Since technology has created a completely new meaning to the word, “competition”, the number one piece of advice for small businesses exploring the e-commerce community is research
Acording to the President and CEO of Terapeak, Kevin North, “Information is power in this competitive world we live in. With the rapidly advancing technology industry changing today’s business world, online merchants need information and data to create a more effective e-commerce businesses. “
“When it comes to selling items online, there is more to the success of a merchant than the pricing alone. Research the market penetration. See what’s trending. Research competitors’ price ranges. Consider the uniqueness and worth of your item(s). All of this will be helpful in creating a more effective e-commerce business,” advises North.
North offers a few tips on how to beat the competition in e-commerce trade.
- Sourcing: Sourcing products and finding the item(s) at the right time is key to a business’s success.”
- Knowledge and analytics behind sourcing: Having this information will help you understand potential margins,” North explains.
- Location: Sell local. Jump on local opportunities because the delivery costs will be a lot cheaper for the company and the consumer.
- Competitors: Research your competition. Aim for the distant competitors if possible because if your competitors are out of the area, then your business thrives locally.
He explains, “Analytic resources such as Terapeak are not only advising merchants on how to sell their products online, but advising consumers as well. Merchants are not only competing against each other, but against the knowledge of the consumer as well.”