Have you decided to start an e-commerce
business? If so, you are joining a thriving market that only continues to
expand as brick-and-mortar stores fall by the wayside.
While this growth
makes the market a profitable one, it also ensures there’s plenty of
competition. The result: you have a massive challenge on your hands to start
from scratch and usurp those already in operation.
Although it is a tough challenge, it’s far
from an impossible one to overcome. Plus with this article acting as a helpful
guide, you have a great chance of turning your e-commerce idea into a cash
Develop a solid
To begin, you need to figure out what your
e-commerce store is attempting to achieve. Are you presenting a new product or
service to the market? Perhaps you’re enhancing an existing product/service? Or
maybe you’re simply selling products at a more attractive price point?
Whatever the situation is, you have to gain
an insight as to whether it is a profitable venture. Do
your research. See what your potential competitors are
doing, and decide whether you can better their efforts. Conduct a survey with
your target market and see if they have interest in your idea.
There’s no point going in blind and
whacking up an e-commerce store without a formulated idea backed by research.
This approach could cost you a lot of money.
Set a budget
For some e-commerce ideas, it might only
cost a low three-figure sum to get up and running. For others, it will stretch
into the tens of thousands. This will depend on a number of factors, including:
- Rent for office/premises.
- Hiring employees.
- Setting up the e-commerce
- Purchasing stock.
- Purchasing specialist
technology and software.
Of course, certain e-commerce outlets will
not require all of these components. For example, a store could sell strictly
digital products, which removes the need for buying stock. Additionally, if
you’re running the business on your own, you could feasible start up from home
without needing to rent an office space.
Plan out a digital
Once you have an idea and budget in place,
it’s time to put everything together. Although before you truly go ‘all-out’,
there’s still some planning to do. After all, rushing into your e-commerce
business will only cause problems later on.
A digital strategy is one of the most
important aspects to plan. As an online presence, you need to know which
technology will work best for your company. You also have to implement this
technology as part of your website/business, ensuring it functions correctly
and supports the rest of the operation.
This can be difficult to achieve. This is
also where hiring an agency consultant is particularly
helpful. They can cut out any confusion you have, recommend the best solutions
based on their expert knowledge, and assist with integrating their strategy.
Ultimately, a high-quality website is
imperative for any e-commerce outlet. Due to this, it makes sense to invest in
a strong digital strategy which will maximize the site’s functionality and
Devise a marketing
A modern, responsive website with all the
bells and whistles is a great starting point. Yet the work has only begun in
terms of marketing your e-commerce platform so potential customers know about
The good news: there are many methods available for website promotion. The bad news: there are many methods available for website promotion.
It’s excellent in the sense that you have so many choices to get the word out.
However, for an effective marketing strategy, you need to have pretty much all
of these elements singing from the same hymn sheet.
Going it alone still remains an option, but
this will limit the time you have to focus on other facets of the business.
Instead, you could enlist a specialist company to take care of this part of the
job. You can hire someone who can put together the ideal advertising strategy
as it frees up time for you, and your website will receive a specialized
marketing plan – it’s a win-win.
Put everything into
When it’s time to launch your e-commerce
business, make a splash when doing so. Get the word out to your friends and
family. Run a competition on social media. Do a countdown to build anticipation.
Then it’s a case of turning visitors into
customers. Ensure your website has strong call-to-action aspects that will
entice people into purchasing your products. These products should then be
high-quality and distributed in a professional manner, which will only increase
the chances of repeat sales in the future.