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What Is The Best Ecommerce Business to Be In?

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By: Linda Hale

5 Questions to Help You Decide on The Perfect Niche Market

The first quarter in 2016 is almost gone! You have spent weeks, days and hours trying to decide if ecommerce is right for you. You have researched, interviewed and pondered all of the many aspects to being an ecommerce entrepreneur in 2016. Your conclusions have brought you this far and you are feeling confident about taking the plunge. But now that you have determined that ecommerce is the right ‘fit’, at least for now, you must make that one FINAL decision (well, not really) on what type of ecommerce business to own. Here are five questions to ask yourself as you try to answer the question; “What is the best ecommerce business to be in?”
1. What is your ‘true’ passion? 
Then ask yourself, can that passion be turned into a profitable business? This is probably one of the most important questions to ask youreself. There will be days when you do not feel like working – the passion for your business will help to sustain you during those times.
Not sure what your passion is or how to find it? Here is an article published in The Muse by Corrina Gordon-Barnes on finding your passion. 

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2. IS THE BUSINESS YOU ARE PASSIONATE ABOUT A GROWING MARKET?
There are many ways to answer this question with solid industry facts. Pure Ecommerce has done extensive research on industries that are projected to grow. We create our Business -In-A-Box websites based on this research. According to InternetRetailer.com total e-retail spending is expected to increase 62% in 2016. One of the hottest businesses trending now is Furniture & Décor. Many brick and mortar furniture stores have suffered in the past several years. There is a high cost of doing business when operating a showroom. With an online furniture business you don’t need a 200,000 square foot facility. Also, margins tend to be greater in this business niche and average price points are higher.
3. DO YOU HAVE A BASIC UNDERSTANDING OF THE PRODUCTS YOU WISH TO SELL?
In order to reduce the learning curve you will face when starting an ecommerce business, it helps to know a little about the products you sell. I’m not saying you have to be an expert but you should know enough to determine what features and benefits your merchandise assortment has to offer.

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4. Do you have a network of friends and family that will help to promote your business, especially in the beginning stages of your startup?
Let’s face it – not everyone has 1000 Facebook friends in their network, but having a network is crucial these days. So is learning how to navigate the various social media channels. If you are a social network ‘newbie’ then it’s time to spread your wings and fly into the 21st century! Start by creating a personal Facebook page If you are a business professional then you may have already been exposed to LinkedIn, the world’s largest professional network. Social Media Marketing is a crucial part to running an ecommerce business.
5. How long am I willing or able to wait for a profitable return on my investment?
With only so many hours in a day, you need to be realistic about how much time you can devote to the business. If you are unable or unwilling to devote your full attention and working hours to growing your ecommerce business, then your business is likely going to be more of a hobby than a career in which you can make a viable living. And that’s ok – just be honest with yourself so you don’t set yourself up to fail. Ecommerce is highly competitive and requires a lot of hard work particularly when focusing on SEO or Search Engine Optimization, which helps you drive visitors to your site.
These are just a few ways to consider what type of ecommerce business is right for you. Of course, doing a little research and much introspection can provide you with the answers you need. Have questions about starting an ecommerce business? Then check out the Common Questions page at www.Pure-Ecommerce.com where we provide you the answers to the most asked questions when you are thinking of starting an ecommerce business. We invite you to post your question(s) below and we’re happy to give you our guidance!

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10 Facts About the Future of Owning an Ecommerce Business

10 Facts About the Future of Owning an Ecommerce Business
Technology is changing at the speed of light. Now we can check email and call people off our watches. To really take advantage of future trends you have to understand where the future of technology is going and how you can keep ahead of the trend. Therefore, being able to profit from it with your ecommerce business.
Obviously, common sense tells us that ecommerce businesses is where the retail sector is moving towards. One third of all ecommerce sales are now happening on mobile devices. While more and more shopping malls, brick and mortar stores, boutiques are going out of business because they can’t keep up with online shopping. Before shopping online from our computers was a convience like no other, but now you  must step up the game. You can be sitting in carpool and order your new swimsuit for your upcoming vacation from your phone. Shopping from anywhere at anytime is now possible with mobile devices.
RELATED ARTICLE: [10 REASONS WHY ECOMMERCE WILL REPLACE SHOPPING MALLS ONE DAY]
“Mobile is now the primary access point to online retail for most consumers,” says Andrew Lipsman, vice president of marketing and insights at comScore. “As a result, retailers really need to rethink how they deliver their online shopping experience.” This chart by InternetRetailer.com shows consumers now spend more time with online retail on smartphones and tablets than desktop and laptop PCs. Consumers do not have to be sitting at their PC to search or shop online – by using their hand-held devices their next purchase in the palm of their hands!
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Statistic reports, “The total value of retail e-commerce sales worldwide amounted to 1.08 trillion U.S. dollars in 2013 and is projected to grow to 2.48 trillion U.S. dollars in 2018. During this quarter, it was found that 15.4 percent of all retail e-commerce dollars were spent via mobile devices. In the first quarter of 2015, mobile e-commerce spending reached 10 billion U.S. dollars in the United States alone.”
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Know the Facts!

