“How do I start my own e-commerce business?” “What steps to fo...
How to create ecommerce website and start online business
“How do I start my own e-commerce business?” “What steps to follow when creating an online retail website” When these questions bog down your aspirations, its time for some inspiration.
These questions come up in the mind of every cost-conscious entrepreneur who wants an amazing online presence but doesn’t know how to get going with it. Right from deciding on your product line-up to online marketing there are a series of steps.
This post will take a look at all the steps needed to start your own e-commerce business and thrive well in a competitive market place.
Why is planning needed for starting an e-commerce business?
Just like any venture, a lot of strategy building and planning goes into starting your own e-commerce business. It is the vital ingredient that separates the successes from the failures.
These steps will ensure that you have factored in everything needed to start and operate a great e-commerce website that delivers a stellar user experience
1 What products would you be selling?
Narrowing down on a particular niche is important. This way your focus isn’t diverted to a lot of products. With an intense focus you can attract your target audience.
You can specialize in a custom product like handmade soaps. Alternatively, you can tap into favourable business model where you can reap attractive returns. But it’s important to focus on a single product.
2 How to determine the viability of the product to be sold?
Once you have narrowed down on the product to sell, make sure to evaluate if there is a demand for the same. For this some steps include
- What is the potential market size or how many people are talking about your product as per Google Keyword Planner Tool.
- Who are your competitors?
- Is it a fad, or a long term trend? Check Google Trends to get insights
- Is it difficult to buy the product locally? If so, then your online e-commerce has a great chance
- Who are your target customers and where are they located? This will provide a focus on digital marketing
- What should be the selling price?
- What will be the margin after deducting costs of e-commerce business?
- What should be the optimum inventory level?
3 What will be the price of the product?
If the product has a lot of competition, then customers would likely be to compare the prices. This should be your approach precisely when setting up the pricing.
Also you are in the business to make profit. For that you need to be aware of your costs overall. Here are some factors that define your costs of running the e-commerce business
- Cost of production of the product / cost of dropshipping
- Web and domain hosting for the e-commerce site
- Packaging and Shipping costs. This is important so that you don’t face cart abandonment due to high shipping costs
- Costs of charges levied by payment channels like PayPal
- Marketing costs
When you add your profits to these costs, it becomes the selling price for the product
4 How will the site be hosted?
Here the points become a bit technical. It is evident that you need the right technology expertise to get a cost-effective hosting without impacting performance. It is important to find a hosting provider that also supports e-commerce functionality.
You need to look at a software that can help you list products, enable payment gateway, have secure payment facility, and offer shoppers with a great user experience.
5 What will be the domain name?
You need to choose a brand name that resonates with the theme of the products being sold on the online store. Of course, it has to be unique
This will make certain that the shoppers don’t mistake you for some other pre-established brand. Here are some strategies to use if the domain name is not available.
6 How to build your own e-commerce website?
Now is the time to build a home for your business aspirations – i.e. a fully functional and visually aesthetic e-commerce website. However, if you work on getting the necessary products listed, the necessary pages, the correct visual elements, the colour shades, the payment gateway integration, the security, or the data integration with backend, you may lose focus on what you do best i.e. sell your products.
A great option would be to opt for an end-to-end e-commerce solution like Shopysuite. With a host of themes as per product lineup, you can get a great business boost with faster time to market and professionally crafted elements that hook the shoppers with uncluttered and clean layouts.
What’s more, the platform offers a unique ‘One-time’ payment option. If you are a cost-conscious entrepreneur then this can prove to be a profitable business move. Under this, you need to pay just once and get a full-fledged e-commerce website ready in quick time.
7 How do you send or receive money?
With a merchant account, you can accept and send money as per the business transaction need. Be it credit cards, net banking, debit cards, or even payment wallets, a wide variety denotes a stellar checkout experience for the shopper and improved conversion rate.
You can check out options like PayPal or BluePay. Though they charge a fee, they provide a secure mechanism to let shoppers pay for e-commerce purchases.
8 Should I buy SSL certificate?
An SSL certificate provides a green‘lock’ sign near the address bar when shoppers access your website. This mark of trust denotes that your retail store is secure. They feel more confident adding their personal details at the time of sign-up or on checkout. With this certification, all data is encrypted so that hackers do not get access to private and confidential details.
9 How will I be marketing the business?
Now that you have started selling online, you need to make sure that your target market knows about your store. You need to factor in appropriate digital marketing strategies like SEO and paid ads, along with content marketing
This way, you can be sure to appear on top of the rankings when someone is searching for products that your e-commerce store offers.
Make the right move today
With these steps, you could well be on the way to have a blockbuster e-commerce business. Do remember to opt for a fully equipped e-commerce solution like Shopysuite to enhance your ROI beyond expectations and start running a successful online retail store.