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A Brief Guide to Fast-Track Your eCommerce Venture in 2022

Online commerce is one of the fastest-growing sectors of the economy. It’ll reach $5 trillion this year. Despite it becoming increasingly popular, many entrepreneurs struggle to enter the market. Yet, it’s possible when you go about it the right way.

Initially, it may seem difficult to start your own e-commerce business. You have a steep learning curve, from inventory control to customer acquisition. You might even wonder if it’ll work at all. Later, after you establish your business, you’ll need to figure out how to scale it.

Few can build a profitable online store, and even fewer can sustain the momentum needed to scale it. This fast-track guide will outline three core business ideas to make it easy to set up and grow your online store.

Build Your Business on Amazon

Amazon, founded in 1994, is now worth more than $1.6 billion. With this popular store platform, you’ll have access to many of the resources you’ll need to sell almost any product online. For instance, this giant retailer allows you to drop ship your products using either Fulfillment by Merchant (FBM) or Fulfillment by Amazon (FBA).

What is FBM? What is FBA?

As an FBM merchant, you’ll have to select, package, and ship your own orders. You’ll also be responsible for customer service. On the other hand, if you decide to become an FBA merchant, Amazon will take care of everything for you, from packing and shipping to customer service.

Which is better?

FBA is usually the better option. It’s perfect if you don’t want to personally fulfill orders, but rather focus on other aspects of your business. Conversely, FBM is preferable if you want more control over customer satisfaction; if you have an excellent customer service team in place; and if you have a small amount of lightweight inventory that sells slowly.

Develop an Effective Social Media Strategy

Here are a few suggestions on how to use social media to build your business:

  • Platform: Research popular social media channels to select a few that will work best for your brand. For example, besides using an established platform like Meta (formerly known as Facebook), also set up an account on Instagram, another Meta company, because it offers many user-friendly features to build your brand, such as live videos, hashtags, and polls.
  • Hashtags: You should use relevant hashtags to draw attention to your business on social media. You can use these unique signs to build your reputation as an online store that offers quality products at an affordable price. Using them on Instagram, for example, will help you grow your business quickly.
  • Product reviews: Encourage customers to write product reviews: Often, people only buy a product after reading reviews. You’ll sell your best products faster if you encourage your customers to leave product reviews. You’ll also weed out products that fail to live up to their manufacturer’s marketing claims.
  • Reputation management: Your company’s reputation will be built by providing excellent customer service through social media channels.

Study Marketing

What exactly is marketing? According to Dr. Philip Kottler, a professor who the media hails as the world’s leading expert on the subject, marketing is “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.”

Knowledge of this discipline will accelerate your business success. As an online store owner, you’ll need to map the customer journey to acquire a steady stream of customers.

If you take a few courses and find a mentor, you’ll be able to increase your knowledge of marketing principles in general and digital marketing principles in particular.

Develop a Comprehensive Business Plan

You should incorporate these core business concepts into your business plan. A comprehensive business plan will help you clarify your goals, outline the parameters of your business, and identify the resources you’ll need to fast-track business growth.

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