The global COVID-19 pandemic has made an indelible impact on almost every aspect of our lives, including how we purchase what we need. Estimates indicate that after the pandemic hit, volume for online purchases increased by as much as 300%, with malls and other typical retail outlets closed and people being forced to remain home for safety.
Now that the global health situation is slowly returning to normal, every metric indicates that online shopping is here to stay, even with relaxed community safety protocols in place. This evens the playing field for people with an entrepreneurial mindset, so if you’re looking for a way to put a few more zeros on your bank account, you’ve come to the right place. Here’s what you need to know to start your online business today.
Consider The 4Ps of Marketing
Many people may think of marketing as simply flashy advertising or billboards along major thoroughfares, but it’s definitely much more than that. Traditionally, marketing consists of four basic elements necessary to start a business, referred to as the 4Ps. These are:
Product - Every business exists to sell something and make a profit, and therefore must have a product (or a service).
Price - Unless you operate a charity, you’re probably going to charge for your product or service. This is your product’s price.
Place - Where do you intend to sell your product? How will it be available? These are the questions asked when you’re dealing with the P of marketing known as place, sometimes referred to as distribution strategy.
Promotion - How will you tell the public about your product? What communication channels will you use, and how much do you expect to spend on this? All this and more are referred to in marketing terms as promotion.
Each of these Ps has strategic implications on your business, some of which we’ve touched on already, but even product and pricing decisions must be considered as well. For example, do you choose to sell a product that’s easily recognizable and widely available, knowing that the market would be familiar with it, but that competition would likely be very high as well? Or do you choose a product for a niche market, with comparatively less competition but a smaller market size as a whole?
In relation to this, how do you price your product relative to your competition? Will you cut your prices and charge less than competitors or price higher and give your product an air of exclusivity? The answers to all of these questions will inform your overall strategy and must be aligned with your overall objectives.
Assemble Your Operations
If your marketing plan could be likened to a person’s spine, your operations plan would definitely be the arms and hands. Designing an operations plan means having to answer a number of vital questions, including what time you open, what time you close, whether to hire or not, and many other questions. Since you’ve decided to move your store into the digital space, one of the operations questions you’ll have to answer is: how do I sell online? There are so many options available to budding shop owners these days: via social media like Instagram or Facebook Marketplace; over a third-party ecommerce platform like Shopee or Lazada; or via your own website.
Each of these has its advantages and disadvantages. For example, putting your products on social media is one of the fastest, and easiest, ways to get your product to market. With a few well-taken photos and clear instructions for how to place orders, your store can be operating on Instagram or Facebook within just a few hours. However, customization options for your online store and design for your space could be fairly limited. On the other hand, building your own website will give you maximum flexibility in designing your storefront online, but this could require both time and a significant budget to execute successfully.
Another vital aspect of operations is billing. How will you collect from your customers? In this regard, Maya is here to help. The Philippines’ top payment gateway has a number of options available to budding entrepreneurs. Those who would like to start selling immediately even without their own website may want to look into Maya’s Digital Invoicing, which allows you to bill clients via email, SMS, or chat. Maya Checkout, on the other hand, is an excellent option for entrepreneurs who have built their own site. With integration into popular ecommerce platforms including Shopify, Magento, WooCommerce, this universal payment solution makes it easy for web visitors to transact with your business, and it also accepts payments made by Visa and Mastercard credit cards and debit cards, as well as e-wallets like Maya, WeChat Pay, Grab Pay, and GCash.
There is no better time to get involved in ecommerce than right now, with the sudden rise in popularity of online shopping. Finding the right partners and assembling a solid plan based on the tips presented above could be the ticket to getting that boost in your bank account that you’ve been looking for!
