Choosing an idea to create an electronic store to make a lot of money.
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| Choosing an idea to create an electronic store to make a lot of money. |
How do you choose an idea for an electronic store that achieves millions in sales?
You have decided to enter the world of e-commerce, but you are unable to choose the best idea! Sometimes a specific electronic store idea comes to mind, and other times another idea comes to mind that undermines the previous one, and so on. Here you wonder: What are the criteria for choosing a successful electronic store idea? And how do I choose the best idea?
What is meant by an electronic store?
In short, an electronic store refers to a virtual store for displaying products or offering services online, where customers can order products and complete the buying and payment process. An electronic store usually includes several features that help customers choose products, such as ratings from previous buyers and diverse product images or similar service models.
What are the success factors for an electronic store idea?
Several factors must be present in any successful electronic store idea, including:
Meets market needs:
The fundamental requirement for the success of any business idea is to provide solutions to the problems of the target audience. These problems do not necessarily have to be significant; they can be simple daily needs, such as food products or clothing. Therefore, you should choose products that your audience needs and avoid products that are not relevant or do not align with their culture and principles.
For example, Italians drink Arabic coffee and love it. It is a suitable product for the needs of the audience. On the other hand, tea drinking is not common among them, so it does not align with their culture. Additionally, you should stay away from any products that are legally prohibited in the target country.
Demand exceeds supply:
You have chosen products that your audience needs, which is good but not enough! You must ensure that your electronic store idea offers products that many people need and that there are not enough online stores covering these needs.
For example, you may notice a lack of online stores specializing in selling plants and flower bouquets in your city, despite people's need for these products for various occasions. Here, the condition of demand exceeding supply is met, making the electronic store idea you have chosen relatively good.
Scalable idea:
It is important to have a future-oriented ambition when choosing any electronic store idea. This means choosing ideas that are scalable in the future without affecting the core direction of your store or requiring a change in your brand. Therefore, avoid rigid ideas that do not allow any room for improvement or expansion because at some point, the market will become saturated with this idea, and it will no longer be as profitable as it was initially.
Ease of product sourcing:
When choosing an electronic store idea, you should consider the sources of your products. The process of sourcing products should be easy. For example, if you choose an electronic store idea to sell flower bouquets, you should have suppliers who can continuously provide you with the plants and flowers you need, even with increased demand during seasonal periods and holidays.
Ability to store goods:
Another factor to consider when choosing an electronic store idea is how to store your products. The storage process should align with your capabilities and resources, including storage space and the required climate to avoid product damage. For example, if you cannot provide a large warehouse, steer clear of products that take up significant space, such as home appliances and furniture. If you cannot secure large refrigeration units, avoid perishable food products or any other items that may spoil in heat.
How to choose a successful electronic store idea?
With a large number of e-commerce store ideas available, choosing the best idea may seem complex. However, you can simplify the task by following the steps below:
1. Identify your target audience scope:
The first thing you need to do is determine the geographic area you want to target. You cannot find an electronic store idea that meets the needs of your audience without knowing who your core audience is. Some electronic stores target audiences from multiple countries, while others focus on a single city.
As a beginner in the world of e-commerce, it is preferable to start your journey in a small geographic scope, such as your city or a neighboring city that you believe is still untapped in terms of electronic stores. This way, you can start without facing intense competition.
2. Research audience needs:
Now that you have identified your target audience, you need to gather data that helps you anticipate the products your audience needs the most. Focus on products they want to buy online but are unable to find in existing online stores.
The process of gathering information is not costly or difficult. All you need to do is listen to people's opinions and understand their needs. For example, if you have identified your city as the target audience, here are some effective ways to understand their needs:
- Start with yourself: Think about the products you have always wanted to shop for online but couldn't find an online store that offers them to you.
- Ask your close circle: Inquire about the products your family and friends want to shop for online, and let them suggest their ideas for your online store.
- Utilize social networks: You can ask people on social media about the most purchased products they buy online or the products they prefer to buy in the future.
