Your product idea will dictate which aspects of the market you need to research, but some of the most important areas to look into will be your competition, pricing strategy, and your unique value proposition. At this point, it is also a good idea to draft a business plan that will help you visualize your growth strategy and identify any potential threats or obstacles.
Modern electronic commerce typically uses the World Wide Web for at least one part of the transaction's life cycle although it may also use other technologies such as e-mail. Typical e-commerce transactions include the purchase of online books (such as Amazon) and music purchases (music download in the form of digital distribution such as iTunes Store), and to a less extent, customized/personalized online liquor store inventory services. There are three areas of e-commerce: online retailing, electronic markets, and online auctions. E-commerce is supported by electronic business.
As the world’s second largest search engine, YouTube allows your videos to be seen through organic search or paid advertising. Video is a great way to humanize your brand by showcasing real employees, customers, or partners. It also allows you to build credibility by publishing informational content that helps your target buyer. Promoting your videos through paid advertising versus organic search can impact the type of video you should create. If you’re planning to increase awareness organically, consider filming the history of your company, customer reviews, or product tutorials.
E-commerce has helped businesses establish a wider market presence by providing cheaper and more efficient distribution channels for their products or services. For example, the mass retailer Target has supplemented its brick-and-mortar presence with an online store that lets customers purchase everything from clothes to coffee-makers to toothpaste to action figures.
Like any digital technology or consumer-based purchasing market, e-commerce has evolved over the years. As mobile devices became more popular, mobile commerce has become its own market. With the rise of such sites as Facebook and Pinterest, social media has become an important driver of e-commerce. As of 2014, Facebook drove 85 percent of social media-originating sales on e-commerce platform Shopify, per Paymill.
E-commerce is the activity of buying or selling of products on online services or over the Internet. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems.
21. Facebook – Facebook swap shops are great for selling things locally. It’s like CraigsList, but a little easier. You simply search for swap shops in your area and ask to join the group. Once you’re in, take a picture of the item, write a quick description with the price and post it. It doesn’t get much easier than that. You can generally expect to get about what you would get at a yard sale, maybe a little more.