The internet has democratized commerce in a way that is barely imaginable today. Virtually anybody these days can start a business with nothing but a laptop and a dream. However, that doesn’t mean that everybody gets to make it. Too many still end up failing because they either weren’t aware of what it took to build a profitable eCommerce business, or brushed it off and expected to learn on the field.
Here are some of the most crucial skills every eCommerce entrepreneur should have.
If you don’t have a solid foundation in economics, you’re setting yourself for failure, no matter what your field of business is. This is why you should consider getting at least some sort of formal education and a job before you start a business or if you’re already running a business.
Getting an applied economics degree could give you access to applied economics jobs that will help you to integrate some important skills that you’ll be able to use in business. You’ll be able to learn how to better use data to improve customer service, efficiency, and conversion rates. Or you could work on an analytics team. These are all skills and experience that will give you an advantage in a field like eCommerce that is literally run by data.
It’s still surprising to see how many eCommerce entrepreneurs have no web experience whatsoever besides setting up a Shopify store. But eCommerce, as we said earlier, runs on data, and those with a deep understanding of it will be able to learn how to test better, improve search engine visibility, and read an analytics report in order to find possible pain points in their sales funnel.
If you don’t have a foundation, then some of the crucial skills you’ll have to know is on-page SEO, deep linking, URL redirection, HTML and CSS, and URL redirection among other things. You also have to understand the value of content and how it pertains to your business. This means also knowing the basic of web copy and how to write for online readers.
Most eCommerce entrepreneurs have a huge blindspot when it comes to the law, and many strangely seem to believe that they’re immune to legal action. But there are lawyers out there that have nothing to do but pursue eCommerce businesses for things like copyright, compliance laws, and labor laws as well. This is why it is important for all eCommerce entrepreneurs to do everything to learn about intellectual property law, tax regulation, company registration, and product liability law, just to name a few.
Too many eCommerce entrepreneurs do not take themselves seriously enough. But eCommerce is just like any other field of business, and those with the specialized skills needed will always be able to outperform those who are operating off of assumptions and trial and error. So make sure that you integrate those skills and always find ways to increase your knowledge base.