CRESTHUB
CRESTHUB MAGAZINE
  • NEWS
    Flutterwave debunks Alleged Reports of Hacked Accounts

    Flutterwave debunks Alleged Reports of Hacked Accounts

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PICTDA announces Resumption Date for Code Plateau Cohort

    PICTDA announces Resumption Date for Code Plateau Cohort

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

  • FEATURED
    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

  • FINANCE
    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

  • PODCAST
CRESTHUB
  • NEWS
    Flutterwave debunks Alleged Reports of Hacked Accounts

    Flutterwave debunks Alleged Reports of Hacked Accounts

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PICTDA announces Resumption Date for Code Plateau Cohort

    PICTDA announces Resumption Date for Code Plateau Cohort

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

  • FEATURED
    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

  • FINANCE
    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

  • PODCAST
No Result
View All Result
CRESTHUB
No Result
View All Result
Home Business Idea

E-Commerce Guide: What You Should Know Before Starting Up An E-Commerce Site.

by Johnpaul Nwobodo
May 11, 2018
in Business Idea
Reading Time: 5 mins read
0
e-commerce image
Share on FacebookShare on Twitter

The ICT age has brought forth a lot of disruptive innovation. Who in the 17th century will believe that with just a click, you can transact online or have your goods delivered to your doorstep; that is the power of the 21st internet.

One of the areas that were not left out with respect to the innovation of the 21st Century is the “the traditional market” and “our traditional way of carrying out transaction”. The introduction of the e-commerce has disrupted our traditional way of carrying out a transaction and with the rate at which it is growing; our traditional market will soon fizzle out. If you are planning to join the e-commerce sector, you are on the right track.

E-commerce is a process of carrying out the transaction of buying and selling online. It draws on technology such as mobile commerce, electronic fund transfer chain, supply chain management, internet marketing, online transaction processing, electronic data interchange, inventory management system and automated data collection system (source: Wikipedia.).

The following are the basic things you should have in mind while setting up an e-commerce business.

  1. DETERMINE THE STRUCTURE YOU WANT YOUR E-COMMERCE BUSINESS TO EMPLOY.
  • Business to Business
  • Business to Consumer
  • Third Party Retail/ Classified Listing

For you to successfully run an e-commerce site, you need to determine the necessary structures that your e-commerce will operate on. Now let us go through the above-stated structures.

                                                    BUSINESS TO BUSINESS

This involves a transaction carried out between two businesses. For your e-commerce site to successfully run on this type of structure, you must make room for or have access to a large listing of businesses that you will sell to and of course know the market segment that you will serve. A typical example of a business that runs on this business model is Alibaba.com, the Alibaba website serves a medium through which major businesses both SMEs and Big businesses meet to transact.(individuals can also make use of this website for personal reasons).

CHALLENGES POSED BY THIS STRUCTURE:

  • Attracting Credible Businesses to join your platform
  • Targeting Classified buyers
  • Efficient Delivery.

 

 

 

                                                BUSINESS TO CONSUMER

Majority of the e-commerce site around the world runs on this type of structure. The transaction is carried out between the company and the consumer. A retailer can also serve as a middleman in this type of business. Jumia.com and Konga.com run on this type of structure.

 

                                THE  THIRD PARTY CLASSIFIED LISTING.

This type of structure is mostly used for a classified listing website. These are sites that give users the opportunity to post any form of goods (ranging from used to vintage and new product) for prospective buyers to see.

Sites that run on this type of model includes, Olx.com.ng, Jiji.ng.

 

  1. CHOOSE A NICHE-DO NOT COVER ALL.

When Amazon (which is now known as the largest online retailer) was started in 1994, the founder Jeff Bezos, focused primarily on retailing books, but as they progress, Amazon began to add other products.

This is a good way to kick off. Be known for one thing until you achieve a certain standard in that area. This is the key to Amazon’s success.” From an online retailer that sells books to the world largest online retailing company that has many catalogs of products.

  1. CONSIDER FOCUSING ON A PARTICULAR GEOGRAPHIC REGION .

This is the most valuable advice I received when I was started my first e-commerce site(Agronob). We started in a particular geographic area and now we are expanding to other regions. This is a gradual process but it is worth it.

  1. SET UP A GOOD DELIVERY SYSTEM.

The business of the first 21st Century is based on speed. A good delivery system will help you serve your customer and of course, give them a maximum satisfaction. If you find it hard setting up a good delivery service, you can opt-in to make use of a third party delivery service.

  1. BE READY TO RUN A TARGETTED ADVERTS TO YOUR MARKET SEGMENT.

With the rate at which Startups is been launched every day, it is advisable to run an ‘impactful’ adverts to your market segment.  This will help distinguish you from your competitors. It is also advisable to make a deep research about your target segment in order to know the type of advert that will appeal to them.

E-commerce is one of the best disruptive innovation that mankind has witnessed. With just a click from your desk, you get your goods delivered to your doorstep. In the future, there may not be need to set up a retail shop, just a warehouse and an e-commerce site will do the magic.

 

Related

Previous Post

TOP 10 QUOTES FROM SUCCESSFUL ENTREPRENEURS

Next Post

HOW TO IMPROVE YOUR WRITING SKILLS.

Next Post
photo showing how to improve your writing

HOW TO IMPROVE YOUR WRITING SKILLS.

Customer care

HOW BUSINESS STARTUPS IN NIGERIA CAN LEVERAGE ON THE POWER OF CUSTOMER CARE TO ACQUIRE MORE CUSTOMERS.

Please login to join discussion
No Result
View All Result

CRESTHUB MAGAZINE

Popular Posts

  • The Impact of E-commerce in Strengthening the Supply and Distribution Chain of Nigerian Businesses
  • Flutterwave debunks Alleged Reports of Hacked Accounts
  • Nigeria’s Cash Swap Policy: Goals versus Results
  • WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa
  • Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

Cresthub

Learn, Start and Grow your Business with Innovative Business Solutions at Cresthub.

Company

  • About Us
  • Contact Us
  • Advertise With Us
  • Privacy Policy

Products

  • Cresthub Magazine
  • Cresthub Podcast
  • Cresthub Insight

Socials

Facebook Twitter Youtube
  • About Us
  • Contact Us
  • Advertise With Us
  • Privacy Policy

© 2022 Cresthub Media

No Result
View All Result
  • NEWS
  • FEATURED
  • BLOCKCHAIN
  • FINANCE
  • START UPS
  • PODCAST

© 2022 Cresthub Media

Cresthub newsletter
THE WEEKLY ROUND UP

Join our newsletter to get first hand insight in tech and start up happenings in Nigeria and Africa at large.

Enter your email address