The internet has opened many doors for businesses, be it a start-up or an established one. Many small businesses are utilizing their e-commerce segment to build their business and increase yearly revenue. It is a very profitable sector and woos many passionate business owners to brand themselves in the virtual world. However, reality clears the dust off the eyes of people who find themselves amid cut-throat competition, and they struggle to survive. In most cases, owners fail to do their homework and to prepare flawless business strategies that can result in yearly revenue growth.
What to do? How to do it? Where do you look for knowledge? Well, some of the leading e-commerce giants, Amazon, eBay, and Etsy have shared tips for small competitors in running successful e-commerce portal, as follows:
Amazon, the leading and probably the largest online megastore, began its journey in the 1990s as an online book store. Today, Amazon churns more than $100 billion yearly revenue, leading the entire e-commerce portals in its segment. Even though it started out as a bookstore, it has widened its reach to include all sorts of services and products- ranging from baby diapers to furniture and home décor items. Audible and Amazon Prime Video, two of Amazon’s online entertainment services, alone rake in more than 20 billion a year in profit.
From retail goods to online services, Amazon is uncovering layer by layer of the business and is working towards launching its drone-delivery in American urban centers.
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Lesson from Amazon-
The tech world is entirely dynamic. Things change within the blink of an eye. Don’t limit yourself to certain areas, and leave your comfort zone to foresee the seamless opportunities and leap towards more significant heights. The digital revolution will never be over – and if you have invested your energy and time in drafting a master business plan, don’t stop there. Keep on finding opportunities and study the market to find revolutionary ideas.
Launched in the year 1998 in San Jose, California, Etsy paved its way to becoming the P2P king (Peer-to-Peer) and offering unique factory-manufactured products. After successfully venturing in them for years, they are primarily focused on vintage or handmade designs that enumerate them into the league of e-commerce giants. Etsy works ceaselessly to cope up with current and future trends and shows master innovation in their products and marketing tactics. Etsy took DIY to greater heights when it was introduced to people in the mid-2000s.
In the present times, more than one lakh new users are joining the DIY revolution.
Lesson from Etsy-
The internet is an ocean that offers boundless opportunities in discovering new online cultures and trends. Based on P2P culture, companies like Airbnb and Uber changed the shape of the business industry, which was untouched by established commercial giants for decades. Novel ideas are waiting to be explored and executed, and concepts are limitless. Now they are leading giants in their sector and have reached countless people in different nations. Etsy and similar companies study the consumer movement and sense future possibilities because it helps them to build new stronger empires.
Founded on September 3, 1995, ‘eBay’ guided countless e-commerce portals for its impeccable reputation in doing C2C (Customer-to-Customer) and B2C (Business-to-Customer) exchanges. Founded for online auction and way of providing comfort to people and doing business transactions side-by-side, eBay ventured to bring more ideas to the table and to change the scene of e-commerce business to a new extent. An idea like the Group Gift feature, in which, different entities pay for a single item became immensely popular and helped them to set higher bars in innovative business practices, and becoming a role model to millions of businesses.
Lesson from eBay-
Real-world business mantras can be successful in the digital world, as well. Infusing a digital presence with proper plugins and features can bring fruitful results to the business. To propel position within your sphere, you can introduce new ways of business ease that will cement your place among the already established online giants, which are hard to unseat. From planning to reaching the ‘wow factor’ with creative innovation, is a paradigm model of many successful companies.
eBay proved to the world that customer is king and is quite capable of small scale business transactions and establishing relationships- paving forward the idea that commercial establishments need to look at consumers as partners, not buying entities.
As Steve Jobs said: ‘Stay Hungry, Stay Foolish’. Never limit yourself to learn and explore the wilderness of your imagination and carve previously unfathomed ideas and niches to establish your business dominance.