E-commerce is the fastest growing retail market in both Europe and North America. Online sales are expected to rise almost 17% to £182.80bn this year before increasing again to £215.38bn in 2017. The industry continues to provide new opportunities for entrepreneurs as they look to serve a now global market. With the ever increasing competition, however, it won’t be easy. Here are three things you’ll need to know.
Courier Services Will End up Losing Some of Your Packages
While most well-known, reputable courier services do a great job, unfortunately there’s no way of getting around the fact that some of your packages will end up going missing. Rather than simply being shocked at the situation, though, it’s much better to be aware of this before you get started. This way, you can start to think about how you’re going to accommodate for the additional expenses and time that will accrue. Many of these complaints are aimed at companies like Hermes and Yodel, who use self-employed drivers. Since they’re paid per parcel, it’s easy to imagine speed, rather than safety, being their main priority.
Internet Security Is Even More Important Than You Think
By now, we’re all familiar with the importance of maintaining our security when using the web. However, many business owners fail to take the necessary steps in protecting the additional information they take on when starting an online business. Without proper security or vulnerability testing such as a pentest these online businesses can easily find themselves the victims of cybercrime. If you decide to save your customer’s personal information, such as their credit card details, you’ll need to follow the latest PCI guidelines. This involves making sure that this information is no longer accessible post purchase as well as using established payment platforms to handle the transaction. Similarly, to ensure that your website always running, companies like Nettitude can help you to protect against potential cyber crime. Penetration testing is a commonly used practice of identifying the vulnerabilities of any protected computer system.
Trying to Appeal to Everyone May Not Be Your Best Bet
Finally, you may think that the best course of action is to always try and appeal to the largest demographic possible. However, as crazy as it might sound, many startups can benefit tremendously by focusing their efforts on much smaller target markets. By their very nature, niche audiences have to be more receptive to new products and services as the other options aren’t fulfilling their needs. Of course, the real benefit to starting a business in the digital age is that you can reach more potential customers than ever before thanks to the internet. After all, in a billion dollar industry, you’d only need to capture 0.1% of the market to have a million dollar idea.