There are always those who exploit sudden industry trends for quick profit. For example, COVID-19 created a boom in eCommerce, leading to a surge in businesses offering SEO, social media marketing, ad management, and training courses. However, truly successful businesses require more than just luck and opportunism. While COVID-19 may have shifted consumer buying patterns, it’s crucial to move forward by focusing on long-term strategies and building solid foundations for sustained growth.

Succeeding in a business, particularly in Ecommerce, is more than just about consistency. Here are 2 main factors that will define a Good seller on the path to achieving Ecommerce Success.

Cost

Every company needs to lower their cost and manage their finances. Its business fundamentals, isn’t it? However, how low is low? Simply put, you need to make a profit. Whatever cost you are getting, deducted from the returns you get from each sales, you need to be making money. To serve an even stronger meaning, your effort cost money too and its only reasonable that you don’t lose money off each sale. The competition can be great, but do your own market research and stay true to your vision and its only a matter of time where you will stand out.

Do not also forget about the following adhoc operating costs: 

• Distribution Mode – How are you going to despatch your items? Self or outsourced? Outsourced might help you lower your cost if
• Value-adding cost – Marketing, Social Media Marketing etc.

Industry Knowledge

How well do you know your market? Are product prices sensitive? Who are your competitors? Is your product saturated in markets you are about to enter? Where else can consumers get their goods? eg: PlayfulPicks is a Minion Toy Store that sells Authentic Minion Merchandise. Alot of their suppliers only sell in retail outlets. Most are not even online. This is why, the team at playfulpicks saw that gap in the market and exploited it. They were first to go in and quickly establish a foothold in this market. That was their edge, that was their leverage and they go hard on it. Invested in it so that they can make a profit out of it.

Understanding the industry and how your business fits in is crucial in today’s market. Business is all about mending the market’s inefficiencies.

Don’t blindly enter a market without first understanding where your business is. Technology has made the world that much closer and that much more efficient. Learn to provide value in the market and start making money over the long term.