Online shopping— something that was a matter of convenience long ago has become a necessity. Shoppers want to be able to buy everything without leaving the comfort of their homes. They are even buying services online. Many of you might already be thinking about starting your own e-commerce business to capitalize on this trend.
According to Statista, approximately 2.14 billion people shopped online in 2021, registering an increase of 4.4% compared to the previous year. Furthermore, this increase meant 900 million more people engaged in online shopping in 2021. In 2022, it is expected that 266.7 million buyers will make online purchases.
Global retail eCommerce sales are continuously increasing each year. They stood at $1.4 trillion in 2014, but in 2022, they reached $5.7 trillion. These numbers are remarkable when considered in the context of starting an e-commerce business.
However, do you have any idea about starting your e-commerce business? To find answers to the how’s and whys, continue reading to learn all about it!
Decide the model of your e-commerce business
Many e-commerce businesses start but not all succeed. A major factor linked to this failure is the lack of an appropriate business model. Therefore, the first step is to select the right model, which is not an easy task.
Some of the business models you might have heard about include Drop Shipping, selling via eBay or Amazon after wholesale purchase, selling via your website, and selling as a private label. Research various models and analyze their successes and reasons for failure before selecting a model that works best for you.
Recognizing the need for speed in e-commerce logistics and following pandemic travel bans, US airlines increased their investment in freight. Airline companies adapted their primary business model from B2C passenger carriers to B2B air forwarding US airlines for freight transportation to fill the gap. They collaborate with e-commerce giants like Amazon and Shopify to deliver orders to customers shopping on these websites. With their bi-coastal approach, they can complete the order within two days. Consequently, if you choose to invest with existing online platforms, and opt for freight services, you automatically get a logistics partner. Isn’t it quick and seamless?
Engage with experts
There is no harm in talking to experts in e-commerce and taking them as your mentors. You can ask about their journey and what steps they took. However, connect with people who have had their share of failures and successes in this business. Instead of making new mistakes, you can learn from them and avoid those mistakes during your journey. You can also discuss your chosen model and seek their advice on its pros and cons.
Choose a product or service to sell
Now that you have decided on your model, choosing the product and service you will sell comes next. Selecting a product can be a very critical step. Some people start selling anything they get their hands on and do not engage in niche research. The result is an online platform that is a hodgepodge with no clear focus.
Are you thinking about doing the same? If yes, think again and decide if you have the budget to become the next Best Buy or Amazon. If not, take a step back!
Think about a niche product if you want your business to roll in money for you. Once you have a product niche in your mind, look at competitors already working with that product and market condition. Are people still interested in buying that product? Is there a place for a new entrant? Is the competition too extraordinary or too low? If there is not much competition, it can imply two things. Either you landed on a splendid idea that no one could think of, or not many people are interested in buying that product. The latter option is the more likely possibility.
At the same time, don’t pick a product or niche which is already congested, nor go for a branded product.
Select a name for your business
Choosing an attractive business name is important because it will become your brand identity. It should be short, catchy, and easy for your customers to remember. The title should be unique and represent your core business services. Some people try to copy the name of a famous brand and change a few syllables to make it sound similar. There can be nothing more boring and cliché than this practice. Often it makes your customers doubt the authenticity of your products. They may think that just like your borrowed name, your products are fake too. Therefore, the name of your e-commerce business should be original and authentic.
If you are short of ideas for choosing an impressive name, you can search for corporate names online. Once you have an idea, you can mix and match various options to create your original name. Having a name with a story behind it or a meaning attached to it is ideal for branding.
Purchase a domain and develop your website
The next step is to purchase a domain for your online website. Ideally, your business name should be your domain name. However, if the desired domain name is unavailable, go with the one which is the closest option and easy to recall and spell. For instance, if your business name is Crafts by Karen, but the same domain is unavailable, try going with KarensCraft.com or any other close option. The closer you are, the less out of place it looks.
Next comes designing your e-commerce website. Design refers to the look and feel of the website. It should be designed so that consumers can look at your products, and your website should enhance the user experience. It should be visually alluring, easy to navigate, and must load in no time. Most shoppers leave the sites when it takes too long to load. According to a survey by digital.com, 50% of the shoppers abandon their shopping carts if the page does not load fast enough, and 53% of online buyers leave the site if it takes longer than 3 seconds to load.
While designing an eCommerce website or e-Store, you need to keep in mind the quintessential aspect of Shopify AB testing that can easily go on to improve your website’s conversion rate, UX/UI quotient and sales. In one such split testing before freezing on the final website design, you can conclude as to which landing page variation is perfectly suited for your niche, brand or business. This is where a specialist like “TridentAB” can provide you with all the valuable inputs for analyzing the results, by incorporating an analytics dashboard onto your site.
Consumers come for online shopping to save their precious time. Simultaneously, they also want a good shopping experience. They cannot wait while the page keeps loading. Therefore, your website should be smooth, easy to navigate, and run swiftly to make the consumers complete their purchases.
Conclusion
Starting an e-commerce business is not easy. It requires looking into various aspects, including the name of your store, the domain name for the website, and the product you intend to sell, among other considerations. Carefully looking at these factors and taking the help of experts can reduce the chances of making costly mistakes and increase the probability of your business success.
