Learn the Fundamentals of eCommerce — Tutorial | eCommerceMVP
How to Plan for an eCommerce Business
When starting a new online business, the goal is to mitigate risk by conserving funds and stretching every dollar as far as it can go. Why spend $10,000 when you can spend a just $500 to determine if your eCommerce business is in fact profitable and sustainable? This is called the MVP (minimum value product) model
The key to success in eCommerce is to have a general, outlined plan and to start executing as quickly as possible. Don’t get caught up in micro-managing every little detail, just start and learn as you go. . You don’t need a unique product, a formal business plan, or a bank loan. Speed is the name of the game! Pick a business model– fast. Do some basic product research– fast. Register a web domain–fast, and launch your site– fast. If you’re going to succeed, then you’ll need to learn on the fly.
The ideal roll-out plan
Minimum Viable Product (MVP)
In eCommerce, MVP means developing a product that has the highest return on investment with the least amount of risk