Here are 10 additional interesting facts about how mobile devices are broadening the reach of  an ecommerce business.
  1. 80% of internet users own a smartphone.
  2. Consumers use many different types of devises to shop and browse the internet. 91% use a PC/laptop, 80% use a smartphone, 47% use a tablet and 37% use a games console.
  3. In most recent quarter, mobile e-commerce spending surpassed 10 billion U.S. dollars for the second quarter in a row, reaching 11.1 billion U.S. dollars in mobile commerce sales.
  4. In the US the ecommerce annual growth rate is nearly 17% per year, social media and smartphones have supercharged its growth. By 2017 the annual revenue for online retail will hit $370 billion.
  5. By the end of 2017, U.S. mobile users will spend $90 billion via mobile payments, a 48 percent increase over the $12.8 billion spent in 2012. This shows you we are just on the cusp of where the mobile surge is going. That’s why we urge you to “get on the ban-wagon” now!
  6. Fifty-nine percent of U.S. smartphone owners have used their devices to research an item before purchasing it, compared to 65 percent for tablet owners.
  7. Eighty percent of mobile users’ purchasing decisions are influenced by the mobile channel, even though they may not use their devices to complete the final purchase.
  8. Mobile traffic to online stores is being influenced by social media. Consumers are using Facebook, Twitter, Instagram, Youtube, and other various social outlets to power their purchases. They see “friends” sharing and talking about products they use on social media which can lead them to purchase the same or similar products. This development should lead an ecommerce business to recognize the “social-fuelled” product discovery and begin their social ad targeting to reach customers.
  9. Research shows the most popular time to buy online is weekdays between 12-2pm and on Sunday evenings. Think about it, many people go to lunch from 12-1 pm or 1-2 pm, therefore, leading to the flux of purchases during that time!
  10. I am sure you are aware of this final fact, but I want to really bring home the importance of mobile devices to the ecommerce. Last year’s Hummingbird update done by google was a pivotal turning point for any ecommerce business as they made it very clear how important mobile is to the future of ecommerce. Websites that were not useable on a handheld device saw their ranking suffer. I hope this was not your ecommerce business!

Who’s shopping online?

Here are some interesting demographic statistics to give you more insight!
  • You would think it would be women who drive online shopping and trends in the market since they control up to 80% of the household spending. However, men spend nearly as much online as women. A STUDY CONDUCTED BY SEEWHY, showd that 57% of women made a purchase online in 2013, compared to 52% of men.
  • Men are also the ones who are more likely to purchase products via their mobile device. Men are more likely to make purchases on mobile devices – 22% of men made a purchase on their smartphones last year, compared to 18% of women.
  • Millennials ages 18 to 34 are the key age demographic for online commerce. They spend more money online in a given year than any other age group, spending approximately $2,000 annually. Even though, they have lower incomes than older adults. This shows that as the Millennials age and their incomes increase it is predicted so will their expenditures online!
  • Senior and Baby Boomer groups have also adopted online shopping via their mobile devices. An interesting fact, one in four mobile shoppers in the US is over the age of 55.

Go Mobile!

Ecommerce business owners must be aware of the constant movement and changes taking place in the online marketplace in order to stay current and prosper in the future!
If your ecommerce business is not taking advantage of mobile marketing you are already way behind the eight-ball. Any ecommerce business today needs to be mobile ready. Check out the new collection of mobile ready and responsive designed websites at Pure-Ecommerce.

View New Responsive Websites

RELATED ARTICLE: [Importance of Being Mobile-Friendly]
Sources: Smart Insights,  Infinity Technologies, Statista, CMO, Business Insider

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