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February 26, 2018

Starting an eCommerce Business: 8 Things to Consider

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E-commerce is a more popular solution today than ever before. As it becomes easier and more convenient for shoppers to purchase everything they need online, there are opportunities out there for almost every kind of business.

Now that there are hundreds of millions of shoppers spending cash online every year, it could be the ideal time for you to transform your life and start your own eCommerce business. However, before you jump in head-first, it’s a good idea to consider the following things. These tips will help you to launch a more successful company.

1. Identify the Right Product

When you’re starting an eCommerce company, there are several important things that you’ll need to consider. Perhaps the first and most important decision to make is what you’re going to sell. You’ll need to find something that has a significant global demand and high margins. Amazon Best Sellers, Google trends, and other lists of well-performing products are all great for helping you to identify product options. Just remember that the earlier you spot a trend, the better your chances of success will be.

2. Choose Your Domain Name and Website

Next, you need to choose a business name that you can convert into a domain name and website. Ideally, you’ll want to choose a domain name that’s the same as your brand name, but if it’s not possible, you’ll need to choose something that’s easy to spell, say, and is related to your business. Once you’ve chosen a domain name, you’ll be able to buy your space online and start setting up your website.

3. Build a Website

Building a website can be one of the most difficult tasks a new eCommerce business owner has to face. After all, unless you’re an expert in graphic design and site building, then you’re probably not going to be able to develop something that looks professional without the help of an expert.

Before you call the professionals, think about the kind of image you want to create for yourself online. Remember, it’s important to ensure that your site looks clean, is easy to use, and offers plenty of opportunities for simple navigation.

4. Find a Manufacturer

You might have a great product, and a fantastic supply of traffic to your website, but if you don’t have a manufacturer that’s capable of keeping up with demand, then you’re going to have a problem. Look for someone who can rely on to get your business up and running smoothly and remember that communication is often the key to success.

5. Think about Shipping and Fulfillment

Once you’ve found a manufacturer that you feel comfortable with, you’ll need to figure out whether you’re going to be handling fulfillment and order processing in-house, or whether you’re going to have someone do it for you. Some situations will require you to think about a dropshipping business model, where a third-party handles fulfillment on your behalf. Usually, in-house fulfillment is easier for when you’re selling smaller items.

6. Consider your Revenue Goals

Going into an eCommerce business process blind can be a dangerous game. You need to know the numbers that you plan on establishing. Think about how much your product costs, what shipping costs might be and whether there are any fulfillment extras you need to consider. This will help you to come up with valuable revenue goals that you can use to determine the success of your business as it grows.

7. Have a Marketing Plan

Now that you have a website and product in place, you’ll be able to think about how you’re going to get your product or service out in front of customers. If you want to start quickly generating sales, it’s a good idea to think about options like social media marketing and influencer marketing. Remember, you’ll need to invest in a few long-term solutions for business development and SEO too. For instance, content marketing can be an important way to build your reputation online and improve your selling potential.

8. Head into the Launch with Caution

Finally, one of the biggest mistakes that entrepreneurs make when they’re establishing their eCommerce business for the first time, is that they attempt to rush the launch of their website. Unfortunately, you only have one chance to properly launch your website, and you can’t afford to mess things up. While there’s nothing wrong with having a “coming soon” page on your site, you’ll need to avoid making the big reveal until you’ve laid the groundwork with content marketing, SEO, social media and paid advertising.

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