Key Takeaways

• An e-commerce platform is a simple, attractive, and reliable online store built on consumer-centricity. In order to be successful, online retailers need to keep the following in mind:

• Find your niche and ask yourself ‘what problem are you solving, what gap are you filling, and what makes you stand out from the crowd?’

• Validate your target market and focus on getting the right traffic at the right price

• Create a fully optimised website which provides a hassle-free, convenient and seamless experience to the customers with a simple checkout process, compatibility across multiple devices and fast loading times

• Make the economics work. While e-commerce businesses give you deep consumer insights, make sure that is being used to drive sales as if the margins don’t meet the target, then it’s probably not worth it.

• Be mindful of the challenges such as supply chain inefficiencies, which lead to problems such as sourcing issues, late deliveries, higher return volumes, and a low level of integration between suppliers, fulfillment centers, and delivery companies ■