From the iPhone to the Fitbit, the world certainly loves its gadgets, and the more sci-fi inspired, the better. The market for consumer electronics has long been an incredibly lucrative one, making it an enticing option for entrepreneurs to turn their thoughts to.
If the growing demand is anything to go by, competition seems fierce, and the rewards for standing out are plenty.
Herein lies a potentially billion-dollar question, what will you be selling? In order to find success in the world of online electronics, a few fundamentals and a vast range of details will need to be considered, from the tiny to the tremendous, and even the medium-sized aspects in between.
If you fancied your talents at running a successful online electronics store, here are some points that might help you get up and running in no time.
Due to a multitude of complexities, striving to define a concrete budget for starting out can be a thorough challenge. Perhaps one of the most tempting reasons to opt for the eCommerce model is that you can often keep overhead costs extremely low, saving money on aspects such as inventory and office space.
It is worth thinking about the cost of the components and products, the transportation costs, distribution, platform hosting, service providers, SEO, and payment options. Many payment platforms charge an amount that can greatly accumulate over time, so sticking to just one of the most popular options initially might be beneficial to anyone working on a tight budget.
Starting with a website is ideal, and the ever-popular Shopify is a completely viable option for many. There are a host of others; however, all offering their own unique benefits. Taking some time to figure out which payment plan and platform works best for you is essential.
Some of the most popular electronics right now include phones, smartwatches, headphones, computers, and game consoles. The world of electronics covers so much ground however that may be a more specialized niche that would suit your company, as this can make your brand stand out as unique.
To find the perfect product, you might want to try and consider:
- Specializing – Knowing the products inside out is a superb way of setting yourself apart from the competition, as you can offer customers the support and insight they need when making a sale. Electronics can be extremely expensive, and customers like to know that they are being looked after by an expert.
- Narrowing it Down – Initially, choosing one brand or even one type of product is a great way of establishing your brand as the go-to for a particular item. Moreover, it might mean you do not have to worry about sourcing too many different suppliers from too many locations at any given time. When your company starts to take off, you can branch out to a host of different products!
- Combine Your Passion – Sometimes, the best jobs are the ones that allow you to do what you love. If you possess a passion for music, for example, why not look into selling musical electronics like guitar pedals, amps, speakers, or synthesizers? If you are particularly interested in the ever-developing landscape of game consoles, you could look into selling retro gaming devices or cutting-edge VR headsets.
Sourcing a reliable supplier is often one of the intrinsic parts of a successful eCommerce company. There are many factors to bear in mind when finding the right one or the right combination.
For example, if you were selling electronic components, finding out where to source parts like a through-hole resistor might require you to find a specialist. For these more intricate and specialized components, it can take more research into whether or not you can find a deal that proves beneficial to your profit margins.
Suppliers can essentially dictate your prices and, therefore, your entire business model. In this regard, it may be worth thinking about factors such as authenticity, as finding the best deal should not mean having to sacrifice product quality.
The location of your supplier can also contribute towards the overall costs of your acquisition process, especially when outsourcing to other countries that may have different tax laws, not to mention the logistical nightmare that this can incite.
After registering your business, however, you can start to open up a world of new possibilities and hopefully get the chance to work with trusted suppliers.
Seeking out previous clients, reviews and testimonials is also a great way to make sure that you are not inadvertently wasting your time with a sub-standard company or, even worse, a scammer.
You might also want to think about implementing drop shipping for when you first decide to open your virtual doors.
As an eCommerce aficionado, your website should be among the very best the internet has to offer if you wish to truly make an impact and make your customers remember you.
Standing out can be difficult in a saturated market, so initially focusing on the fundamentals of website building is essential.
First off, functionality is of utmost importance. If your website is difficult to use, customers will quickly realize that there are thousands of other websites available at the click of a button. Making sure your customers can easily access your product pages and navigate through your site stress-free is absolutely crucial for sales. This also helps to nurture one of the most vital aspects of business: the customer experience.
Similarly, a slow-running website with exceptionally long loading times can serve as a red flag to a general internet user. Not only does this emanate a lack of care and attention, but it can frustrate your potential customer, which is obviously far from ideal.
Making your website stand out does not mean inundating it with banners, popups, and images, as this will often have an adverse effect and can distract the customer from your ultimate goal of selling a product.
Site optimization across various platforms is also a must, as many internet users will check out the products via their smartphone. If everyone can access your site on whatever platform they might prefer, you may be able to increase your brand’s reach and customer base.
Going the Extra Mile
Some of the best eCommerce websites provide their audience with vast swathes of useful information, including blogs on the latest releases, video reviews of products, and a comprehensive list of specifications on any given item.
Selling electronics is no different, and in many cases providing extra background is a necessity, particularly when considering the cost, availability, and popularity of many new products.
If you can find the time to regularly conduct your own reviews and employ a few of your video editing skills, you can give your potential customers an extra avenue of interaction. The more methods of engagement you can offer your audience, the greater the likelihood they will turn to your company for your expertise.
The Customer Experience
Looking after the customer throughout their entire time with your company is crucial for developing your brand as a reliable and trustworthy option.
Developing the customer experience is one of the driving forces behind expansion and success for most companies. When selling electronics, setting up an easy-to-use, generous returns policy is a must.
Many electronic components can be extremely delicate and relatively easily damaged in the transportation process, which might be even more applicable for those of you sourcing your products from an entirely different country.
Keep at It
Some of the best enterprises take time to flourish. Building your customer base and sourcing your products from a regular, reliable supplier are some fundamentals to work on in the first few months, and before too long, you might find success in the thriving electronics market.