Saturday, 22 June, 2019, POSTED BY Massive Infinity
If you’re a budding entrepreneur or aspire to be the future boss of an online business, you’ll find that most in your shoes tend towards E-commerce today. Most online business success stories would encourage other business owners to do the same as well so as to keep costs low and remain competitive. Starting one can increase your success rate in the country, but most people do not realise its still as equally tedious, and perhaps equally challenging as opening a brick-and-mortar store. While its true that the tiresome process of finding a retail space at a prime location and then renovating it is eliminated, a significant amount of time is still needed for research, pre-planning and setting up of the online portal(s). This article will pull up some important factors that you shouldn’t miss in planning your online business.
If you’re still reading, chances are you already have a pretty solid idea of the online business you intend to start. Perhaps you have gotten guidance from various sources and have come up with a detailed plan, all of which is necessary. However, if you have done thorough research, you should know that the e-commerce landscape is mostly saturated, making it exponentially harder to breakthrough the industry as online businesses continue to sprout. The following 3 pointers may help to steer things forward in terms of decision-making, and will also give you the boost of confidence you need to take your online business live.
Other than knowing what to sell(read: product) and who to sell to(read: target consumers), the conditions that will influence the identified industry matters too. These factors range from the law and government policies with regards to online businesses to social factors such as the demographics of the target area. Things such as income level, gender proportion or lifestyle attitudes may heavily influence the industry you are in. Take time to be informed and be on top of important matters such as the policies and regulations, this way your online business can be properly legalised and won’t run into any hiccups mid-way. Other industry factors that you may not have considered would be the economic outlook of the target area/country and technological factors such as level of innovation and future technological changes.
If you’re venturing into an entirely new market, you’ll have the first mover advantage of having the entire market share and demand. However, most businesses are not novel and thus, it’s more common for online businesses to be venturing into markets that already have a plethora of big and small players vying for space for awhile. The advantage to this is that a lot of information on the existing marketing will be out there for you to get a hold of the existing market size and demand, and from there you can decide how much of the market share you can, and want to potentially capture.
This is an important step that should not be overlooked or de-prioritised as some business owners have mentioned that the market that was initially chosen was not be the same as when they opened for business. This step enables you and your team to evaluate what you’re getting into and to consider viable alternatives in order to keep the business going so you can provide for your target consumers.
This is where you set your company’s vision, mission, goals and objectives clearly and get everyone on the team on the same page. This step is put in place to make sure marketing strategies are devised so as to get your brand heard. Your business plan should also include your financial breakdown - cost analysis, breakeven analysis, etc. Depending on the the of business, some may require operational protocols set in place, especially when it involves logistics and delivery fulfilment.
As seasoned mobile app developers, we like to put a strong focus on digital marketing strategies. We believe that mobile apps is the way to go in this technological era. Most people are spending a huge proportion of their time on their smartphones, and if you’re looking to capture a specific group of target audience, say anything between 16-45 years old in Singapore, the chances of grabbing their attention and showing off your new brand would be higher with an accessible mobile app to complement your online web store. This enables your brand to stay connected with target consumers at more times of the day, especially with the push-notification feature and characteristic of mobile apps being dynamic and fuss-free on-the-go. These features allow for targetted marketing when pushing out sales and coupon codes as well as data analytics on consumer behaviour.
The mobile apps we develop at Massive Infinity is entirely customisable, be it a mobile app or enterprise system, it would be one which fits your business needs. Gone are the days where you claim a unique url to set up a blogshop and call it a day. Today, markets are more saturated than ever and consumers are fed with more information than they can consume. In order to cut through all the noise, a stellar technological system is needed.
We can’t emphasise enough how a mobile app is able to elevate your online business, but our portfolio will. We have been able to work with multiple companies for e-commerce and logistics. Click to read what we have done with Adzzer, BAM! And Technoprobe.
Contact us and we’ll be in touch with you very shortly.