Since the past few years, e-commerce has gained a lot of popularity. Hordes of new ecommerce stores spring up every now and then. Due to low barriers to entry and opportunity to earn profit, developing an online store is not difficult.
Setting up an online store provides access to the global market, with less overheads as compared to traditional bricks-and-mortar store. A new idea however can’t stand on its own to become successful, proper execution is important to make customers feel your presence and boost your sales.
How to Start an eCommerce Business?
Below are the few important points to consider before you start your online business:
- Business Plan
- Compliance and Regulations
- Good Website
- SEO and SMM
- Mobile Compatibility
- Right Vendors
8 Things to Consider While Setting Up eCommerce Store
Before setting up an ecommerce store, you therefore need to consider some vital points to ensure success.
Each and every business needs a proper plan to reach its target audience. It will give your ecommerce business a focus and vision. You will have a straight direction towards where you should head your business. And that’s why it ranks first in starting an online business checklist.
Choosing the right e-commerce platform is important to ensure success of your online store. There are many options available in the market including Magento, Shopify, Virtual Mart, BigCommerce, OSCommerce, Volusion, WooCommerce etc. Choose the one that best fits your business.
Compliance and Regulations
Every industry has its own set of regulations to be taken care of. Make sure you understand the procedure to be followed for starting an ecommerce business.
It can include steps like incorporating a company or registering a Trade Market or having third-party agreement. It is important to understand the tax structure of the business too.
It is imperative that your website effectively communicates your message to your target audience. Your website should be descriptive, include your products, product lines and services.
Choose colors and design that matches your brand and is attractive and consistent to drive sales. Include interesting content to allure visitors towards buying your products and services.
SEO and SMM
It is important to let your customers know that you are there on the web. SEO becomes crucial to ensure constant traffic to your website. It increases visibility on search engines, attracts customers, promotes your website and builds a strong relationship with your customers.
Also add social media buttons to your online stores to get more visibility. Post regular updates on social media platforms to build traffic and promote your online store.
With the increasing use of smartphones, the demand for mobile-friendly ecommerce stores has gained significance. Ecommerce stores now have their own mobile application to facilitate quick shopping as per customer’s choice and preferences.
You can even send notifications to your customers for discounts, schemes, and new arrivals, offers and updates of your stores.
There is a lot of competition selling products online, so it’s in your best interest to sell high-quality products at competitive rates or getting the materials at the right rate to create your products. Find and partner with vendors who are interested in doing business with you for long-term.
The correct inventory management level is a crucial decision to take which would be dependent upon the products you sell. Storage costs and unsold inventory is a major issue when you will be starting to sell the products online initially.
If you will understock the inventory, your products will be out of stock and you will lose many of your potential customers. Once you have started, you will get an idea about when you will need inventory more depending on your sales.
Setting up an eCommerce store is therefore no less than solving a complicated paradox because it involves a lot of important decisions at every step. The whole roadmap of how to start with it should be prepared in advance which takes a lot of efforts and knowledge.
You must leverage the right technology for your e-commerce business. Making effective marketing strategies for launch is equally important to improve your search, social and overall web platform. It is important to do the warm-up before you have actually built your e-store!