3. Create an initial list of your electronic store ideas:
During the process of researching your audience's needs, you will come across numerous electronic store ideas. Be prepared to jot down every idea that comes to mind. Once you finish your research, you will have a long list of ideas. Review it again and add any idea that you believe deserves to be included in your initial list.
4. Study keyword search volume:
Now that you have a long list of good electronic store ideas and want to narrow them down, the first thing you can eliminate is the products that your audience doesn't search for online. Study the search volume for keywords related to each idea and eliminate the ones with low search activity.
You can use free tools like keyword planner to determine the monthly search volume for any keyword in the specific geographic area you define. Studying the monthly search volume for keywords helps you understand your audience's interest in the idea. However, a high search volume doesn't guarantee the idea's success since there may be intense competition among online electronic stores. At this stage, it is sufficient to cross off ideas with low search volume.
5. Study competitive electronic stores:
The ideal electronic store idea should have two key characteristics: significant audience interest and a low number of competing electronic stores offering those products. To start your e-commerce business, it's best to focus on products that have a reasonable demand but are not adequately provided by existing electronic stores.
Therefore, review your list of ideas once again and research the electronic stores associated with each idea. Study their success and popularity. Then, begin eliminating ideas that have a high number of competing electronic stores. Mark ideas that you feel you can compete strongly in.
6. Determine your budget:
Budget is an important factor that should not be overlooked. You may come across many promising ideas, but their financial cost may not align with your allocated budget. Therefore, clearly define your budget and start eliminating ideas that consume more than 60% of your budget. Be cautious not to choose ideas that consume your entire budget, as unexpected costs may arise in the future.
7. Shorten the list and find the best idea:
At this stage, you would have narrowed down your initial list by eliminating ideas with low search volume or those not suitable for your budget. However, you still need to further shorten the list.
Review your shortened list once again and exclude any ideas that don't personally appeal to you. Then, consult with people around you and consider their opinions to eliminate more ideas. In the end, choose the electronic store idea that has survived all the filtering and elimination stages, as it may be the best idea.
8. Create your electronic store:
To turn your previous efforts in selecting a profitable electronic store idea into a thriving reality that fulfills your ambitions, create your electronic store with a distinctive design that suits the nature of the idea. Provide a great user experience for visitors, as these are essential factors for the success of your electronic store.
If you lack sufficient experience in professionally creating an electronic store, it is advisable to seek assistance from specialized experts to set up the store quickly and configure the necessary settings. You can find these experts through reliable platforms that offer services for creating electronic stores.
Profitable Electronic Store Ideas:
To help you find a successful electronic store idea, we have compiled 9 ideas that you can choose from or draw inspiration from to arrive at the right idea:
1. Electronic Store for Plants and Flowers:
One distinctive and profitable idea is an electronic store for selling plants and flowers. Many people are interested in gifting flower bouquets to their friends and loved ones, making the option of purchasing these bouquets from online stores and having them delivered to the desired person an attractive choice.
The main challenge in this type of store is the inability to store the products since natural flowers will wither quickly. Therefore, you will need instant suppliers who can provide you with what you need daily or rely on your farm if you have the appropriate space and environment.
2. Electronic Store for Confectionery:
Another idea for an Electronic store that suits European and Asian countries, as well as American cities, is an electronic store for selling confectionery. These countries are known for their love of sweets and consuming various types of confectionery. However, it is important to be skilled in confectionery production or have expert confectioners in your team to reach potential customers with your products and build a good reputation.
3. Electronic Store for Tech Gadgets:
If you have good capital and want to invest it in a distinctive idea, you can create an electronic store for selling tech gadgets. This may include computers, smartphones, and tablets, as well as accessories like headphones, printers, memory cards, and more. What sets this idea apart is that you can start with a specific tech category and then expand your Electronic store by adding other items.
