Online Retail Success Factors

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Online retail success factors are those issues that every online retailer needs to pay attention to in order to survive and grow their businesses in the online channel. Although it is relatively easy to open an online shop and start trading, the fundamentals of strategic business management remains the same, albeit in a different channel.

After all, you’ll still need to ask the following questions and get the answers about the future of your business:

  • Where are we now?
  • Where do we want to be?
  • How are we going to get there?

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Planning Your Online Business

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Planning your online business is the first step you need to do in order to start making an income online. The internet and digital technology have revolutionized about everything we do and also the way that we conduct our business.

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Questions about your business that you should answer before starting

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Now that you’ve made the decision to start your own business, the next step is to answer questions about  your business. However, before starting, you must get your mind in order. Here are some questions that, if you answer them honestly, will help you to make the right decision.

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Include a market analysis in your business plan

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Drafting a business plan it is important to do a market analysis. You should determine against who your business is going to compete, what the size of the market is, whether the market is profitable and who your customers will be.

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