How to Create a Successful E-commerce Business

Building a successful business is like running a marathon; you can’t succeed unless you train and prepare so you don’t run out of gas halfway through. Statics show that almost 90% of businesses fail in the beginning. This number might sound frightening, but it doesn’t have to be. Your business can become a success story providing you anticipate what’s to come.

Xero has created an excellent summary of essential items small business owners need to consider when it when starting or moving their business online. Below are a few of our favorite recommended tips.

https://www.xero.com/us/resources/small-business-guides/business-management/ecommerce-business/

Success Comes With Planning

  1. Have a Plan - Selling online sounds like a great idea, but if you’ll need to find a tight niche and an untapped need to be successful. An oversaturated market is hard to beat if you see a large number of e-commerce sites already dedicated to what you are pursuing look for ways to tighten your niche. Consider how you can spin your product offerings to differentiate yourself from others in your market.

  2. Make the cloud work - Your business is online; why aren’t you? Moving your business applications to the cloud will allow you to access your business from anywhere anytime using any device. Most cloud programs automatically secure and backup your data. Try cloud-based software applications like Xero to handle your accounting and ZOHO for inventory management.

  3. Engage with your customers - Running an e-commerce business allows you to connect with your customers in new ways. Social media will enable you to connect and start conversations existing and potential customers. Having a real discussion adds value to the relationship and shows you have an interest in what your customer has to say. Remember to offer something of value, and your customers will help spread the message.

Running a marathon isn’t easy. Starting your own e-commerce business can be a challenge and requires careful and strategic planning. Never be afraid to explore new concepts, make mistakes and learn from the process. As these are essential elements to help you cross the finish line.

Looking for help with your e-commerce accounting setup? Reach out to our e-commerce experts for help.