E-commerce businesses have been thriving within the last few decades. It is obvious that customers now prefer shopping online to visiting a physical store, due to the fact that online shopping is much more convenient. This is the right moment for you to start an e-commerce business, become your own boss, and make profit from the comfort of your home.
Building an online business may seem like an impossible task to many people, but don’t panic, there are now ready-made platforms that will get your e-commerce store running in no time and with less effort. Once you analyze your potential business with the right tools, it will be easier than ever to launch a successful e-commerce business that will generate sales quickly.
Continue reading this post as we share with you a few, quick steps to start your own e-commerce business:
STEP 1: Laying A Solid Foundation for Your Business
When it comes to starting an e-commerce business, you need to lay a solid foundation that will allow your business to succeed online. Here are the four steps to consider in this phase:
1) Select a Product Niche:
E-commerce businesses are becoming more competitive every day, so a little secret behind building a successful business online is to focus on a particular niche. Simply choose a specific niche that allows you to compete with already established online businesses within your selected niche. For example, if your e-commerce business is aimed at selling clothing items, why not narrow your business down to focus on children’s clothing, women’s clothing, or headwear?
To begin with, you need to ask yourself these questions: Does my intended business rely on trendy or new products? Am I willing to stay in business for a long period of time? Will my business sell its products to individual consumers or other businesses? With the right answers, you can focus your e-commerce business on a particular niche that will be profitable for a long period of time. To ease this process, the AMZScout tools will assist you in brainstorming profitable niches that will generate more money for your business.
2) Make Your Business Stand Out
After deciding on the niche, your next step is to plan how your business will stand out from others. This will allow your business to stay ahead of the competition. The easiest approach to beat your potential competitors is to figure out what they do, and do not do, to make their businesses excel.
A few questions that will help you in this phase are: What makes their business so unique? How do they get customers? What platforms do they use for advertisement? What is still missing from their business? Once you get these questions answered, simply improve on how they strategize their business, and make your business an improved version of their business.
3) Consider Branding Your E-commerce Business
Branding your business will definitely go a long way in making your online business succeed. Consider branding all aspects of your business – from the business name and logo, to sales and marketing copy. For modern businesses, it is essential to consider branding your e-commerce business, so as to differentiate your products or inventories from competitors.
The first thing you need to do is to choose a perfect name for your business, which should also be the domain name for your website. With a quick search on a business name generator, you will find the right name that will be a perfect match for your online business.
4) Register Your Business Legally
Legal registration for your business is one of the most important steps you must consider when establishing an e-commerce business. You should consider incorporating your business so as to make money in a legitimate way. Prior to registering your business, you need to make a decision on how your business will operate- either as a partnership, corporation, sole proprietorship, or LLC business.
Next, you’ll need to register your business name to get permits and licenses required for your business to operate legally. This phase is very crucial in saving you from any legal issues you may encounter in the future.
STEP 2: Sourcing Products with Low Capital and Risk
Sourcing products for your e-commerce store will depend on the following factors: your product niche, starting capital, and the available time you have. You can sell your hand-made products, or source products from wholesalers on Amazon.
The best way to start an online business that involves low risk and low capital, is to consider the dropshipping option. Dropshipping saves you from the burden of procurement and shipping. All you need to do as a dropshipper is to find profitable products, import products of your choice onto your e-commerce store, and then sell to your customers. Once an order has been placed in your store, it is redirected to your supplier, who will be responsible for fulfilling all orders.
STEP 3: Selecting A Sales Channel
After sourcing products, your next step is to choose your method of selling your products online. You have the option of selling through your online store or other online marketplaces such as eBay, Amazon, or Etsy. For the purpose of growth and marketing, you should consider building your own online store through which your customers can directly shop. Here is the best way to set up an online store:
Building Your E-commerce Store
There are several self-hosted and hosted (SaaS) e-commerce platforms you can rely on when it comes to running an online store. WooCommerce, Magento, and PrestaShop are all promising self-hosted platforms you can download and install on your hosting servers, but you’re responsible for customizing and handling every aspect of the store. On the other hand, hosted (SaaS) platforms such as Shopify and BigCommerce do not require downloads, installations, or separate hosting servers. All of these are done for you in a single package. These platforms also provide you with easy maintenance. You can now import your sourced products from Amazon to your e-commerce store.
STEP 4: It’s Time to Market Your Business
The previous three steps have finally brought your e-commerce business online. So far, that is a great accomplishment towards succeeding online, but there’s no guarantee of success without any marketing endeavors. The price tracking tool is vital in this phase for analyzing your competitors. You need to bring your e-commerce store to the forefront of your potential customers by using these proven, key strategies:
1) Social Media Marketing
Most people use social media platforms such as Facebook, twitter, and YouTube. Simply create accounts for your e-commerce business on the platforms most frequently used by your target audience. Share valuable content with this audience to create leads for your e-commerce stores. With time, these leads will start converting into sales.
2) Content is KING!
Create exceptional content that is helpful to your target audience to capture their attention. This can be done by writing interesting blog posts that answer the most pressing questions from your audience. Enlighten and excite your potential customers with photographs and videos that promote your business.
3) Search Engine Optimization
Ensure your web pages rank higher on search engine result pages, by making use of well-researched keywords and effective SEO practices. Use tools such as keyword planner or keyword finder, to find the exact keywords used by your potential customers to search for your products online. Make use of these keywords to optimize your website contents to rank on page one of search engines.
Once you follow these simple steps and launch your e-commerce store, your business is bound to succeed. The next thing you need to do after creating a successful e-commerce business, is to expand. You can consider selling your products to customers across multiple channels, or simply add more product categories to your store.
After reading this post, I hope you can get a lot of useful information for your business, if you have any questions, please leave comments below.