Tuesday February 19, 2019
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5 Tips for Launching an E-Commerce Store

Get the rest of your affairs in order and do enough research before proceeding.

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E-commerce
It’s important to know how the system as a whole works. Flickr

Launching your own e-commerce store is easier than ever nowadays, and even though the market has become quite crowded, there are still plenty of opportunities that one can take advantage of. It’s important to know how the system as a whole works and what issues to be on the lookout for. You also need to be prepared to take a hit financially if things don’t work out.

  • The Right Balance in Niche Competitiveness

Perhaps the most important question you’ll need to answer in the beginning is what niche you want to work in. There are tons of options in this regard, and new ones keep popping up on a regular basis. There are advantages and disadvantages to both ends of the spectrum that you should consider. Being in a highly competitive niche means that you’ll have lots of potential customers and a lot of references to get inspiration from, but it also means more stores competing for the same chunk of the market. On the other hand, choosing a less popular niche may be a slower, but steadier option.

E-Commerce
There are lots of those on the market today, and many of the popular ones are really easy to set up and get running.

 

  • Use an Established System

Unless you have a very good reason not to, you should always go with a pre-made e-commerce system. There are lots of those on the market today, and many of the popular ones are really easy to set up and get running. You’ll just need to worry about your inventory and promotion, instead of having to deal with security, payments, layout and a huge number of other issues.

  • Promote Constantly

People aren’t just going to come to your site randomly, you need to guide them there. Invest enough in constant, ongoing promotion and ensure that it hits the right targets. It’ easy to waste a lot of money on marketing that does nothing in the long run, and without analyzing your results and doing enough research, you’ll never know if that’s not the case for your own business. Whatever you do though, don’t stop experimenting until you’ve found a formula that works.

 E-Commerce
You should also be prepared to face some failure in E-commerce. Flickr
  • Control Your Money Wisely

This might seem like an obvious one, but it’s common to see entrepreneurs in this field spending all of their funding on various things that don’t make sense. Or, alternatively, not knowing how to acquire additional funding when they need it. If you qualify for a business loan, it can make a huge difference if you’re in a situation where additional investment can boost your business significantly. There are many ways to ensure that you’re utilizing your financial potential to its fullest, so make sure that you look around the market regularly, not just when you need the money.

  • Reward Loyal Customers

Loyalty programs will never go out of style for a number of reasons, and it’s a good idea to look into them if you want to maximize the potential of your e-commerce business. It will make people more inclined to come back to you and shop again, it will improve satisfaction rates, and it will also give you some extra data to work with for your analytics. All in all, it’s a great move that can improve the state of your business significantly, and it doesn’t take a lot of effort to implement either.

You should also be prepared to face some failure, especially if you’re going into a riskier niche that has more competition. If you can’t afford to see your business closing down, then perhaps it’s not the right time to be starting something like that in the first place, so get the rest of your affairs in order and do enough research before proceeding.

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Train Your Brain By Following Good Habits Constantly

The researchers have created a model which shows that forming good (and bad) habits depends more on how often you perform an action than on how much satisfaction you get from it.

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Good habits
Exercising Regularly can keep your brain healthy. VOA

If you want to form good habits — like going to the gym and eating healthy — then you need to train your brain by repeating actions until they stick, a new study suggests.

The researchers have created a model which shows that forming good (and bad) habits depends more on how often you perform an action than on how much satisfaction you get from it.

“Psychologists have been trying to understand what drives our habits for over a century, and one of the recurring questions is how much habits are a product of what we want versus what we do,” said Amitai Shenhav, Assistant Professor at Brown University.

exercise everyday
Exercise is crucial for everyone. Pixabay

“Our model helps to answer that by suggesting that habits themselves are a product of our previous actions, but in certain situations those habits can be supplanted by our desire to get the best outcome,” Shenhav added.

For the study, published in the journal Psychological Review, the researchers developed a computer simulation, in which digital rodents were given a choice of two levers, one of which was associated with the chance of getting a reward.

good habits
The researchers have created a model which shows that forming good (and bad) habits depends more on how often you perform an action than on how much satisfaction you get from it. VOA

The lever with the reward was the ‘correct’ one, and the lever without was the ‘wrong’ one.

The chance of getting a reward was swapped between the two levers, and the simulated rodents were trained to choose the ‘correct’ one.

Also Read:Exercise Can Help Fight Against Deep Abdominal Belly Fat: Study

When the digital rodents were trained for a short time, they managed to choose the new, ‘correct’ lever when the chance of a reward was swapped. However, when they were trained extensively on one lever, the digital rats stuck to the ‘wrong’ lever stubbornly, even when it no longer had the chance for a reward.

The rodents preferred to stick to the repeated action that they were used to, rather than have the chance for a reward. (IANS)