E-Commerce is one of the most rapidly growing industries in the world today as we go more virtual in the ways we transact and conduct our businesses. Since the advent of COVID-19, its growth has been exponential and more and more people (Many who have lost jobs or traditional businesses) are looking to E-commerce as a fresh start and potentially a way to make money.
Make no mistake, this is a big subject and one best approached with professional help, but here are just a few tips that might set you off in the right direction and assist you to go into E-Commerce with your eyes wide open!
Compare with existing businesses and decide how to sell
The first thing to do is see what’s already out there and ensure that what you are offering has a decent chance. Is there a demand? Will it work as something ordered online and delivered? Are there already hundreds of other players offering the same product or service? It’s probably a very good idea at this point if you can afford it to do some qualified market research – and be sure to engage people who know how to research E-Commerce demand.
Secondly, know that you are not going to be able to compete with Amazon or Takealot at the outset. It is a good idea in many instances to partner with such E-Commerce giants to get your product into the market with a large audience. If you want to start your own store you can look at a platform like Shopify, but consider these options carefully.
What’s in a name?
Having decided you are on the right track and how you will be structured, decide on a name. At the same time, it’s best to register your E-Commerce business & brand name with a qualified Attorney, who can also ensure your name is not already taken. Your attorney can also assist you to ensure you are compliant with the E-Commerce regulations and laws and with any other documentation that you may need to get started on the right foot.
Have a good business plan
Like any other business, we advise that you also have a good business plan. E-Commerce follows many of the same principles as any other business – like setting short and long term goals, financial management, stock and staff management and following a business process that works in the long term.
Create Your Online Store
Now it’s time to create your online store. The options of exactly how you do this are numerous and can be complicated, so you may find this link useful in assisting you to decide on the one best suited to you – https://www.ecommerceceo.com/best-online-store-builder/
The law can be friend or foe
Many laws have been passed to protect E-Commerce owners and the public against shady E-commerce practices. They can be your friend or foe and you ignore them at your peril. The intricacies of E-Commerce law should not be underestimated, and it is best to engage a professional law firm like Glenn Rooseboom Attorneys who are well versed in this. Contact us for astute advice in these matters and share this article with others embarking on an E-Commerce enterprise.
We wish you well in your new enterprise and hope this has helped you in some small way at least to go into E-Commerce with your eyes wide open!
