This is a really valid question. I can almost guarantee that if you are thinking about setting up an online store, then you have at very least some niggling doubts about whether or not it’s possible to compete.
For most people, Amazon is the big beast and the one they feel most ‘afraid’ of. After all, Amazon have huge resources. They can launch in a new market and afford to run at a loss in that market for years if they want to.
How can you, as a new small business with limited financial resources, even hope to compete with giants like Amazon?
You can, but not in the way that usually springs to mind first. Price.
In fact, you should never even attempt to compete on price with stores like Amazon because you will lose almost every time.
However, you can compete in other ways, and these other ways are generating billions of dollars in e-commerce revenue for the ‘little guy’.
Think about it this way; If it were impossible for a new e-commerce store to succeed, then why are there still many, many new stores going from zero to $10’s of $1000’s in revenue a month within a relatively short space of time?
You can succeed, but only by choosing a specific niche and making your mark on that niche.
By making yourself an ‘authority’ in that niche. By providing value on your website – over and above the products you sell. This means you need to create content such as blog posts, articles, and anything else that will give value to your store visitors.
Let me give you an example:
Let’s say your store sells golfing equipment. Instead of just selling golf supplies, you could also provide a wealth of information on your store. Such as tips and guides on how to improve your golf, tips for complete golfing novices, best places to learn how to golf…
You could also have a live chat app running on your store. Even if you only have it running for a couple of hours a day, you will convert a lot of visitors into buyers that way.
There are tons of different ways to make your store stand out.
The main point here is that price is not everything and it’s certainly not the only factor in a customer’s buying decision. If it was the only factor, there would be no retail industry. It would be a constant ‘race to the bottom’ to sell at the lowest price and the whole thing would just collapse!
So yes, there is still plenty of opportunity out there for anyone with the motivation and determination to succeed with a new online store 🙂