Basic steps to start an eCommerce business (Part One) - YourRetailCoach Dubai
Basic steps to start an eCommerce business
As a medium of distribution of products (and sometimes services), eCommerce offers tremendous potential for business in the MENA region.
PUNE, MAHARASHTRA, INDIA, July 12, 2024 /EINPresswire.com/ -- On one hand, there are countries like Saudi Arabia and Egypt with large markets and many favourable demographic factors and on the other, countries like the UAE offer world-class business infrastructure or Qatar with super high-income levels.
This favourability also makes eCommerce a highly competitive route in the Middle East and the overall MENA region. In this communiqu茅, retail and eCommerce consultants - YourRetailCoach (YRC) shed light on some of the basic steps to start an eCommerce business with an emphasis on the region.
Get advise for E-commerce retail business : http://www.yourretailcoach.ae/contact-us/
饾悞饾悿饾悶饾惌饾悳饾悺 饾惃饾悷 饾惌饾悺饾悶 饾悰饾惍饾惉饾悽饾惂饾悶饾惉饾惉 饾悽饾悵饾悶饾悮 & 饾悰饾惍饾惉饾悽饾惂饾悶饾惉饾惉 饾惁饾惃饾悵饾悶饾惀
Before going to study markets, it is important to have a sketch of the business idea and the probable business model.
This is important for two reasons - it serves as the business idea validation process and it helps give a shape and direction to market research. Some of the relevant points to be defined or ideated (for further investigation) in this step are:
路 What is the business idea? What is being offered? What will it stand for?
路 Reasons for choosing the specific business or line of products and services
路 Domain expertise and relevant experience
路 Market gaps covered
路 Value to customers
路 Intended value propositions
路 Brand distinction
路 Potential customer segments
路 Market size
路 Value chain
路 Competition
路 Ease of doing business, regulatory environment
饾悇饾悅饾惃饾惁饾惁饾悶饾惈饾悳饾悶 饾悓饾悮饾惈饾悿饾悶饾惌 饾悜饾悶饾惉饾悶饾悮饾惈饾悳饾悺
Market research has a massive scope of work. This is why the previous step of developing a sketch of the business idea and business model is important. It helps pinpoint what market information to be looked for.
Besides, big cities in the region like Dubai, Riyadh, Cairo, Abu Dhabi, Muscat, Kuwait City, and Doha, already have a presence of strong retail and eCommerce brands. Going without deep and insightful market research is not recommended.
In general, some of the important areas of work in eCommerce market research are:
路 Overall market behaviour and features
路 Values, culture, and tradition
路 Total market size
路 Competition analysis
路 Channel analysis
路 Demand analysis
路 Pricing analysis
路 Location-based analysis
路 Value analysis, consumer behaviour, customer/user journey, usage patterns
路 Market segmentation
路 Ideal and targetable segments
路 Technology environment
路 Regulatory environment
路 Supply chain and logistics
路 Future prospects
路 SWOT analysis
Market research should always lead to actionable information and insights. Any information gap filled with assumptions could lead to flaws in the rest of the eCommerce business planning process. Gaining an understanding of local values, culture, and tradition (including linguistics) should be emphasised in market research.
饾悈饾悽饾惂饾悮饾惀饾悽饾惉饾悮饾惌饾悽饾惃饾惂 饾惃饾悷 饾惌饾悺饾悶 饾悇饾悅饾惃饾惁饾惁饾悶饾惈饾悳饾悶 饾悂饾惍饾惉饾悽饾惂饾悶饾惉饾惉 饾悓饾惃饾悵饾悶饾惀
After market research, most of the required information should be available for finalising the business model. In eCommerce business model development, the value chain is mapped along with the list of required internal and external capabilities to create and deliver the intended value propositions to customers.
This entails establishing the value propositions, listing the key activities of the value chain, identifying the key value chain partners, defining the customer segments and CRM strategies, highlighting the major costs and streams of revenue, and determining the channel approach. The essence of business modelling is drawing the basic framework of what a business will do and how it will remain sustainable.
饾悇饾悅饾惃饾惁饾惁饾悶饾惈饾悳饾悶 饾悘饾惀饾悮饾惌饾悷饾惃饾惈饾惁
ECommerce platform is the framework of technology based on which buying and selling takes place in eCommerce. This framework comprises software, hardware, and networking technologies for online storefronts to work for both customers and businesses. It is the eCommerce platform that determines the extent of digital capabilities an eCommerce app/website will have.
To make a good decision in selecting an eCommerce platform, an essential requirement is having business and technological solutions on the same page. In the selection of an eCommerce platform, businesses have the option of developing their own infrastructure (On-Premises) or using the services of eCommerce platform service providers (SaaS, PaaS, and IaaS).
饾悁饾悰饾惃饾惍饾惌 饾悩饾惃饾惍饾惈饾悜饾悶饾惌饾悮饾悽饾惀饾悅饾惃饾悮饾悳饾悺
Your Retail Coach (YRC) is a boutique retail and eCommerce consulting firm with 10+ years of experience in providing enterprise startup and management solutions. With a scaling global trail, YRC has served over 500 clients across 25+ verticals with a success ratio of 95%. In eCommerce business consulting, YRC offers planning and implementation services and solutions for enterprise setup and business growth and expansion.
For professional assistance in eCommerce business set-up, management, and expansion or to speak to one of YRC鈥檚 eCommerce business consultants - http://www.yourretailcoach.ae/contact-us/
Dr Rupal K Shah
Mind-A-Mend Consultancy Private Limited
+91 9860-426-700
consult@mindamend.net
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10 steps to start an E-COMMERCE Business - Right BUSINESS STRATEGY [ Step1 ]
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