Global e-commerce turnover reached an impressive $4.28 trillion in 2020, and it’s not the limit. And this is not surprising, because online now you can buy everything — from children’s toys to plane tickets. And this area is developing every day, especially now, in the context of a pandemic. How to start an eCommerce business and use the right promotion tools to make your small business successful? In this article, we will provide 5 helpful tips on how to start an eCommerce business and make it profitable.
Consider a strategy and goal
This is the preparatory stage at which you need to decide what and to whom you want to sell. To do this, you need to select several niches that interest you and conduct a market analysis in each of them. Now, in the era of the Internet and social networks, this is very easy to do.
Competitor analysis can also be carried out via Facebook or Instagram. Review the profiles of competing companies and think about how they attract customers? Alternatively, look for flaws in their marketing strategy. The knowledge gained will help you to create your own business.
Registration of accounts in social networks and on marketplaces
So, you have decided on a niche and products that you will sell. Now you need to present your product to buyers. At this stage, you need to register in social networks and think over your presence strategy. Lack of an effective social media strategy can hurt your small business.
Choose a platform for creating an online store
Now the most popular platform for placing an online store is Magento. Users also work with sites such as Shopware, Open Cart and WooCommerce. If you have a limited budget, you can create a website for your store on Tilda.
It is better to entrust this development stage to professionals — for example, you can order Magento development services by Elogic.
Set up an ad campaign
Now even a beginner can do this, but, for a start, it would be better to use the services of specialists in targeted and contextual advertising. To connect advertising, you will need to create a portrait of your target customer, and figure out how best to present your product to him. Having entered the site, the user must clearly understand why he should buy a product or order a service from you.
Never stop developing
Even when you have succeeded and your online store works and brings you profit, this is not a reason to stop growing and developing. With the help of data on the average order value or the conversion rate, you can understand where to go next. There is always room for growth — either it will be expanding the range, or working on service and customer focus. After all, there is always no limit to perfection.
Modern online store development platforms will help you launch your online business without significant investment. In addition, you need to find a reliable supplier, choose the right platform, and hire a developer or e-commerce team.
When choosing a platform, consider the current and future goals of your business. If you are on a tight budget and want to create a small online store, opt for Tilda or Wix. In case you have a significant budget and plan to develop your online store, then we advise you to choose an open-source platform. You can also explore other tips on how to start an eCommerce business.
The main advantage of e-commerce is that you do not need to spend money on shop equipment, staff and rental of premises. On the downside, if you do not serve your customers well (problems with payment or late delivery), then most likely you will not be able to make money on sales.