Since the pandemic, the demand for prescription medicines and over-the-counter drugs has been on the rise. Since going out very often is no longer a good idea, people are purchasing medicines online. Even if we leave out the COVID angle, the demand for e-med stores has been growing gradually across the globe.
If you are planning to start an online med store, this post is the perfect place to gather the industry and market basics. In this blog, Techoquare will cover the most important aspects of starting an online store in this unique business niche.
Let’s start with some industry statistics:
The global online pharmacy market was estimated to be worth 29 billion US dollars in 2014. Surprisingly, in 2023, it is predicted that the market will reach 128 billion US dollars. If the COVID-19 outbreak continues in 2021, the numbers of online purchasers for medicines will increase further. This means huge profits are to be made in this online business niche.
The above stats show that the online med store business is an ideal e-commerce business model to make huge profits in 2021. However, some details need to be kept in mind while setting up your ecommerce business in medicine delivery niche:
The name of your online med store will play an important role to attract the initial customers. Use keywords in your store name to rank high on Google and reach more potential customers organically. Keeping it short and memorable will help people to recall it easily. If you plan to cater a small region and wish to tap the local language, then, choosing a name in that language can help too!
Pricing for a prescription drug majorly depends upon the demand as well as the location. Premium pricing could turn out to be a big mistake in this industry. To make your online med-store competitively priced, take a look at your competitor's pricing and charge accordingly.
Starting your online med-store with discounts will help you combat your competitors easily and acquire initial customers.
Techosquare recommends a multi-channel approach to conduct a market survey on social media, google, and also offline. Take notes from your competitors' websites to see what they are serving to the audience and what the audience is looking for. This will help you to get an idea about the latest med industry trends.
Start your online store by selecting a powerful store builder. Ensure that your medicine delivery website packs all the critical features. For deeper insights, visit other online med stores and take notes of the impressive features. Choose a solution that is flexible and scalable so that you don't end up switching to another store builder after one or two years.
You must have gained the core insights required for starting an online med store. As we mentioned above, selecting the right online store builder is important.
SwiftKart is quickly emerging as the best online store builder in 2021 for small and midsized businesses. Check out its key features:
2021 is the perfect time to launch an online med-store to secure big sales and profit. Still got questions in mind regarding the business model, development cost, and growth. Email them at firstname.lastname@example.org and get them answered by the website builder expert.
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