Useful strategies on how to keep your online business thriving
by M.C. Brown
Nowadays, more and more consumers are shopping online. Restrictions brought by the pandemic have accelerated this shift to e-commerce and away from physical stores. In a report from Statistica, global e-commerce sales are projected to reach US$6.54 trillion by 2023.
Whether you’re a startup or a seasoned e-tailer, there’s no better time than now to bank on today’s online retail growth. Here are some useful tips that you can adopt to maintain your competitive edge in the e-commerce world.
- Always source new inventory. Consumers are always on the lookout for new products and designs. Keep your offerings fresh and stock up on items that will appeal to your customers to stay relevant – and make your business profitable.
- Research. Do some market research to see what products are in demand and will be a hit with your customers. You can check out reviews on other sites, as well as attend online sourcing events to gain industry insights and find new suppliers manufacturing unique products that are not yet out in the market.
- Look at sources close to home. With the ongoing pandemic and travel restrictions, it would be good to check out sourcing alternatives within your spheres. The lack of language barrier will also allow for faster communication of your requirements and swift delivery of your order.
- Set your own trends. While it’s a good idea to sell trending products, chances are, the competition will also be offering the same items. Set your inventory apart by starting an e-commerce niche.
- Emulate a successful business model. Competition in the e-commerce industry is stiff. Following proven and successful sourcing strategies or any e-commerce business plans is a step in the right direction.
M.C. Brown is the pseudonym of a writer and market intelligence researched based in the Philippines.