Ecommerce is thriving and growing exponentially with millions of ecommerce sites worldwide.
By 2027, the number of users in the ecommerce market is expected to grow to 586.30 million.
With an expanding market, starting an ecommerce business is a great avenue for success.
But starting an ecommerce business can be somewhat challenging especially if you're new to the game. Thankfully, we're here to streamline the entire process.
Read on to find out five easy steps to start your ecommerce business.
Starting an ecommerce business involves many components. If you are starting an ecommerce business, you may be thinking of the kind of products to sell, who your audience is, and how to attract them to your ecommerce store.
So, here are five major steps to start an ecommerce business:
The success of your ecommerce business is heavily dependent on the type of product you sell. So while you may be excited to launch your ecommerce business, starting with a thorough research is important.
You want to be strategic about picking products that appeal to a particular audience. You can go through some of the trending products on platforms like Amazon.
You can then use tools like Google Trends to find out if these products are good for your business.
As you scan through various product ideas, you want to answer these questions:
In addition, you want to research your competitors. Pay attention to their price range and product benefits. Consider what ecommerce business model your competitors are using - is it a B2C or B2B ecommerce model? Who is their target market? How do they promote their products?
By carrying out a competitor analysis, you can better identify good products and avoid costly mistakes.
Remember that this is the focal point of your ecommerce business so don't rush the process. Spend enough time researching the best possible product for your business.
Sourcing your ecommerce product is just as important as choosing the product you want to sell.
Are you going to work with a manufacturer or create your own products? Do you want to keep inventory in stock or work with a dropship supplier?
Let's look at a few options for sourcing ecommerce products briefly:
After you've got the perfect product and supplier to source your products from, the next step is to set up your ecommerce store.
You can decide to set up your own ecommerce store using platforms like Shopify.
Shopify has various templates and features that can help you build an ecommerce site that suits your brand.
Choose your business name, logo, and theme. Keep your target audience in mind and ensure your store is memorable.
On the other hand, you can choose to start your ecommerce business on already established ecommerce platforms like Amazon. You can leverage the existing customer base of these platforms to grow and scale your ecommerce business.
Once you set up your ecommerce store, you can list your products and start selling to consumers.
Setting up a beautiful ecommerce store is one thing. Getting your products to your customers is another. Order fulfillment and shipping involve getting orders to your customers. You can choose to use a third-party fulfillment method or ship products to customers yourself. If you choose to ship products to customers yourself, consider things like warehouse costs, shipping rates, international shipping, packaging, and so on.
If you choose to use third-party fulfillment methods like Fulfillment by Amazon (FBA), keep in mind how much it will cost to use their services.
Consider factors like your product type and profit margin to ensure you are using the best fulfillment method for your business.
Promoting your ecommerce store is one tactic that can help you increase visibility and reach a wider audience.
There are so many channels to help you promote your ecommerce store. However, the secret is to find the best channels for your business. You can start with free channels like social media before investing in paid channels. Through social media platforms like Facebook, Instagram, TikTok, and so on, you can create brand awareness and drive traffic to your ecommerce store.
You can then move on to run paid social media ads to target a specific audience and increase visibility. You can also utilize other marketing channels like email marketing.
So now you've set up your ecommerce store. What's next? Here are some tips to help you run a successful ecommerce business:
The journey to building a successful ecommerce business is more like a marathon than a sprint. After building your ecommerce store, you need to invest in building your brand and marketing your products.
We hope our article will help you understand how to start your ecommerce business and hit the ground running.