Even though the e-commerce business industry is a global market place, it is clear that some countries and areas have a greater success than others. It is no surprise to learn that the United State’s market is the biggest e-business market but according to an industry expert, the UK market is the second biggest in the world.
IMRG, the e-commerce trade association, says that the UK e-commerce business industry is set to grow by 13% in 2012, leaving the industry to be worth £77 billion. This is a huge industry in the UK market and it is clear that more and more people are moving into the market. Quotes from John Andrews, the managing director for IMRG, indicates that British e-commerce companies are exporting more than all of the European based e-business companies put together.
E-commerce business is growing in the UK
Existing firms are strengthening or developing their e-commerce outlet but there is the scope for start-up firms to feel the benefit too. The e-commerce small business sector is thriving with possibilities for new entrants into the market. The massive steps forward taking by the UK online retail market is remarkable and this is why it is one of the industries that will be heralded and acknowledge at a legacy event this summer marking the London 2012 Olympic Games.
The business legacy event will be focusing on how UK innovation has impacted around the world and ways which British and foreign e-commerce businesses can collaborate in the future. This is sure to be an interesting aspect for many major e-commerce companies but for the e-commerce small business, it may not have that much relevance. The fact that the market is expanding and there are more opportunities for start-up businesses to find success is the thing that people should be taking from the event and the recent announcements.
It is easy to see why the recent economic downturns have caused people and industries to be downbeat about the future but there is scope for small e-commerce companies to be a success. Sometimes being in the right place with the right idea is all it takes but in general, it takes a sensible approach and pulling together different strands to make a start-up e-commerce company a success. If you have been thinking about starting up an e-commerce firm or want to learn more, now is the perfect time to take action and develop a plan in a proper and sensible manner.
Learn the errors of previous e-commerce companies
Even before you start with your e-commerce business, knowing the most common mistakes of e-commerce small business projects that fail can give you a head start. Learning from the errors of others is always a good way to get on in business and even though e-commerce provides scope for success, there have been numerous failures. Studies indicate that 97% of start-up e-commerce firms fail to record a profit inside 3 years. This can be very damaging but it should be remembered that the vast number of e-commerce businesses starting up every year means that a great number are able to be a success. There is no sure-fire way to finding success but following the right steps, knowing your market and avoiding the common mistakes will be the best way to increase your chances of success.
One of the most important things an e-commerce company must do is ensure that their website is of a good standard. If you have no web developing skills, it is important to utilise the services of someone who does. However, having a great looking website is one thing, having an effective website is an entirely different matter. This is why knowing what your target market is looking for and how best to suit their needs is essential for all small e-commerce companies.
Make a difference with your e-commerce firm
This should be essential for all businesses but with e-commerce small businesses needing to make a positive first impression in a short space of time, the quality and effectiveness of their website can make all the difference. It is not impossible to be an e-commerce business success with a poor or misjudged website but it becomes more difficult. A start-up e-business should be looking to remove obstacles, not put more in their way, so having the right style of website is important from the start.
It is likely that an e-commerce small business will need to outsource a number of issues or rely on suppliers, which again emphasises the similarities to a standard small business. Even though having an online presence affords companies a wider reach without as many costs, there is still a need to follow business principles and practices. If you provide products as part of your e-commerce plan, you will need to buy in materials and think about the delivery of goods to the end consumer. There will be options in all of the elements, leaving e-commerce firms with a decision to make regarding cost and quality. Having a valid business plan is as important for an e-business as it is for a company with a physical store.
This summer, the UK will be focusing on sporting success and glory but in the longer term, it seems as though e-commerce is going to create a lot of success stories up and down the country. There is a real chance for start-up companies to be a success in the e-commerce industry but there is a need to know how to go about it.