It is essential to plan before starting any business, especially an eCommerce business since there is a lot to consider. It’s a myth that setting up an eCommerce store is easy as pie, which is far from the truth. The success of an eCommerce store depends on how you build it and maintain it.
While entering the eCommerce field, it is always a good idea to plan strategically. Data shows that almost 90% of newly formed eCommerce businesses fail within their first 120 days. These numbers are matter of concern and you cannot simply ignore if you want your store to be successful in the market.
What we have learned so far about success in commerce is securing a profitable spot for a cart, speaking more about product than competitors, and operating a store at a lower cost to make more money.
If success is so simple, today, every eCommerce owner might have huge sales and a lot of money. The way you set up your store has changed, and that’s why we need to design, launch, and setup stores in a way that meet today’s customers’ needs and wants.
The following statistics will show why we need to change the old-fashioned way of making an eCommerce store in order to understand how eCommerce has changed.
- With 2.7 billion visits between desktop and mobile, Amazon is the most popular online retail website in June 2021 (Statista)
- Globally, there will be 2.14 billion digital buyers in 2021 (Oberlo)
- Free delivery is the main reason people shop online
- A third of shoppers look up price comparisons on their mobile devices while in a physical store. (Oberlo)
- Consumers conduct online research before making an online purchase in 81% of cases (Oberlo)
- Shoppers abandon carts because of high extra costs
How to Start an Online E-Commerce Store?
As of today, it is not incorrect to say that online shopping has become necessary and essential, since almost everything people buy is now available online. Owners of eCommerce stores should be happy about this as they will receive what they want, customers.
Today, in this fast-paced era where everyone wants things now, it has become essential for eCommerce owners to incorporate the best strategies with which they can deliver the best experience to customers.
1. Choose your business model
As part of creating and setting up an online store, the first and foremost thing you need to do is choose your business model. There are several types and classifications of eCommerce businesses.
Choose a business model that perfectly fits your product first. We will discuss different types of business models and get some ideas about them.
This product is sold to different organizations, as its name suggests. In addition, since it sells to companies, the quantity of products will be higher.
- Business to customers
In this type of business model, products are delivered directly to end-users.
- Customers to business
This is a C2B model in which customers hire individuals to deal with businesses.
- Customers to customers
Customers run a business by selling items or products to other customers in the C2C model. On social media platforms, you may have seen people selling items to other customers.
By now, you know all the various types of business models and how they work. You must choose your business model according to your product or service.
2. Research about eCommerce niche
Research about eCommerce niches is the second and best thing you can do when setting up an eCommerce store. In eCommerce, you have plenty of options to choose from, like products and promotions. Another thing you have to do is segment your products and services.
In addition, you have to research your competitors as well so that you can stay ahead of the competition. Several eCommerce stores are available on the market, and each has its own products to offer. Therefore, it is crucial that you succeed by serving better than them.
3. Set Up your store
The next step is to set up your store. And to do that, you need to name your business based on the type of product and your target market. Your name should be unique and serve as a brand rather than just a name, since that’s how customers will pitch you and become your buyers.
After you have chosen a name, it’s time to choose a domain name and build an eCommerce website with eCommerce experts. Moreover, you need to choose Magento eCommerce Development Company to design the best website for your store.
Since Magento is an open-source platform, you can choose it to design your eCommerce website since it is highly recommended for its customization and performance. Your website can be customized with a wide range of themes and designs, as well as extensions.
You must also create a logo that defines your brand or store. There is a high probability that you will be recognized by your logo, so make sure about it. In order to get top rank in Google or other search engines, you should optimize your store for SEO.
4. Promote your eCommerce business
It is one of the finest things you can do to create an eCommerce store and attract customers. In business, marketing is as important as butter on bread. Your business needs to be promoted as much as possible to attract customers.
Make sure you promote your business rather than shout that you are the only provider. No, your marketing strategy should be strategically designed to achieve results and grab customer attention.
You also need to ensure that the promotion builds your reputation, since you want to be seen by people who will become your customers. While marketing your business, there are a number of other considerations you should take into account. Therefore, it is important that you promote promptly and achieve your expected results.
5. Launch and leave it to your audience
Now you are ready to enter the eCommerce field and dominate the market with your unique products and services. The only thing you need to do is launch your business, then let your audience take care of getting responses and results.
Using these steps, you can easily set up, create, and design your eCommerce business. To reap the benefits of these steps, you simply need to implement them into your store. We hope that you have a better understanding of what you need to do to create your new eCommerce store.
Do you need help setting up an online or eCommerce store? M-connect Media can be your one stop solution. We have an in-house team of eCommerce designers and developers who can assist you in setting up your store. For more information, please contact us.