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In 2023, 17 percent of B2B sales are expected to be generated online. In 2019, this share was 13 percent. The U.S. B2B online sales projections are to reach 1.8 trillion U.S. dollars in 2023.

B2B Ecommerce is on the rise.

With such an increasing preference for online purchases in the B2B sector, it is a good idea to tap into this market and sell your products online. The opportunity exists both for businesses that are already in the game and the new entrepreneurs.

Today, eCommerce is as available for small businesses as it used to be for large-scale enterprises earlier. All you need is to build an eCommerce store that suits your needs.

This blog gives you ten pointed questions before you start your eCommerce journey with the best possible answers to help you from the word go.

Getting Started – 10 questions to ask before you start selling products online

Setting up an online store is the top priority to sell your products online. But, before you take the eCommerce leap, here are some questions to ask yourself. The answers may lead you to a well-chalked-out business plan.

1. What products will you sell online?

The first step is to determine what products you want to sell online. For example, if you already have an offline business of office supplies, you can choose to sell online office supplies.

Statistics suggest that 12% of B2B buyers in the U.S. consider product expertise as an important factor while shopping online.

For entrepreneurs who are starting afresh, unique products often perform better online as they cater to specific needs and face less competition. Consider products that you are passionate about, easy to market, or solve a problem.

Just make sure that you conduct market research to assess the need for your product in the market.

2. Can you sell those products online?

Evaluate the logistics of selling your products online. Calculate the overall cost of creating or sourcing the products, including materials, time, and storage. Assess the shipping costs and determine if it aligns with your Pricing strategy.

Consider creating an excellent customer experience around your product. Think about how you can provide the best in-person experience through detailed product descriptions, multiple photos, and customer reviews.

3. How will you procure and ship those products?

Decide on the sourcing method for your products. You can either make the products yourself or purchase them from a third party such as a manufacturer or wholesaler.

If you choose to make the products, consider the sourcing of raw materials, storage, and shipping. If sourcing from a third party, thoroughly research suppliers, sample their products and inquire about shipping times and minimum order requirements. Explore eProcurement options with these suppliers.

Consider dropshipping as an option to lower initial investments and inventory management.

4. What does the competitive landscape look like?

If other companies are selling the same product as yours, conduct a competitive analysis to understand their business strategy. Search online and on social platforms to find competitors and analyze their strengths and weaknesses.

This way, you will gather information to stand apart from the crowd. Look for opportunities to differentiate yourself through unique products, Marketing strategies, or new channels. Stay updated on industry trends and changes in consumer sentiment by reading trade publications and blogs.

5. Who is your target market?

Identify your target market – the group of consumers who are most likely to buy your products. If you already have an established business, utilize analytics to determine your best customers. Conduct surveys or research your competitors to create a hypothesis about the target market. Develop your branding and marketing strategies based on the characteristics and preferences of your target market.

6. What do you need to know about the laws and regulations?

Consult with a legal and financial advisor to ensure compliance with relevant laws and regulations. Consider licenses, permits, insurance, sales tax requirements, PCI compliance, zoning laws, and intellectual property protection. Familiarize yourself with the restrictions on shipping and any other legal obligations specific to your industry.

7. How can you decide the online pricing of your product?

Consider the factors like material costs, customer expectations, shipping expenses, taxes, and marketing expenses to decide the online pricing of your product. It is crucial to strike a balance and avoid setting prices too high or too low.

There are several pricing strategies available for eCommerce businesses:

• Cost-based pricing
• Competition-based pricing
• Value-based pricing
• Dynamic pricing
• Bundle pricing
• Consumer-based pricing

Each of these strategies carries its risks and benefits.

8. How to choose the right eCommerce platform?

Identify your needs and choose an eCommerce platform accordingly. Consider both the front-end and back-end functionality. The front end should provide an excellent customer experience with high-quality product photos, customer reviews, and mobile payment options. The back end should support sales and analytics, payment processing, inventory management, and integration with other systems such as your POS or inventory management software.

9. How can you build an eCommerce store?

The good news is that you do not need technical or coding knowledge to create your online store. Modern eCommerce platforms can get you started in some easy steps.

Here is how-

1. Choose your eCommerce platform
2. Design your online store
3. Upload your product catalog
4. Set up a payment system
5. Manage our website content
6. Explore software integration (CRM, CPQ, etc.)

10. How can you attract customers to your online store?

Once your store is set how will you market it and let the world know about your product? The eCommerce marketing plan depends upon your product, your target audience, and your business goal. Some of the popular eCommerce marketing methods are-

• Natural Searches – Search Engine Optimization (SEO)
• Paid Advertising – Google advertisements, as well as social media platforms
• Landing pages
• Upselling/Cross-selling
• Affiliate marketing programs
• Email marketing
• Word-of-mouth referrals

During the early stages, optimize your operations for SEO purposes and make full use of any applicable online marketing tools provided by your eCommerce platform. As soon as your enterprise becomes operational, you can explore alternative strategies to determine which approach yields optimal results.

Conclusion

Building and selling your products online can open up a world of opportunities for your business. You can maximize sales and grow your brand by carefully planning your eCommerce store, attracting customers through effective marketing strategies, and continuously optimizing your online presence. Remember to stay customer-focused, provide a seamless shopping experience, and consistently measure your performance to ensure long-term success. Now, it’s time to take the leap and start selling your products online!

Looking to start a project? Visit our website to learn more about our services and how we can support your eCommerce journey.

The post Taking the eCommerce Leap: 10 Important Questions to Ask Before You Start Selling Products Online appeared first on VAR Sales Management Blog: News, Tips & Many More By VARStreet.