Did you know that US eCommerce alone is expected to reach $908.73 billion in 2021? People are moving away from physical stores to the convenience of shopping online. But do you know how to harness that potential?
The first step is to open your own online shop, though it can be daunting. Read on as we discuss how to start an eCommerce business.
Benefits of eCommerce
The most obvious benefit of e-commerce is that it expands your reach beyond that of a brick-and-mortar store. You can send items to any location on earth, increasing revenue. Your brand can become global without you even having to leave your town.
In addition, e-commerce can hugely reduce your expenditure. You don’t need a physical location, so you cut down on rent and bills. Depending on the size of your venture, you may even be able to forgo staff.
For existing businesses that are choosing to go digital, you can expect to increase your conversions. Lots of information is available regarding the demographics of your buyer once you go online. This gives better knowledge of your target market and how to reach them.
Choosing a Niche
The downside to an e-commerce platform is that hundreds, possibly thousands of others, will be doing the same thing. It is unlikely you will have a totally unique product to sell, so you need to stand out.
When choosing a product or industry, you need to get a mix of head and heart. You need a product you are interested in, as you are going to spend a lot of time marketing it. However, that product also needs to be one that you know can bring profit.
After this, check out the competition. If you have none at all, it does not mean that you have found an untapped market, it just means there is no market for the product. In contrast, you don’t want to go into a niche that is saturated with the same product.
Locating a Supplier
Now you have the product, it is time to find a supplier for your e-commerce website. Luckily, the internet has made it easier than ever to find manufacturers from around the world. In fact, you have a number of options at your disposal.
The first option is to make your product yourself. This is very niche and only applies if you already have a skill. However, there is a huge market for handmade goods online, and you can also sell through sites like Etsy.
Another option is to find someone to manufacturer your product. This has become easier with access to plants and operations overseas. You will have control over the quality and price, though it will require a large initial investment.
If you don’t want this work, then try buying wholesale products that already exist. This option lets you get started extremely quickly, with products that have already been market-tested. All you need to do is keep an eye on your inventory and ensure it remains well-stocked.
Your final option is dropshipping. This means that you don’t hold the inventory and are not responsible for its shipping, and instead, you hand it to a partner company. It is low risk, but very competitive and with low-profit margins.
Setup Your Website
Now you have the stock, you need to get your e-commerce website built and running. There are many e-commerce website solutions available online and many of them are easy to get up and running. However, to get it working perfectly and to save time, we would recommend you hire a web developer.
How your website will look all ties into your branding. You will need to pick a domain name for the site that should include your business name and ideally what you sell. For example, Bettyscakes.com will always be better than just Bettys.com, as it tells people what you do.
After this, decide on a logo and color scheme for your business. This will help make the site appealing and give it a professional look. You should also make sure it is easy for users to navigate, allowing them to find anything they wish in no more than three clicks.
Product Pages
Product pages are more important than anything on your e-commerce website. You will only have one chance to get people to make a purchase before they go elsewhere. That is why you must make it matter.
Start by making sure products have all of the relevant information. This could include descriptions, weight, and dimensions. Ensure the description is not just information, but descriptive enough to make the visitor want to make a purchase.
After this, give the customer options. Make sure you have a number of shipping methods and test them all so you get the delivery times exact. An option to track the package should also be available.
The more payment methods you can install, the easier it will be for customers to make a purchase. Finish off by connecting all of these products to your social media pages and marketplaces like Amazon.
Marketing
Before your online company launch, you need to plan your marketing. You have many options, but they do take time. Depending on your budget, you may want to hire a marketing company to do it for you.
If you do decide to go it alone, your primary method of online marketing will be social media. Invest some time in setting up business profiles and pages. From here, you can begin to use pay-per-click advertising to get your product in front of people who will be likely to convert.
Creating an eCommerce Customer Journey Map
eCommerce customer journey is the term that shows the stages of a customer’s experience with an online business, from the awareness to the purchase. A clear, smooth online experience helps to positively impact your prospective customers.
In the marketing jargon, the maps consist of the stages are listed below:
- Awareness
- Consideration
- Purchase
- Retention
- Advocacy
How to Start an eCommerce Business
Now you know how to start an eCommerce business, begin your planning. Spend time getting the right niche and researching your supply method. After this, invest in great website design and marketing.
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