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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.

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July
19, 2021

3 min read

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 trendsAs 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 Behaviors2. Pinpoint where wants have become needsChange 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 directFor 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 2021The 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.

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This Is How Ecommerce Can Help You Build Real Wealth

Diversifying your income is beneficial for several reasons, and it’s not as difficult as you might think.

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July
20, 2021

4 min read

Opinions expressed by Entrepreneur contributors are their own.

Most financial pros tell you not to put all your eggs in one basket. In other words, you need to diversify your investment portfolio. This way, if one investment crashes and burns, you still have enough under you to keep standing. When you establish more than one income stream, you’re doing the same thing. By diversifying what can generate money for you, you turn a roaring fire of risk into a matchstick and have insurance for your personal economy. Diversification with income is a strength. Achieving it, though, goes hand in hand with identifying emerging trends, markets and technologies that might be in demand and profitable over the long haul. There’s no shortage of niches here, but as people get more and more comfortable with digital business, ecommerce is an increasingly attractive and smart way to build the multiple income streams you need for real wealth.Related: How to Create Multiple Streams of Income from HomeThe benefits of going digitalToday’s internet and ecommerce systems are naturally incredibly adaptive and reactive. You can get information and make informed decisions at lightning speed. That makes it easier to manage risks and serve your customers well so that they keep coming back. Digital storefronts also let you bring in income without many of the excessive overhead costs or fees that traditional stores have. Depending on what you offer, you might be able to meet the needs of your customers from anywhere, and you can reach people who are well outside of your geographical region.Building your own optionsAs with a regular store, creating an ecommerce business that can serve as an income stream starts with just figuring out which products or services to sell. One mistake to avoid here is not relying as heavily on market research as you would with brick and mortar. Online doesn’t mean “not serious” or “light,” and you’ve still got to evaluate your idea, create a full business plan and follow legal procedures — such as registering your business name.As you think about your options for different ecommerce ventures, remember that in times of difficulty, people care about the basics. They don’t do a lot of frivolous spending; instead, they try to make their dollar stretch the furthest for items they know their family will need and use. Wants can become needs under the right circumstances, but try to think about what people really can’t do without. Be able to identify exactly how your product or service helps.Lastly, don’t think you have to do all of the heavy lifting on your own. There are plenty of turnkey systems out there now that allow entrepreneurs of every stripe to complete jobs without starting from scratch. You don’t need to know how to code to launch a website anymore, for example, and you can connect all kinds of systems together too. Be clear about your vision and what you want people to be able to achieve or see in each online store. That will let you pick the right systems and link them in a way that really works for you and your buyers.Related: 4 Ways an Entrepreneur Should Diversify Their IncomeThe economy of today tells you a lot about the economy of tomorrow. Right now, with inflation looming (or, in some cases, even booming), people who are on fixed incomes have a greater need than ever to set themselves up to thrive in the future. Multiple income streams can help you do that, and ecommerce is an especially promising environment in which to sell. Take advantage of the benefits of digital and build your own online stores to enjoy the stability, empowerment and freedom you want.

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MIT Technology Review names Mat Honan its new Editor in Chief

Paragraph MIT Technology Review announced today that veteran tech editor Mat Honan has been hired as its new editor in chief. Honan joins from BuzzFeed News, where he and his teams have published impactful, hard-hitting journalism that asks important questions, captures attention, and

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