Starting an ecommerce business

Start an Ecommerce Business – Part 1. The Types of Opportunities

By September 16, 2017 November 19th, 2017 No Comments

If you have not been blown away with a brilliant idea right from the start. Finding opportunities to start your business on with a great product range to sell online profitably can be a bit overwhelming. There are thousands of possible choices, yet, everything seems like it’s been done before.

KeepSpace is a service that helps fulfil ecommerce orders but does not ‘yet’ have an ecommerce store of their own to show their experience with. It was then decided from the founder Jesse to make an ecommerce store and to document the process so that those who have wanted to start an ecommerce store can with us and see what different tools and tips and tricks we used to establish a successful ecommerce business.

So with all these product choices where do you even begin to start searching for? The first step to finding products to sell online is to be able to recognize the opportunities that exist in the trends right now.

What I will share with you is six potential opportunity markers that you can get to know for yourself when you have found a great product. These six product opportunity keys are to helping you identify opportunities to sell online.

Let’s first look at the all eight opportunity markers, then, we will dive into each one in more detail:

  1. Uncover Opportunities in Keywords
  2. Build an Interesting and Captivating Brand
  3. See and Solve a Customer Pain Point
  4. Recognise and Cater to Consumer Passions
  5. Find the Opportunity
  6. Capitalise on Trends Early

Each opportunity above involves a different mindset and approach. Let’s explore each one in more detail:

1. Uncover Opportunities in Keywords

Organic search traffic can be the holy grail of ecommerce. If done correctly, Google and other search engines will reward you with massive amounts of consistent and targeted traffic. In a world of slim margins where paid advertising channels are consistently getting more expensive, this is precisely what makes products with keyword opportunities so lucrative.

Looking for a keyword opportunities involves strategically looking directly at a product or niche’s online potential based on the keywords people are search for in search engines like Google and Bing. then identifying high volume but low competition search terms. Keyword research can be a bit technical, so this opportunity involves a solid base understanding of keyword research.

One great tool to use is the Keyword Planner from Google. This planner helps you check words of interest that you have and see how many people search for those words or phrases quickly and cheaply

 

RESOURCE: For more information and a step-by-step guide on keyword research, check out this video on keyword planner usage.

 

2. Build an Interesting and Captivating Brand

Differing from the previous method, building a brand means also building an audience. A brand building approach involves developing a superior understanding of your potential customers, crafting a unique brand and carving out a unique place in your customer’s mind. This approach to building an ecommerce business can be particularly effective at differentiating yourself from competitors in the market if there is heavy competition.

Example: DODOcase, an iPad case manufacturer has done a noteworthy job at crafting a unique brand. Despite operating in the extremely crowded and competitive space of iPad cases, DODOcase broke through by telling a different and unique story, one where their cases are handcrafted using traditional artisan bookbinding techniques in the city of San Francisco. It’s this unique story and brand that has made DODOcase one of the top iPad case manufacturers in the world in a short amount of time.

 

3. See and Solve a Customer Pain Point

One of the best ways to build a great ecommerce business is by solving customer’s pain points. Products that solve a pain point can be lucrative way for visitors to your site to become customers who are looking for solutions to their problems.

You’ll want to keep in mind that pain points don’t always mean physical pain, it can also can include frustrations, time consumer, bad experiences or just upgrades.

 

4. Recognise and Cater to Consumer Passions

It’s a fact. Consumers tend to spend significantly more money to support their passions and habits. Just consider golfers. Golfers are notorious for spending thousands of dollars on gear and gadgets with the hopes and dreams of lowering their score, even by the slightest.

Catering to passions has additional benefits as well including deeper interaction with your brand, brand loyalty and increased word of mouth marketing.

Example: Black Roll is a company that focus on increasing flexibility and performance of the human body.

Recognising the passion consumers had for Black Roll with their unique designs and medium density optimised for the best effects across all fitness levels it became a hit for the Bondi beach boys and the Australian Wallabies rugby team.

 

 

5. Find the Opportunity

Capitalising on an opportunity or feature gap can be lucrative. This opportunity key involves uncovering problems or deficiencies in a product or seeing a growing gap for where technology is improving a segment of the market that can be capitalised on. An opportunity gap may exist in the form of an improved or additional product feature, an unrealised market by the current competitors, or it may even come in the form of your own marketing capability.

A tool to use that can be of help is jungle scout. Jungle Scout helps find opportunities that are with products being sold on Amazon. It scours a large product listings of products all over Amazon with data that can help clear out various opportunity margins. This system continually updates the data to find gaps that buyers post. With this information in hand, you can source out manufacturers that would be able to help make better product versions then the original product.

Here is a video to help show you how Jungle Scout works.

 

 

6. Capitalise on Trends Early

Capitalising on a trend early enough can have a massive impact on a new business. It allows you to carve out a place in consumers minds and establish yourself as a leader before others have a chance to. Capitalising on a trend early can also have big impact on your SEO (Search Engine Optimization) since you’ll be one of the first websites talking about and being indexed by search engines like Google and Bing for the new trending search terms. This can help you climb to the top of search rankings fast.

For example us here at Keep Space, we have realise the rise of popularity of drones in Australia and have seen some amazing footage that these small drops can give on their cameras with minimal shaking to the eye. This trend of smooth footage is becoming more and more popular in the last six months and we think that there is a large opportunity here to take advantage of. This is going to be our journey but also for you to learn from our successes and failures of how we start up an ecommerce business.

 

 

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