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While there are simple ecommerce businesses that rely on gimmicks, like Ship Your Enemies Glitter (which sold for ,000 in 2015), the real opportunity for revenue is in solving other people’s problems or your own.Lindsay Mc Cormick, founder of BITE Toothpaste Bits, wanted to solve a problem that directly affected her.It outlines how you plan on selling your product or service to buyers.
As a traveling TV Producer for HGTV, she used too much travel-size toothpaste for her liking and was tired of the tubes exploding in her luggage.
She did her research and found that one billion toothpaste tubes ended up in landfills.
Some websites you can use to find different industry data include: Use This Ecommerce Business Plan Template To Enter Your TAM, SAM, And SOMAn effective business model is paramount to profit creation.
Your business model is the framework of how you plan to capture a share of the market.
When she took her business live in 2014, this article gave her data points to pull from.
She gained insight about the tourism industry from World Tourism Organization (UNWTO), Neilson, and Deloitte. Using a report from the National Travel & Tourism Office, she found an estimate of how many Americans were traveling abroad and their destinations.When she was unable to find a viable alternative, she decided to start BITE, and create her own toothpaste.Here’s how you can start brainstorming your own product idea: What’s something that’s bothering you or something you believe could make life easier? Don’t worry right now if you have the skills to bring your idea to life.Correctly estimating your market size and how much market share you can corner is a key element in any ecommerce business plan.There are three important elements in assessing market size: The total addressable market is the total revenue opportunity for your product or service.Moment and it’s direct competitors (Olloclip, Ztylus and Easy-Macro) are private companies, so finding their exact market share and revenue is tricky.To find your SOM, use industry websites to find estimates of revenues and market share for businesses in your industry.She concluded that there were, on average, 1 billion global tourists traveling annually. Continuing our example with Christine, she used her TAM (1 billion tourists) to calculate her SAM. At the time of her research in 2013, there were between 12 and 16 million Americans traveling around the world. Your SOM is a realistic guess of how much market share you can acquire.One billion represented tourists from around the world. This guess is based off trend predictions for your industry.Passion will help keep you motivated to succeed when the hurdles pop up.Just like Lindsay, there’s nothing you can’t learn.