I have met many aspiring entrepreneurs over the years. While some were quick to start their first business, most were struggling to get started. I have heard many reasons (some would say excuses) why they wanted to start a business but could not: lack of funds, not enough education or experience, or too busy with their job. But the one reason that comes up the most is finding the right idea. It is easy to convince someone that they can start a business without a Harvard MBA or a million dollars in the bank. But getting them to acknowledge they can find a good business idea is more difficult.
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The article below is an extract from my book Ecommerce 101. As the title implies, this is a book for people with no prior experience and knowledge of Ecommerce. This sections goes through the very basics of what online marketplaces are, how they work, and the pros/cons of selling on these platforms.
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Behind this provocative title, I want to highlight a grim reality in the ecommerce world: too many unsuccessful entrepreneurs are actually trying to trade commodities on Amazon. You probably know that commodities are products like steel, sand, or oil. But if you think about it, many products sold to online consumers are close to being commodities. And being a commodity seller isn’t where you want to be as an ecommerce entrepreneur. Let’s see why.
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“Everyone is glued to their phones these days.” We’ve all heard that dozens of times, yet it is more true than ever. Smartphones are a big part of our lives, and we now have the ability to shop online from anywhere at any time. Technology creates massive business opportunities, and entrepreneurs will always take advantage of it. In the ecommerce space, there are now thousands of mobile shopping apps available for download. As an entrepreneur, you’ll find many people recommending that every online business should have its own app. So, should you jump on the bandwagon, or would creating a mobile app be nothing more than a huge waste of time and money?
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If you shop online, I’m sure you’ve been there: you find an item you really like at a decent price, you add it to your cart, begin checking out, and find out that shipping will add an extra $7 to your bill. What an awful surprise. The idea of paying for shipping greatly upsets you, and you give up on your purchase. Does this sound familiar? I’ve certainly done that many times. In the age of Amazon Prime, should other online businesses offer free shipping? Is charging for shipping a thing of the past?
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“Metaverse”, “Cloud Computing”, “Datafication”; these days, it feels like every other news article about business is trying to use as many technology keywords as possible. We hear about innovation and disruption in the entertainment, medicine, and transportation fields everyday. I’d say that half of the people using these buzzwords have no idea what they are talking about, but they feel they have to use them to sound smart. It is easy to get a sense of technology being important for businesses and entrepreneurs, including those operating online. A huge part of top companies are tech for certain reasons. Technologies and technical processes can create opportunities and improve operations. After all, the internet is the reason ecommerce exists in the first place. But technology can also kill businesses unwilling to adapt to the ever-changing environment. Let’s see how.
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In the first part of this article, we talked about the basic AIDA funnel. If that funnel was too theoretical to you, let’s look at a real-world example on an ecommerce website. We will use the same example as above; we sell nutritional products on our online website.
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My name is François, I’m the author of this blog. I love writing and talking about business and ecommerce. I hope you enjoy my work, feel free to contact me for any suggestion!