The e-commerce industry has been steadily growing in the past few years. Google and Temasek Holdings report that the market size for Singapore’s e-commerce industry will grow to US$5.4 billion by 2025.
Today, many brick-and-mortar retailers are supplementing their physical sales through online distribution platforms. If you are looking to get a foot into the world of e-commerce, then read on to see just how you can go about it.
1. Plan It Out
Your business plan will be the blueprint of how your business will operate and develop. You need to write a plan that helps remind you of your vision and objectives as you get further down the line.
Your initial plan can be both exciting and daunting at the same time. With so many things going on, it is easy to feel overwhelmed by all the options available to you. So before that happens, try making a checklist of some basic things:
- Executive summary: an overview of the entire plan.
- Company descriptive: explanation of your identity and operating procedures as a business.
- Products/Services: an overview of your sales values and customer niche.
- Market analysis: a description of your target customers, competitors and industry.
- Company strategy: an outline of your sales, marketing operations, strategies and plans.
- Organisation and management: a summary of your company’s organisational design
- Financial projection and plans: an analysis of your profits and costs