No matter how long you’ve been an entrepreneur, launching an online business has never been more difficult. Here’s a quick look at the 2020 online landscape:
- Competition is strong.
- Most product and service markets are saturated.
- Consumers are demanding ease and convenience more than ever before.
Before you begin to brainstorm the design of an online store, or even your company’s name, you’ll need to choose what type of online business interests you.
This decision is a strategy within itself, as what you decide will impact every other business decision you make, such as:
- Brand name
- Website style
While each of these components is essential to a successful online business strategy, they are worthless without a great product or service to support them.
If you are selling products, there are basically two types you can sell:
- Niche products.
Niche products are goods or services that serve a specific customer base and product category
- Commoditized products
Commoditized products are essential, high demand, or popular goods or services that can be physical or digital products. These are products that everybody needs.
Many sell a combination of commoditized products and niche products to increase their profit margin