Millennials are changing the labor market – more entrepreneurs, less tendency to bind themselves to a corporate workplace. An interesting phenomenon in this context is the growth of the freelance segment in the United States (and around the world) – 35% of the workforce is freelancers. This figure is on the rise and relates to an independent entrepreneurial concept that characterizes the labor market in the coming years.
At the same time, user-friendly technologies enable all of us to move lightly from the Idea/ concept stage to the implementation stage, mainly in the fields of e-commerce, where there is growth in activity in all categories, with the leadership of categories such as fashion, electronics and computers and accessories.
If you are associated with this growing segment of entrepreneurs interested in launching a digital store, here are 8 important steps that you will go through on the way to success :
- Find product ideas – Follow your passion. Try to focus on selling products or services that are in the passion zone for your life. A business area where there is a chance that you will be an expert.
- Learn from competitors – make a comparison chart and find your unique selling proposition ( USP )
- Learn from places that act as marketplaces in the Commerce arena :
- Research–
Research of competitors – product line, product strategy, pricing strategy, performance of their website , their mobile performance (use Google Play – it gives you some interesting data such as – installs, users scores etc.) ), performance and activity on social networks, etc.
Trend research – it is advisable to also use Google Trend, examine every product idea that came up in you and verify trend and demand
- Choose your main micro-segment – focus on the passionate for the category. Those who will try every new product in the relevant industry, those who will talk about your product, those who will read content that you distribute and share among their friends. It is a segment of people who can be turned into brand promoters
- Product Strategy and Price – Look for price sensitivity (usually up to $70 has reasonable price sensitivity)
- Packaging & Branding –
- Choosing a brand name and logo (it is advisable to register a trademark at the first stage)
– Use a dedicated platform for building your digital store, for example :
– Share Content and anchor features : about the company, product catalog, payment terms, shipping policy, return policy, store contact options, payment options (it is advisable to use a branded solution such as PayPal – for the purpose of removing buying barriers in this area)
– Operational preparation – inventory (preferably rated and managed accurately), shipping operation, customer service (preferably using existing chatbot solutions)
– Cross-platform presence ( including Purchasing options ) – website, mobile app store, Social platforms, Blog etc.
8 . Media strategy – based on response speed:
– High-performance media – Facebook, display campaigns, influencers, direct marketing (e.g. email-based marketing)
– Deep media – organic promotion, sponsored Google promotion, content-based marketing activity, on going relations with micro influencers etc.
If you do not have a unique and original product of yours and still want to integrate into the value chain of e-commerce you can do so by working with retailers or importers and other manufacturers or with giants like AliExpress in a configuration called Drop shipping – this supply chain management methodology in which the digital store does not hold inventory at all. In this method the retailer manages all contact with the end customer, including pricing and shipping but the product comes from another retailer or manufacturer the manufacturer that allows access to its products.