3 Ways to Harness the Massive Power of Ecommerce Even as the pandemic slows down, ecommerce continues to flourish. If you haven't taken advantage of it yet, it's time to start.
By JR Ridinger Edited by Amanda Breen
Opinions expressed by Entrepreneur contributors are their own.
Ecommerce is the next great frontier in business. Many entrepreneurs are still having trouble figuring out how to provide in-demand products and services effectively via the internet though. That means you have an amazing opportunity to capitalize on it if you can affect change before everybody else.
So how can you get out ahead and deliver in a way that ensures you grow and command respect in the market? Here are three ways to make it happen.
1. Look for emerging markets and trends
As things change, people change their preferences and start to buy different things. Sometimes those shifts are just little blips that don't last. But other times, if you dig into it a little and watch it over time, you can see that the blip isn't a blip at all — it's a mountain that's steadily getting bigger and bigger. Those are the opportunities that are staring you in the face, and if you can grab them amidst the chaos, then you're already ahead of the game. The second half is putting together your team and creating a realistic plan to start delivering those new things people want.
Related: Businesses Can Seize Online Growth by Pivoting Towards New Shopper Behaviors
2. Pinpoint where wants have become needs
Change can turn things we only want into things we truly need. Take Zoom, for instance. In 2019, Zoom was simply a nice feature that businesses or individuals could use if they felt like it. In 2020, though, Zoom suddenly became the best way for people to interact with friends, employers and peers they needed to talk to. The "nice feature" now was a must.
If you can proactively identify an area where a "want" is shifting to a "need" throughout your trend research, you can potentially have a major influence on whatever changes are happening and make a lot of money. You could already be in the right place at the right time — maybe your industry is becoming a need. But you can also capitalize on the potential by figuring out needs that are overlooked or unaddressed. If you started a toilet-paper company in late 2019, for example, then you get the idea.
3. The future of ecommerce is yours to direct
For years, people have been recognizing the variety and convenience ecommerce offers. Now, even more understand the benefits of this business model. They're not likely to forget how easy it is to shop online — and undoubtedly many will continue to do this if for no other reason than to stay safe at home.
Related: Why You Should Start (or Buy) a Fulfillment by Amazon Business in 2021
The future of ecommerce is bright, and online shopping will become an even bigger part of our economy. Be proactive and identify where you can serve people based on their new preferences and needs as soon as possible because the chance to have enormous sway in the digital world is right in front of you. You only have to take it before someone else does.
