Sunday, December 4, 2022

How To Succeed in A Competitive Ecommerce Industry - Entrepreneur

Last updated Thursday, November 17, 2022 06:05 ET , Source: NewsService

Following these strategies will help your ecommerce brand succeed amidst the competition.

Opinions expressed by Entrepreneur contributors are their own.

In this era of a convenience economy, a pandemic and high gas prices, Ecommerce reigns king. Building a brand in a competitive environment and field has its own set of advantages and challenges.

I've always liked solving problems. In 2017 I worked as a public policy analyst, analyzing data and suggesting solutions to the legislature. In 2018, a friend and I recognized the need for more affordable CBD products. Neither of us had any experience selling consumer products or running an ecommerce business other than some sales on Amazon or Poshmark. We also had very little money, so we had to be strategic and careful because every dollar we used needed a positive return. One of the advantages of ecommerce is that it's quite an equalizer for small businesses because the start-up costs are relatively low compared with brick-and-mortar businesses.

Building a solid ecommerce brand requires the ability to think creatively and strategically from a business and marketing perspective. When developing an idea or a brand, the two components I've found to be the most important are:

1. Figuring out your purpose. If you are a non-technological consumer good, what problem are you solving, why should people care, and why do you exist? Successful brands like Under Armour solve problems. The founder solved his problem of needing a shirt that...

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