4 Tips To Venture Into eCommerce Space!
Entrepreneur's New Year’s Guide
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Today, eCommerce is the flavour of the month. If you go by the reports of the industry body recently, Internet and Mobile Association of India (IAMAI) and IMRB, eCcommerce market in India is expected to double to INR 2,11,005 crore by December.
The report further states that there is 57 per cent of growth in e-tailing, which was driven by mobile phones and mobile accessories.
Looking at these figures, it indicates that any entrepreneur who wants to embark on his/her entrepreneurial journey, this sector would be the right choice for him/her for starting up. But before venturing into it, be sure that you do it the right way.
So, to help you in starting up in right manner, here are few tips for budding entrepreneurs to keep in mind:
1. Don’t try to create a need, address it:
It is very important for any entrepreneur to consider this point while starting their eCommerce journey. As an entrepreneur, you need to address the need of the people with the help of your startup. If you will create a need and then address it, it will for sure fail.
"You can make up your own opinion, but you can't make up your own facts, go sell." - Daymond John, FUBU Founder, Shark Tank Investor.
2. Service you are offering should be unique in nature:
In today’s time, ‘Me Too’ products or services are a complete failure. People want unique services or products which address their needs. So, while starting your journey in eCommerce sector, be sure that you are offering unique services to your customers.
"Find your one thing and do that one thing better than anyone else." - Jason Goldberg, Fab Founder.
3. Don’t just do things if you are passionate about it:
Whenever I interviewed any entrepreneur, he/she always said that they founded their startup because they are passionate about it. It is completely okay to be passionate, but to start up just because you are passionate about, is not correct. What if you just did not have the skills to complement your passion? Passion at times is over-rated and with time it gets alternated. So it is always suggested that you should only do things, when you are passionate about things at which you are good too.
Always remember that you need to chase your vision, not the money. And it can happen, only if you have an expertise and certain skill sets in the domain that you have an interest in.
"Chase the vision, not the money, the money will end up following you." - Tony Hsieh, Zappos CEO
4. Happy customers are the reason behind the success:
Though this is the last tip, but it is the most important one. Happy customers are the real reason behind any successful startup. You need to make your customers happy, so that they come back to you, when they are going for their next purchase. And you can do this by offering them the best services or the product, which cater their needs.
“Every client you keep, is one less that you need to find,” – Nigel Sanders
I hope above points help you to start in a better way and offer you a successful entrepreneurial ride. I was able to get these points from the SHEROES Summit 2016 with inputs from various speakers who are experts in their respective domains.