It doesn’t matter if you are in the reselling business or proud of yourself for creating yet another revolutionary product. Fact is, a lot of business achieving ecommerce success start with the proper business planning and understanding of their market and industry. Those that doesn’t normally fail to evade the common pitfalls of running a business and become susceptible to high costs, low margins and low profits.

Here’s a simple step by step guide to ensuring ecommerce success:

1. Product Research: Do a thorough market analysis. Learn about demand for similar products, competitor pricings and possibility of any breakthroughs. What makes people want to buy your product.
2. Construct your value proposition: Is your product unique by itself or is the service to deliver unique or significantly faster/cheaper? Think about what sets your business apart from the current competition.
3. Evaluating and Marketing: Most businesses are able to put their value proposition down into a single point or statement. This makes it efficiently effective to market. If you have something too complex, that might not be a good idea.
4. Set Milestones and Goals: How long are you willing to spend on this business to see a breakthrough? What is the cost estimates like and when will it be time to let go.
5.  Calculate margins and growth potentials: Businesses these days no longer survive on a measly 20-30% margin. If your margins to sales ratio is less than 0.5, you might want to consider changing directions.

Dispelling the age-old myth that you must dive headfirst into a business to understand it, we firmly believe in the power of meticulous planning to navigate challenges and optimize profits. Welcome to Godata.digital. where we specialize in guiding businesses through the critical process of crafting effective business plans and assessing value propositions. Our dedicated team works closely with you to thoroughly evaluate every aspect of your venture, identifying opportunities and potential pitfalls alike. Together, we engage in insightful discussions to refine your strategies and ensure a solid foundation for success.