Moving your business to eCommerce or opening an eCommerce branch is not just an attractive proposition, it’s now an essential part of the modern-day retail market.
With fewer people than ever shopping in stores and more of us choosing to browse and purchase online, companies who discount the potentials of eCommerce may come across the battle to live insurmountable. If you’re thinking of entering eCommerce, here’s all you have to understand.
Selling the Right Product
To be successful as an eCommerce company, the first component that you must consider is what you’re going to sell. Get this right and you’ll have cleared the hardest hurdle — get it wrong and it unlikely that the business will fly.
Convinced you have great ideas for the goods you want to market? Now consider how you are going to source them, how much you will need to cover them along with the margins for gross profit — which is to say after all other costs have been deducted. If, after doing this, you are still convinced that you’ve found the right product, then you might be onto a winner.
A Digital Platform
While many eCommerce businesses may begin life trading on a platform like eBay, ultimately you’ll need a site of your own plus some amount of web development savvy. Even out-of-the-box eCommerce programs such as PrestaShop require the user to be able to navigate their own content management system (CMS). If you have no experience or confidence in rudimentary web development, you may need to outsource someone to help.
The way your site looks, how fast it is and how simple it’s to utilize are essential to the success of your eCommerce business. Begin with something relatively straightforward and then develop it as your expertise and confidence grows.
Payment Processing Solutions
Now that you have a platform, you want to ensure you’re able to accept credit card or other forms of electronic payments into your merchant account. Some payment processors like PayPal or Stripe may not approve your merchant account due to risks associated with the products you’re selling or the industry you occupy.
“We advise most of our clients to do extensive research about their industry and the degree of risk associated with accepting credit card payments. They don’t factor the rate of customer credit card chargebacks when they’re applying for a merchant account and find when the acquiring bank’s underwriting process is over, their merchant accounts are frozen and they can’t get to the funds in them,” Kristen Ward, payment processing expert at PayKings, explains.
Marketing is Key
As soon as you have a website, you need to get people to it, along with exposing them to your brand and products. There are a lot of ways in which this may be achieved, but starting advertising approach like PPC (pay-per-click) makes sense. This is because of its immediacy when it comes to driving traffic to your website and the manner by which you can quickly collect insights into what’s working and what isn’t.
Other channels that you will want to think about moving ahead include; social media marketing and SEO — both routes require more time and effort to become established and to provide measurable metrics. Plus, as you advance you’ll be able to specify your target audience with more accuracy and therefore utilize the likes of societal networking marketing more effectively.
If it comes to getting products delivered and shipped, pays to use a trusted courier. Do research and find the best rates and look at reviews for the courier service. Building a relationship with a excellent logistics supplier will allow you to build your business and is awesome for the client experience.
After having a well thought-out and thorough business plan and taking small measures to build and develop your eCommerce business will allow you to make a profit and then scale over time.