For example, you can start by selling computers and smartphones only, then add screens, PlayStation devices, surveillance cameras, and more once your Electronic store succeeds and builds a good customer base.
4. Electronic Store for Car Accessories:
One distinctive idea is an electronic store for selling car accessories such as lights, windshield wipers, car perfumes, and cleaning materials. These products are usually profitable and popular among people. What's great about this idea is that it is not very common, so there aren't many Electronic stores offering these products, which increases the chances of success compared to others. However, you should be someone interested in car decoration and care to effectively manage your Electronic store.
5. Electronic Store for Healthy Meals:
Many people following dietary restrictions struggle to find healthy meals that align with their dietary plans. Here, the idea of an electronic store for selling healthy meals comes in. You can sell low-calorie meals for those looking to lose weight, as well as protein-rich meals for bodybuilders. Accuracy in describing the products is important in this type of business. You should be careful to display all the ingredients in the meal, along with their calorie values. Additionally, cleanliness during preparation and packaging should be a priority, and it should be reflected in your Electronic store. Finally, don't forget to package the meals appropriately.
6. Electronic Store for Clothing and Fashion:
The e-commerce market for clothing and fashion is vast, but what sets an electronic store apart is the unique fashion collection that differs from other Electronic stores. If you have skills in design and tailoring and have fashion lines that haven't reached the public yet, it's time to showcase them through an Electronic store.
You don't have to manufacture clothing in large quantities; you can produce on demand. It's important to highlight this feature in your Electronic store. Another approach to launching an online fashion store is to market for a factory or major fashion brands. You need to ensure fast delivery and availability of the products your customers need and build a strong relationship with the supplier to avoid delays and maintain customer trust. It's crucial to clarify the clothing sizes and their equivalent in standard European and American dimensions, making it easier for customers to find their accurate sizes and avoid returns.
7. Electronic Store for Used Items:
At first glance, selling used items in your Electronic store may not seem convincing. However, when you delve into the idea, you'll find it rewarding and distinctive compared to other e-commerce ideas. It is popular among people in some American and European cities to buy and sell used items, so it is highly likely to succeed electronically.
8. Electronic Store for Natural Products:
Recently, people have become more interested in using natural products, such as skincare products and natural cosmetics. If you have the skill to craft natural products or can source them, you can launch your Electronic store for this type of product. However, you'll need to promote them effectively to reach the interested audience.
9. The idea for an Electronic Store for Children's Toys:
Another excellent option to start your journey in the world of e-commerce is selling children's toys. Toys are products that can be continuously sold and generate high profits. Despite the high competition in this field, the significant demand in the market accommodates this competition. You can outperform competitors by focusing on quality, building a good reputation, and selling exclusive toys.
Tips for Choosing a Distinctive Electronic Store Idea:
Here are some useful tips for choosing a successful Electronic store idea:
Start with specific product categories:
Specialization is crucial in the initial stage. You might think that offering a wide range of products will help you reach customers quickly, but often the opposite happens. When you start with a specific product, you can compete strongly in that niche and then gradually expand to other products after achieving success.
Have basic industry knowledge:
Don't choose an Electronic store idea that you know nothing about. It's important to have a basic understanding of how to handle the products, as well as knowing the goals that customers seek when purchasing these products.
Avoid temporary ideas:
You're thinking about the future! So, avoid choosing ideas that have an expiration date, such as ideas based on a specific trend or event. For example, don't choose an idea to sell products related to a particular World Cup edition, as your store will cease to exist once the event is over.
Don't replicate others' experiences:
One of the common mistakes beginners make in e-commerce is trying to replicate another Electronic store idea. Remember that everyone has their circumstances and various factors that contribute to their success. So, don't try to imitate others, but be unique with your ideas. Learn from their experiences and reasons for success without attempting to clone them.
In conclusion, while choosing the right idea is essential for the future success of your Electronic store, it doesn't mean you have to spend months wavering between different ideas. Focus on the fundamentals of a successful idea, follow your passion, and start your journey without wasting time.