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.

By: eCommerce solution provider India