If you’re new to the eCommerce sector, you’re probably overwhelmed by the variety of services you can offer. After all, any sales or trades that take place through the Internet count as eCommerce. Whether you have products to sell or consultations to provide, once you accept online payment, you’re part of the eCommerce field. Here are a few ways to succeed as a business owner in this growing sector.
Offer the Right Products
Having the right products is essential for all new businesses, not just those that operate online. Begin by identifying something that your target market needs, and then brainstorm ways to fill that gap. For example, if your target market is young professionals, they need something comfortable to wear after work. Design a new athleisure garment that could be used for working out but also is suitable for relaxing:
- Gym shorts
- Moisture-wicking shirts
- Compression socks
Choose a Catchy Name
Now that you have your product idea, you must find a way to stand out from your competitors. The easiest way to do this is to choose an eye-catching name. Alliterated names such as Joe’s Jazzy Jams and Anne’s Apples are easy to remember. Names that include puns and other word games are popular, and so are references to pop culture. If you choose the last route, make sure that your name does not violate copyright laws.
Before you present your name to investors, think about your name’s abbreviation. Is its acronym catchier than the full name, making it prime for marketing? Is the acronym vulgar or copyrighted, necessitating a name adjustment?
Develop Your Packaging
When you sell products online, you almost always ship purchases to customers, but if you have a big enough store, you can offer pick-up options for local customers. For everyone else, figure out what kind of packaging you’re going to use. Are you going to send whatever boxes you have on hand, or are you going to invest in branded packaging that includes your name and logo? While the first option is cheaper and perhaps better for your early days, the second option makes your eCommerce company seem more professional.
Another consideration is how your packaging aligns with your brand identity. For example, if you sell products related to the environment, such as hiking gear or reusable water bottles, going green should be one of your core values. Using recycled packaging and labeling it as such makes your customers feel better about each online purchase and helps them get to know your company.
Pick an Online Marketplace
Selling products online takes place in a wide variety of marketplaces. Some business owners like to sell their wares through their own websites, but it takes a lot of money and time to develop a safe transaction process this way. Optimize your time by choosing an existing online marketplace such as Amazon, Facebook Marketplace, Etsy, or eBay. Most marketplaces charge fees per listing, so examine several different contracts before you pick one.
While marketplaces like Amazon and Etsy are preferred in countries like the US and UK, ensuring the right financial strategy for growth is equally crucial; platforms like Viably offer specialized banking solutions for eCommerce, helping business owners gain the financial insights they need for global expansion.
Depending on how specific your product line is, these major marketplaces may not be your best option. You don’t want your items to get lost in the long lists of available purchases, especially if you haven’t engineered your product descriptions for search engine optimization. For example, if you make reeds for woodwind instruments, an instrument-specific marketplace is more likely to lead to sales than Amazon.
Starting a business is always overwhelming, but the world of eCommerce makes it much easier to get going. Follow these tips as you write your business plan and secure funding to ensure that you reach your target market and offer worthwhile products.