Talking of Small Internet business ideas today I am sharing some intricacies about starting and running a online eCommerce store. I assume you read the following before you get cracking with this
Start and e-commerce store: Starting an e-commerce store is easy like never before. Drop shipping is the mantra. Drop shipping is a technique that allows you to ship products from the wholesale suppliers to the customer directly at a wholesale price.
The most common question people ask is “why will someone buy products from me if I am just getting started” The key here is retail arbitrage. You want to reach your customers much before your competitors do and convert your customers. Of course, this involves an above average understanding of driving paid traffic to your sales pages.
You have multiple options to jump into e-commerce bandwagon from starting with a managed application like Shopify to building your own e-commerce store on platforms like WordPress or Magento.
Steps to Setting Up an eCommerce store
- Finalize on the platform: How will you host your product catalog? do you prefer a ready-made done for you, an end to end application like Shopify or You want to do it on your own domain name and hosting?
- If you want to quickly get your feet wet go for Shopify and make your first sale as fast as possible. You will find a real leg up training here.
- If you have done pretty neat homework and market research and prefer a brand of your own go the domain and hosting way. WordPress with Woocommerce is a great way to start and the one I prefer for my clients.
- Choose your Niche:Choosing your niche to operate is an important step that you should not overlook. You just can’t add random products and start an online store. You need to address a defined customer need, demography and buying pattern. Normally you would like to operate in a niche that is fast picking up and has not matured yet to make enough money from it much before it’s beaten down by competition.
- Manually Upload Products or Connect a Product Transfer Plugin for Drop-shipping:You have to option of automatically picking up products from drop shippers and pushing them to your Shopify or Woocommerce store. Once you get taste of adding products in this way you will hate to add products manually.
- Reach your audience:Now just because you created your store front customers will not start pouring in overnight. You will have to lay down a proper budget and finalize a traffic method that you want to test and perfect. Start small and target your first sale once you have that repeat that as fast a possible. Once you will have a dozen sales in your pocket you will not just have enough confidence to place higher bets in the game but also ambitiously plan a sales goal and work backward to achieve any targets you lay for yourself.
There more than one ways to reach your audience and you have to pick one method at a time. (Else you will end up with a burnout) Some of the methods are listed below for your reference
- Print Media
- PPC (Pay Per Click)
- SEO (Search Engine Optimization
- Networking/Direct Selling
- Event Sponsorship
Challenges (Watch Out For These) : Starting an e-commerce store is not really the big deal today. There are hundreds of ways to do that. The whole point is to do with your research, planning, and execution just like any business venture lets quickly look at what are the top 10 things you want to consider when getting in this game.
- Proper research on aspects of demand, competition, quality and sourcing.
- Operating in as narrow niche as possible
- Branding your business optimally; Logo, Trade-name, Trademarks, Domain Name, Brand identity etc.
- Not completely ignoring SEO but working it on the long term.
- Great photographs and awesome product descriptions.
- Launch your business with a proper launch plan.
- Have a proper shipping strategy worked out?
- Work and clearly state your policy on returns, refunds, and cancellation.
- Deploy email marketing and enhance the value of your customers.
- Multiply your traffic with adding up more and more traffic driving methods.
- Test and optimize conversions.
- Generate testimonials and bring in repeat customers
So as you see putting up an online store is a real business but the best part is you can do it right from home. Again if you have read so far don’t delay. Go here and access the FREE 90-day challenge on making your e-commerce store a success.