All about e-commerce entrepreneurship and how fast is it growing as the unemployment rate rises
With the world going through a pandemic, it would be quite obvious that the unemployment rates are going up.
In the US, more than 22 million people have lost their jobs as numerous companies and stores have closed down their businesses. The numbers keep on rising as the situation worsens day by day.
However, the same could not be said for most e-commerce businesses. It seems like the Black Friday sale season for most of these online businesses as sales are skyrocketing at the moment. It is quite evident why people are so reluctant to spend much online. The quarantine period doesn’t allow most of the population to go sweeping around the nearby supermarkets.
As times are changing, so are the business dynamics. It is common to see numerous businesses shifting towards e-commerce as the last resort. They are trying to make the most out of their social media sources to get a grip on the situation.
What is E-Commerce?
To put it simply, e-commerce refers to electronic commerce, which means buying and selling products on the internet. The payments received and the data exchanged is also through online transfers.
Getting Started with E-Commerce
Here are some of the steps you can take to get to know more about how e-commerce works:
Rapid Understanding of E-Commerce Business Models
You can’t just dive right into a solution you just found out on the internet. You understand the terminologies and technicalities associated with it. It is better for an individual to carefully evaluate business models regarding e-commerce.
You should know how it works, the basic requirements for it, and what you should do. You can look through different platforms such as Shopify to grasp a better understanding of the system.
Picking the right product category
With the present situation at hand, it is wise to think long term. No rule book that says that an average e-commerce website should have lots of categories.
The better thing to do here would be to focus on one specific niche. After selecting your base product, you will have to look at the competition. Such factors play a major role in helping you set up your e-commerce business.
Make sure you don’t pick an overcrowded category. You can always skimmer down to something that has marginal competition. This indicates that you won’t have to compete with bigger brands.
A basic rule of any form of business is knowing your customer base. No matter how good your product is, you should look for the type of customers the selected product needs.
If you manage to find the right consumers, your investment will automatically go down resulting in higher turnouts and profits.
What to do?
After getting to know the basics of online business, here’s what you can do to get started with your e-commerce business idea.
As per the situation, many business leaders have stepped up to assist interested individuals to learn more about e-commerce. It’s also good to see platforms such as Shopify offering courses related to e-commerce business at affordable rates. Another good thing about Shopify is that it has extended its free trial period to 90 days. You can find various online stores on the platform and get started with your business idea as well.
Business leaders such as Chase Hero, creator of Watchers community, and Nathan Resnick, founder of Sourcify have designed effective learning courses that cost as low as $1 to help people understand the e-commerce business dynamics.
You should consider taking advantage of the multiple opportunities at hand to have a theoretical understanding of how platforms like Amazon and AliExpress make so much money online. The right way to do this is to learn from the best who are willingly teaching at the moment.
Time is here
If you’re on the track to starting your own e-commerce business, it’s vital to look at present statistics to evaluate which category you should put your mind and money on.
We can hope that the world restores its normality but sitting idle and expecting everything to be okay is not the way to go. If you’re looking for a long term income source, make sure that it is based on a brand that is seeing huge sales in the market.
You have all the tools that you need to master e-commerce entrepreneurship to get through the difficult time we are living in,