As a medium of distribution of products (and sometimes services), eCommerce offers tremendous potential for business in the MENA region.
This favourability also makes eCommerce a highly competitive route in the Middle East and the overall MENA region. In this communiquรฉ, retail and eCommerce consultants - YourRetailCoach (YRC) shed light on some of the basic steps to start an eCommerce business with an emphasis on the region.
Get advise for E-commerce retail business : http://www.yourretailcoach.ae/contact-us/
๐๐ค๐๐ญ๐๐ก ๐จ๐ ๐ญ๐ก๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐ข๐๐๐ & ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐ฆ๐จ๐๐๐ฅ
Before going to study markets, it is important to have a sketch of the business idea and the probable business model.
This is important for two reasons - it serves as the business idea validation process and it helps give a shape and direction to market research. Some of the relevant points to be defined or ideated (for further investigation) in this step are:
ยท What is the business idea? What is being offered? What will it stand for?
ยท Reasons for choosing the specific business or line of products and services
ยท Domain expertise and relevant experience
ยท Market gaps covered
ยท Value to customers
ยท Intended value propositions
ยท Brand distinction
ยท Potential customer segments
ยท Market size
ยท Value chain
ยท Competition
ยท Ease of doing business, regulatory environment
๐๐๐จ๐ฆ๐ฆ๐๐ซ๐๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก
Market research has a massive scope of work. This is why the previous step of developing a sketch of the business idea and business model is important. It helps pinpoint what market information to be looked for.
Besides, big cities in the region like Dubai, Riyadh, Cairo, Abu Dhabi, Muscat, Kuwait City, and Doha, already have a presence of strong retail and eCommerce brands. Going without deep and insightful market research is not recommended.
In general, some of the important areas of work in eCommerce market research are:
ยท Overall market behaviour and features
ยท Values, culture, and tradition
ยท Total market size
ยท Competition analysis
ยท Channel analysis
ยท Demand analysis
ยท Pricing analysis
ยท Location-based analysis
ยท Value analysis, consumer behaviour, customer/user journey, usage patterns
ยท Market segmentation
ยท Ideal and targetable segments
ยท Technology environment
ยท Regulatory environment
ยท Supply chain and logistics
ยท Future prospects
ยท SWOT analysis
Market research should always lead to actionable information and insights. Any information gap filled with assumptions could lead to flaws in the rest of the eCommerce business planning process. Gaining an understanding of local values, culture, and tradition (including linguistics) should be emphasised in market research.
๐ ๐ข๐ง๐๐ฅ๐ข๐ฌ๐๐ญ๐ข๐จ๐ง ๐จ๐ ๐ญ๐ก๐ ๐๐๐จ๐ฆ๐ฆ๐๐ซ๐๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐จ๐๐๐ฅ
After market research, most of the required information should be available for finalising the business model. In eCommerce business model development, the value chain is mapped along with the list of required internal and external capabilities to create and deliver the intended value propositions to customers.
This entails establishing the value propositions, listing the key activities of the value chain, identifying the key value chain partners, defining the customer segments and CRM strategies, highlighting the major costs and streams of revenue, and determining the channel approach. The essence of business modelling is drawing the basic framework of what a business will do and how it will remain sustainable.
๐๐๐จ๐ฆ๐ฆ๐๐ซ๐๐ ๐๐ฅ๐๐ญ๐๐จ๐ซ๐ฆ
ECommerce platform is the framework of technology based on which buying and selling takes place in eCommerce. This framework comprises software, hardware, and networking technologies for online storefronts to work for both customers and businesses. It is the eCommerce platform that determines the extent of digital capabilities an eCommerce app/website will have.
To make a good decision in selecting an eCommerce platform, an essential requirement is having business and technological solutions on the same page. In the selection of an eCommerce platform, businesses have the option of developing their own infrastructure (On-Premises) or using the services of eCommerce platform service providers (SaaS, PaaS, and IaaS).
๐๐๐จ๐ฎ๐ญ ๐๐จ๐ฎ๐ซ๐๐๐ญ๐๐ข๐ฅ๐๐จ๐๐๐ก
Your Retail Coach (YRC) is a boutique retail and eCommerce consulting firm with 10+ years of experience in providing enterprise startup and management solutions. With a scaling global trail, YRC has served over 500 clients across 25+ verticals with a success ratio of 95%. In eCommerce business consulting, YRC offers planning and implementation services and solutions for enterprise setup and business growth and expansion.
For professional assistance in eCommerce business set-up, management, and expansion or to speak to one of YRCโs eCommerce business consultants - http://www.yourretailcoach.ae/contact-us/
Dr Rupal K Shah
Mind-A-Mend Consultancy Private Limited
+91 9860-426-700
consult@mindamend.net
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10 steps to start an E-COMMERCE Business - Right BUSINESS STRATEGY [ Step1 ]