The Art of Business – Running an Ecommerce Store

July 24, 2017

The Art of Business – Running an Ecommerce Store

The BOXknocks blog is all about living that suave gentleman's life, knowing where to go, what to do and how to do it. However, as any real player will tell you, in order to be able to play hard, you have to work hard. These days, one of the most exciting ways to work and earn a living is to tap the enormous global market and start an ecommerce business.

However, an ecommerce business is far more complex than it seems on the surface. Ecommerce is equal parts business and art; you might say the art of business.

Know Your Customer

One of the secrets of running a successful ecommerce store is knowing your customers. You have to know what their interests will be, what their lifestyles will be like and what kinds of products they will enjoy.

This is essential because it will allow you to better tailor your store so as to cater to those customers.

For example, Box Knocks' customers are suave modern gentlemen and it makes a lot of sense selling pocket squares, because they will know how to appreciate style and show that they are not your ordinary men.

When you know your customers, you also know how much they are likely to spend, how likely they are to recommend your store to their friends and what new products they would like to see on your website in the future.

Know Your Business

Running an ecommerce business, when you really boil it down, is running a company. You will have your product; you will have your customers; you will have your expenses and your revenue and everything else that comes into running a business.

If you want to make any serious money from your ecommerce store, you need to get these in order and ensure that you are doing smart business.

You will need to consider a lot – from sourcing the products you will be selling to figuring out your margins that will still keep you competitive; from doing some digital marketing to figuring out your shipping options (this is actually more complicated than it sounds).

Running an Ecommerce Business - BOXknocks

You should also do proper research on various ecommerce platforms, checking their ecommerce solutions and how you will be able to conduct your business on them.

You also need to remember that ecommerce is hard work and that you will be flexing your business muscles on a daily basis in order to make it.

Know Your Style

Like I already mentioned, there is a veritable ocean of ecommerce websites out there and trying to eke a place for you in the market just based on products and prices will probably get you nowhere.

The thing that can get you places is your style.

Beard Style - BOXknocks

Box Knocks is actually the perfect example of this. It is sleek, it is contemporary and it features a straightforwardness that the target audience understands and appreciates. There may be websites out there that sell similar products, but it is the style that brings the customers returning.

Ecommerce style is just as elusive as any other kind of style, but it definitely pays off spending some time pondering and then developing it.

Know Your Competition

The world of business is an unforgiving one and it is all about besting your competition. In ecommerce, this is stripped to the very bone, with your competitors being very obvious and with your battle being so very straightforward that it becomes almost primal.

Without knowing your competition and knowing it well, you cannot hope to come out a winner in this fight.

Knowing your competition should never become simple mirroring of what they are doing. It should be more of a research, understanding what works for them and how you can apply it to your business.

You can rest assured they are doing the same.

Know your game. Know your art. Know your business.

 

 

Written by: Peter Minkoff





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