It is not uncommon today to come across stories of ordinary individuals quitting their regular jobs and becoming successful entrepreneurs. A significant number of such enterprising people are owners of e-commerce businesses. Take the example of Giuseppe Fiorentino, the founder of 3CC Group AG, Switzerland.
“I started with dropshipping, which I did in the evenings after work,” the successful e-commerce business owner recalls. “As soon as I could afford to quit our 9-5 job, I did it and never looked back since then.” Today, his company generates 8-digit annual sales, and they have become self-made millionaires.
So, if you have been thinking about delving into e-commerce in 2023, here are a few things you need to consider:
1. Identifying the right products and customers
Before you start an e-commerce business, you must be clear about the products you want to sell and the number of customers willing to buy them. A good way to identify some of the profitable products and find their target customers is through market research.
2. Sourcing of products
Once you have found the right products, you must look for reliable suppliers who can ensure their steady supply. You can also create your product or a range of products that can be sold through your e-commerce website. Dropshipping is an excellent option if you are starting small.
3. Planning an e-commerce website
An e-commerce site is the most important element of an e-commerce business. It is the medium of interaction between your business and customers. It also acts as a good marketing tool for the business. By using a reliable platform, you can easily set up a website for your products and give your customers the option to pay by credit card or PayPal.
4. Marketing strategy
E-commerce is a highly competitive space, and there are plenty of other e-commerce businesses vying for customers’ attention. This is where a highly effective and customer-focused marketing strategy comes to your aid. It helps in attracting prospective customers to your website, resulting in increased sales figures.
When you are building an e-commerce business from scratch, you need some initial funding. To estimate the capital needed for your business, you have to consider all the costs you might incur in the process. Even if you are planning to operate your business from home, you would need funds to set up your e-commerce website and source the products.