According to the 2022 Statista report on Retail e-commerce revenue in Canada from 2017 to 2025, retail e-commerce in Canada has earned revenues of close to 67 billion US dollars. It is anticipated that this amount will surpass 103 billion dollars by 2025.
These statistics show the growing popularity of online businesses. People prefer it as it significantly reduces operational costs and aids in the efficient running of businesses digitally. However, easy business on the e-commerce platform comes only if you have done your research and background check properly, giving clarity on how to do your business.
Here are a few tips for starting your own online business.
- A Unique Business Idea
Excellent business comes from a great idea. The main question to ask yourself before beginning a business is, “Why am I starting this business?” Is it suitable for the online medium? What unique selling proposition does the product or service have that will make it stand out in the online market? Is this a novel idea on the market, or are similar products already available? If there are similar products, what niche do you plan to create in the competitive market?
- Understand The Market And Audience
Any business, whether online or offline, can succeed only if it comprehensively understands the market, trends, and target audience. Therefore, a thorough analysis of the current trends and a vision for the future must be made, particularly in the increasingly competitive online market where new ideas become obsolete quickly.
- Understand The Market Gap
Your business must be the solution to a problem that your target audience is facing. Either it must be an innovative solution that simplifies things for your customers. Or, as in most product scenarios, a brand that offers customers looking for quality products in a variety of options at an affordable rate. Customers will be drawn to your product if you can meet these standards while maintaining your brand’s distinct character.
- Study Your Competitors
Knowing your competitors and how they function in the market will help you strategize your marketing plans and customer relations innovatively. Especially on an online medium where users can express their creativity with their products, websites, and marketing, finding intriguing ways to appeal to people’s curiosity about your business is crucial. Healthy market competition and competitors are necessary for the growth of any business.
- Taking Care of Legal Work
The research before starting a business lays the foundation for its smooth functioning. The most important of these is to take care of the legal paperwork because it is essential to adhere to the laws and regulations. In addition, extra care must be taken while dealing with new market areas like online platforms. Therefore, it is advised that you seek the assistance of a specialist who can guide you through business registration, obtaining an operating license, complying with shipping laws, and paying business taxes.
- Developing Website and Logo
After doing all the background work to start your business, the primary investment must be in developing a functional website and signature logo. The website must be designed to include all the information a customer would want to know about the business, including the about page, mission statement, vision statement, curation of the products they sell, and other specifics. The logo must be eye-catching and accurately represent the brand. Finally, care must be taken to develop the website as computer and mobile supportive.
- Payment Method
Eventually, business is about money. In an online platform where all means of communication and transaction happen through a medium, business owners must ensure a secure payment method that assures you receive the amount of the product you sell and keep the client transaction data private and protected. In addition, it should provide customers with flexibility by providing a range of payment choices, such as debit/credit, Net banking, or UPI.
- Digital Marketing
Marketing strategy is essential as it helps your business reach the audience. With digital marketing using various metrics and data to optimize strategies, online businesses must use these tools to increase their brand awareness and reach. Outsourcing digital marketing to agencies will provide a good result that ensures your brand is promoted on all online platforms, including social media, that streamline and focus on your target audience based on their demographics.
E-commerce has advanced tremendously in its operations and sales and significantly contributes to the Canadian economy. As people tap into the opportunities it offers, more and more small businesses are enrolling to benefit from it. The opportunity to expand and succeed even within constraints is provided by online platforms, particularly for corporate structures with limited workforces and economic support.
A comprehensive review of the market, products, and competitors, as well as investments in developing an online platform and marketing strategies, help small businesses flourish into new opportunities for business operation and growth.
E-commerce is bringing innovative opportunities and possibilities for growth to small businesses. To read more on these, subscribe to Indigenous SME Business Magazine. For the latest updates, visit our Twitter page at @IndigenousSme.