A trillion-dollar industry with an annual growth rate in double digits; still not everyone is winning in the field of E-commerce. In the industry shining with the online global retail spending of more than $1.6 trillion, how many us would have thought there are over 65,000 commerce sites that are still making less than $1,000 per year. One could easily see the disparities in the E-commerce, but very less are aware of the real reason behind the success, or the fall of an online business. The question remains- why some of the E-commerce websites are playing in rubles while the others still struggle to make an impact? What draws the line between the best class, and mediocre in the field of E-commerce?
If you are a newbie, sitting with a pile of such questions in your head, the 4-point formula you will find below could be of real use for the success of your online business.
Step 1: Determine Your Passion & Set up a Website
You might have heard “don’t do it unless every nerve in your body is telling you to do so” the same goes with the online business. If everything is said and done and you are still wondering whether you are made for it, then just drop the plan, my friend. Always remember, your audience wants to see you as an authority in your field, therefore, look beyond the horizons and pick up a niche you are willing to serve for a long period of time, and with undying passion.
Once you are done with figuring out what you want, start focusing on the ways to achieve it. After defining your niche, plan a simple and easy-to-browse website for your business. Creating a website is the most vital task in any online business, and a major share of your success depends on the user-experience of your website.
Step 2: Optimize For The Web
What is the point of having a full-fledged if there’s no one to see it? SEO is not just a recommendation but is a necessity for the success of any online business. Easy navigation, relevant and meaningful content, responsive designs are all a part of an effective SEO strategy to invite more and more traffic to your page.
Most of the people don’t understand the importance of the tiny keywords, links, and titles that play a dominant role in the success of any online business. The practices keep changing over time; therefore, it is necessary to have someone who is efficient enough to manage all your SEO practices and is always updated on the current trends.
Step 3: Innovate, Market, And Engage
Online business is a dynamic field where the practices and products keep changing frequently. To be the nonpareil amongst your rivals, you can either market the existing products using better practices, or you could come up with the inventive products to stand head-to-head with your rivals. Innovation, however, remains the basic requisite to reach the highest highs in online marketing.
No doubt, innovation is a must for the success of any business, but innovation alone cannot provide optimal results if it’s unable to produce more leads. Once you are ready with your products, start focusing on building a strong marketing ground by taking the help of social media and other user-engaging practices. Track the potential costumers, and target them using personalized content on your website. Start blogging, and incorporate different tactics to increase user-interaction. Let the users share their ideas, and comment on your posts. Make your feedback for easy and less complicated; all this will help you engage the users for a longer period of time, and have them back on your online business again and again.
Step 4: Analyze, Change And Track
The rule is simple “keep what works, and discard what does not”. For the growth of any online business, time to time monitoring is a must. Even if you think everything is at place, keep analyzing your activities on a monthly basis, and tweak the practices that are not returning the anticipated results to your business.
Carry out a little bit of research on your target audience, and the practices you, and your competitors have been practicing so far, to invite the innovations, and figure out what has worked the best for your business lately. More than anything, it is crucial to check and track the result of your practices constantly to judge the efficacy of your strategies. For this purpose, there are many web tools available in the market like, clicktale, crazyEgg, Simply Measured, improvely, kissmetrics, etc. to help the newbies in their quest.
Starting an online business is slightly same as establishing a business using brick and mortar. You may not require owning a physical location, but alike the prospect with a physical storefront, the business require a planned layout and some initial legal procedure. The 4-Point “C-O-E-T” Formula (Create-Optimize-Engage-Track) is probably one of the simplest methods for creating and running a successful online business, and guarantees expected returns if executed rightly.
Ankit Gupta works for Exportersindia.com and is notable business blogger with an in-depth knowledge of online business development. He has a vibrant personality and has written various business related blogs and posts for reputed portals. Follow Ankit on Google+, Twitter or LinkedIn to get more updates related to e-commerce.