Important aspects that retailer should consider before going online
Online presence does help a lot to retailers. However there are few important aspects that retailer should consider before going online. Following are those important aspects.
Knowledge/expertise:
knowledge and expertise about the product or service are keys to a successful
business. In case of limited knowledge the retailer will be fooled by vendors,
suppliers and competitors. They should have insights about the things they are
providing. Also they should know about what they are going to do in their
business and what are the goals and objectives of the business and how to
implement.
Market/demand: after getting an idea of what to do the next
step is to explore market/demand for the product/service certain products are
successful at international level whereas others will only have a domestic
market for them. For this a market survey can be conducted to identify the
market for the business. If product/service is expected to be sold locally, the
demand for it needs to be assessed. For an international market rules and
regulations for dealing internationally need to be found out.
Total project costs:
it is important to assess the total project cost and to run the business. For
the nature of retail we need to identify the cost of the store and furniture.
In this the inventory which needs to be maintained is to be assessed and also
for developing the website, shipping and billing is to be assessed initially.
Define the target
audience: we need to focus on target audience and design everything from
the website to marketing campaigns. Also make sure that we are targeting the
right people by conducting survey such as questionnaires, speaking to customers
through social media and holding focus groups. Involve target customers in the
development of the business and continue to test. Consulting customers will
also make us feel like they will reed loyalty and increase the likelihood of
them by recommending to others.
Competition:
before going online, information about market competition needs to be found
out. In case a product is a monopoly then the competition will not matter.
Otherwise the success of the business will depend upon the demand and supply
gap. Always we need to be stronger than the competitors to gain an entry. Also
we should know that who are the competitors, what is their market strategy and
what factors are required to compete with them are important.
Staff/manpower:
every business requires efficient manpower to succeed. The staff needs to be
carefully chosen since they are the one who could make business. Also they
should hire who have the technical skills for developing the website with good
themes and designs and upgrading it with new features.
