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In Hong Kong, eCommerce is on the rise. According to data provided by Statista – 4.15 thousand e-commerce consumers are presently in our big city. This figure will continue to increase in the following three years, according to the same study. By 2021, there will be 5,30 thousand e-commerce customers in Hong Kong, spending about USD 1.000 per capita.
The man who celebrates eCommerce
Currently, overall e-commerce sales in Hong Kong are projected at US$3.71 billion (all goods and categories). The two main product categories presently include electronics and media, representing nearly a third of the total market revenues.
These are very encouraging numbers for a city that boasts a retail center on every corner.
Although many polls indicate that most people in Hong Kong still like shopping in physical shops rather than online shops — these results demonstrate that the general mindset is progressively changing in another direction.
The Current Shift
In a recent poll by KPMG and GS1, 40% of Hong Kong residents questioned stated that buying from any place is attractive to them at any time.
The statistics, surveys, and findings from the first half of this essay are now the ideal moment to join the internet market.
People are interested in internet buying, but the competition is not yet too good to deal with. Businesses now have a real opportunity to conquer their micro-niches and produce concrete and consistent income streams on their websites.
But everything, apart from it, is never simple to develop a profitable e-commerce company in any industry. Hundreds of tasks have to be done physically in a restricted period. Moreover, money is often a problem for young companies. And even if you find out how to combat these problems, you always have a chance of something unexpected that may quickly drive you away.
This is why it is essential to complete your research in advance. In the next section, we will list and discuss 3 of the critical things that you need to know before you decide to join a particular online market and set up your store.
Learning eCommerce and online orders for business people
Before you spend a single dollar in building your eCommerce company, you need first analyze the industry and learn all the participants involved in the game.
From the biggest competitors to the smallest – you have to get to know them all. You will quickly notice that most entries have the same characteristics as you start to browse through the names on your list. They’re frequently not readily identifiable, but certainly, they’re there. A pattern will emerge if you delve deep enough.
You should not be discouraged if you discover that most of your immediate rivals have a well-established internet presence. Don’t concentrate on the trivialities. Find the source of their achievement and examine their flaws and strengths.
The Process step by step
Go to the consumers first and foremost. Analysis of purchase expenses. Every person in business hopes of drawing more prominent people. How cheap the client acquisitions rely on your niche’s margin, lifetime value, and overall competition.
Whether a company spends or not on advertising, it is still not free to generate new consumers. First, you may spend your own time testing your goods and services, but as the company grows, you have to bring more people in, which will dramatically affect your operating costs.
Calculate your ROI for e-commerce
It is usually preferable to start with mathematics before concentrating on the growth of the company itself. You have to work out how much money you will have to spend to produce a sale and whether that sum is low enough to earn a real long-term return.
SEO + Day One Content Marketing
Most e-commerce companies make a significant error in their early days. After they already have established reputation and respect in their sector, they see SEO and content marketing as something that happens later. Furthermore, SEO and content marketing are seen as two separate activities. They are even eager to counter these two “different practices,” which is, of course, totally incorrect.
You must start optimizing your site, pages, and output immediately after creating your e-commerce company. In addition to ensuring that all on-site activities meet Google’s regulations, you need also make clear what distinguishes you, your brand, and your company from the rest for your target customers. By doing so, you will improve your chances of individuals being discovered.
First page eCommerce business ranking
Modern consumers need content. They rely on it. From complete specs, infographics, films, and detailed FAQs – your consumers need to have their views on various goods, services, and businesses. You want to educate yourself and yourself before making any buying choices.
That’s why it’s essential to become ready. You should do your best before you start up a store and build a strong foundation of well-written, carefully investigated, and correctly optimized material, which will undoubtedly assist your prospective consumers in deciding more quickly and smartly from day one.
But what’s the first thing? The Egg or the Chicken?
Suppose you both do it properly. In the first place, you should choose meaningful long-running keywords with large search volumes and low difficulty that you can readily see as the top result. Then try your best to create material that gives the genuine subject worth. If you solve an issue for your readers, they will remember your brand, meaning they will likely return to your domain whenever fresh insights or information is required. That’s how you get supporters.
For your goods and services, you should do the same. Ensure you optimize them for relevant keywords and provide exciting material about their features/functions/worth.
It is never too early in today’s environment to begin working through keywords and important subjects for your company. If done correctly, SEO and content marketing are two main complementary strategies. Helpful content, built around simple sentences that people search for on Google, will provide your business a distinct advantage, even more so on marketplaces like Hong Kong.
Revenue versus Cost – Two things eCommerce businesses make and break
Even if new consumers are the number one target of any e-commerce firm, your income must be continuously monitored and compared with expenses. As I stated before, whatever you do or offer, new clients are never free. Even if you spend your own time and resources – you still have to verify it.
For most eCommerce companies, besides employees’ wages and marketing expenditures, products and service costs must continually be understood.
Maintaining these low expenses should be a goal for your company, particularly in the early stages. In addition, raising the average order value directly affects your e-commerce company’s overall performance. It is of significant significance to maintain the right balance between income and costs. You do something incorrect if your income isn’t higher than your expense. This is why it is essential to put things first on paper before starting a store and to examine all elements of your company and goods.
If your current company strategy doesn’t seem viable, you should focus on your concept and find a method to offer better value goods. Although it may seem like a massive jump initially, it is not that much tougher to sell $1,000 wristwatches, for example, than pushing $10 handsets.
Even though your margin is less, the overall profit for the first product by order will be much greater. Before you choose a niche, you must experiment with various goods and pricing. Work on your plan. Work on your project. Figure out what you can buy or sell.
The man calculates his e-commerce ROI
Thank you for taking the time to read this article from start to finish. As you can see from all the preceding, you must be ready for the market. All your thoughts must be placed on paper and analyzed from every aspect whatsoever. Marketing is one of the most significant and most essential company elements. If you fail in this area, your e-commerce shop may not be kept alive for a long time.
If you see that the real potential for your company concept is consistent revenues, you should start thinking about marketing from day one. It’s never too early to begin building a good buzz for your company. Marketing sells goods, and everything else is secondary to keeping businesses and brands alive, aside from the product itself.
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