How to Become an Entrepreneur in the E-Commerce Space

Many people dream of being their own boss. Their dreams usually feature flip-flops in exotic locations and a four-hour workweek. In truth, online store owners work almost as much as their 40-hour-grind counterparts, sometimes more. Even so, being an online store owner is a worthwhile career teeming with opportunity. In this article, the experts at TVCMALL will tell you how to become an entrepreneur in the e-commerce space.

 

Benefits of Being an Online Store Owner

While you may not be working from a Caribbean island, being an e-commerce entrepreneur can be a lucrative business. Consider the following statistics.

● There are almost 27 million online stores worldwide.

● About half of Amazon sellers make between $12,000 and $300,000 annually.

● E-commerce stores grow at about the same rate as brick-and-mortar stores, according to Insider Intelligence.

● In 2022, e-commerce revenue reached $1.8 billion in Asia and almost $1 billion in the U.S., according to Statista.

● Global e-commerce sales are projected to grow to $8.2 trillion by 2026, according to eMarketer.

● According to this LinkedIn article, 20% of e-commerce businesses succeed.

To make sure your e-commerce store is among the 20% that THRIVE, follow these steps to becoming an e-commerce entrepreneur.

 

Answer Your Why

It goes without saying that being an entrepreneur is a lot different than being an employee. You have to set your own schedule, be disciplined, and power through setbacks. You simply can’t succeed without passion to fuel your efforts.

You can find your passion by asking yourself why you want to become an entrepreneur in the e-commerce space. Whether you want to spend more time with your kids or you want to support your family, your reason needs to inspire you to give it your all.

 

Choose Your Product Category

Next, you need to choose the type of products you want to sell. As you begin this process, write down all of your ideas, no matter how unrealistic they seem.  Focus on your own interests and knowledge. For instance, perhaps you’re already involved in hobbies that require special equipment. You can use your expertise to bring better products to others who enjoy the same hobby. Here are some other tips for choosing the right product for your e-commerce store:

● Use your previous work experience to identify products needed within an occupation or industry. Perhaps you worked in a manufacturing setting and are familiar with soldering tools and their uses.

● Identify common customer pain points. Perhaps you’re frustrated with the unsustainability of common items, and you want to offer eco-friendly products.

● Consider customized products. You can offer completely unique products with customization services.

 

Research the Market

Now that you know what types of products you want to sell, it’s time to perform thorough market research. Market research will answer important questions, such as:

What are the future trends for my products of choice?

Research the projected sales growth for the products you want to sell. Also, find out how technology and innovations will change the industry.

Who is the target audience most likely to purchase my products?

Find out information about your customers, such as their income, education level, and age. Find out also which social media platforms they are most likely to use. Dig deep into your customers' behavior so that you understand the pain points your products solve.

What other online stores are selling products similar to mine?

Create a list of five to ten online stores that are selling similar products. Make a note of how you found them, such as which keywords make them appear at the top of search results and which social media platforms they use. Spend time on their sites to determine their strengths and weaknesses. Consider purchasing some of their product.

 

Set Up Your Online Store Website

There are many ways you can set up your e-commerce site. If you don’t have the technical know-how to program a website from scratch, you can use SaaS services to create a custom website through a series of prompts and selections. You can launch your online store quickly and sell your products on third-party platforms. At TVCMALL, we have all of the integration services you need to start selling on Amazon, Etsy, and more.

 

Source Your Products from Quality Vendors

The vendor you choose is, in many ways, a partner to your online store’s success. You want quality products, fast and reliable shipping, and a hassle-free warranty. Additionally, you want to make sure the vendor offers one-on-one support, sourcing services, and a loyalty program to help you keep costs down.

All of this and more is why over 46,000 online store owners trust TVCMALL with their e-commerce inventory. Contact us today.