The digital market offers many business opportunities, and the gateway for many entrepreneurs is to start with an e-commerce or marketplace. However, it is important to remember that they are not synonymous, as each of them has its own characteristics and formats.
This guide was created to guide future digital entrepreneurs, from understanding the differences between e-commerce and marketplace to choosing the right platform, developing your marketing strategy, setting up an online store, managing your business and much more.
So, let’s get started and turn your dream into reality!
What is e-commerce and marketplace?
You’re finally ready to launch your albania phone number list digital business, but where do you start? The two most popular options for selling online are e-commerce platforms and marketplaces. Let’s take a closer look at these different approaches and find out which one is best for your business needs.
An e-commerce platform is an online store where customers can buy products directly from your website. On the other hand, a marketplace is a platform, also on the internet, where several sellers sell their products. Marketplaces receive a commission on each sale made on their platform, while e-commerce platforms require the payment of a monthly fee.
How to choose between the two?
Consider the size of your business, your google search data reveals the latest consumer priorities budget, and how much control you want over your online business. E-commerce platforms offer more control, but marketplace platforms offer more traffic and can help build brand awareness.
Once you’ve decided which format is best for you, it’s time to think about the specific platform you’ll need. Look for a platform that fits your budget, has a user-friendly interface, allows for customization, and has excellent customer support. In other words, choosing between e-commerce and marketplace will depend on your business’ needs and goals.
Once you have decided and chosen
a platform that is within your budget, easy to use and has excellent customer support to achieve success in your online business journey, it is e-commerce or marketplace time to know the key areas to secure a good place in the market and in the minds of consumers.
Knowing the market
Knowing (and understanding) the cn numbers market is an essential step before starting any business. It may seem obvious, but many people skip some steps and compromise the entire process. It is essential to conduct market research, as it will provide valuable information about the competition, products and potential opportunities for your business.
With this, you can identify the market niche that will allow you to focus on meeting the specific needs of your target audience. Another step is to determine the personas. Knowing your ideal customer means understanding their problems and pain points, and especially how your company/product can solve them.
Keep in mind that the market is dynamic
these aspects can change over time. Therefore, it is essential to stay up to date with market changes and new technologies, to make appropriate adjustments in a timely manner, so as not to lose opportunities and sales. An example that occurs quite often: the market niche can become saturated over time and with the number of stores and offers, this requires quick action and adaptation from your business.
Developing your strategy
Now is the time to get your hands dirty and think about how to win over and retain your customers in the virtual world. Creating a well-structured business plan, which includes everything from identifying your market niche to defining your sales price, will greatly shorten the path.
You need to plan your digital marketing actions, such as SEO, PPC (pay per click) , social media and even the possibility of hiring influencers. The strategies need to create a e-commerce or marketplace competitive edge to attract the target audience and differentiate yourself from the competition. It is also time to define the selling price that is competitive and brings the expected return for the business.
A solid business plan and well-planned marketing strategies will prepare the venture, whether as an e-commerce or marketplace.
Expert tip:
Follow market trends and, whenever necessary, adjust your strategies according to your business needs.
Setting up your online store
This is a more technical step and, depending on your knowledge and proximity to technology, you may need to seek technical help. Initially, you need to choose a domain name and a hosting service for your website. This name should be easy to remember so that customers can easily find it on search engines such as Google, Bing, Edge, among others, or type it in directly.
For website hosting services
you need to choose a provider that can handle your website’s traffic, with the ability to expand as the number of customers and purchases increases. You also need to design your online store so that it has a user-friendly layout that is easy to navigate and visually appealing to customers.
