce, the sale of products or services over the internet is a vastly growing division of our economy. With an expected $156 Billion in online sales expected in the year 2009, many businesses are considering the investment of selling online if they have not already stepped into the online marketplace. With many aspects to consider and the uncertainty of results, selling online can be an overwhelming task at first glance.
Here are some things to consider:
#1. Are your products or services unique and hard to find?
The more unique your products are, the easier it will be to market and sell them online. Many times, we find that products are in high demand in other parts of the country or world, even when our clients think they have fully tapped their market. Just because you may have a lot of local competition, does not mean that your products are easy to find in other parts of the country.
#2. Is there a demand for your products or services online?
After some research is done, we will be able to tell how many consumers are searching for your products online. This will help determine the demand for your products or services and the extent of your online market.
#3. How much competition is online for your products or services?
We can also research the number of competitors that are fighting for top rankings to sell similar products online. Before selling online, you will want to ensure that the market is not flooded with others trying to sell your same products.
#4. Will you be able to beat your competition online with either price, quality, or customer service?
Whether or not you have a lot of online competitors, it will be essential for you to have a competitive advantage. This can usually be obtained by having more competitive pricing, quality, or service. This is one way to ensure that you are setting yourself apart from your competition. Consumers know they can get a better product for a better price and will shop until they find it. If you can obtain an advantage over other sellers, you will surely capitalize in the online marketplace.
Looking to improve your website? Join our mailing list by entering your email in the sidebar!
E-Commerce Blog Written by Michelle LeClair of MC Multimedia