Online stores are the future of conventional retail. As innovative and exciting as it may sound, it is not simple to make your initial sales and keep those orders coming in. Why so?
The most prevalent explanation is that the ECOM business was not properly established. There are always certain crucial pieces lacking, making it challenging for website owners to attract and keep clients in the long run. However, you do not need to be concerned about this.
There are methods for putting the puzzle pieces together and growing your eCommerce store. Regardless of whether you are in the research stage or want to assess why sales are stalling, there are ten things you should cross off your list before you begin.
Let’s dive into them.
Research “What You Should Sell” Intensively
Product assessment is an essential component of every eCommerce store plan, regardless of size. There is no limit in a rapidly digitizing society where anyone with genuine drive may become a business person. Before you determine the final products to put on your eCommerce site, you must conduct extensive market research. So, you shouldn’t just start because someone else has had success in a specific area or you have goods that you want others to buy.
The hottest items are ones that have an existing large following and face little competition. To find out the in-demand or trendy products, you can start by analyzing your competitors or you can use tools like keyword planners. Once you’ve found the right items, the rest will seem a lot easier to you.
Examine Your Market Rivals
Before entering a market, it is ideally a good idea to have a thorough understanding of your competition. Assess what they are delivering to their customers (services, USP), their strengths, shortcomings, and any other techniques they employ to get out to their target demographic. Given this data, your brand can outrank the competitors if you can deliver superior services to your prospective customers.
Furthermore, it is beneficial to understand how prominent organizations function and to mimic the best practices. Once you have done this study, construct a new marketing strategy if necessary.
A Powerful Branding Approach
How would you position your brand in the face of large eCommerce competitors such as Amazon or Flipkart? The solution is a thoughtful, powerful branding plan. Your brand represents a vital aspect of yourself. As a result, it is the next crucial step that needs to be done right.
The process of branding goes through a number of steps including naming your store, designing a logo, and deciding what you want to deliver to your consumers. So, think hard. What do you have to offer your consumers that no one else has? Once you’ve identified your USP, you’re ready to go on to the following stage.
Choose the Right Platform
Whenever it comes to opening an online business, choosing the correct platform is critical. Sellers have two options: sell their items on their own websites or register with any ECOM marketplace to offer their things online. With the former part, you will encounter a couple of options that demand different skills, including a range of expenditure costs, unique styling features, and a distinct user-friendly experience. Depending on your needs and budget, you may select from well-known platforms. You can check a detailed comparison between BigCommerce vs Shopify vs Squareup.
And if you are not ready to build your own store, you may always use an eCommerce platform like Amazon to locate new consumers.
Register Your Business
Once you’ve decided on a platform or marketplace, the following steps are to register your business:
Select a business name: Conduct professional research to establish an easy-to-remember name for your company.
Protect your domain name: If your business name is not available as a domain name, consider a URL that is easy to remember and relevant to your business. So, if your company is SkinCare Tips and SkinCareTips.com is not accessible, consider TipsbySkinCare.com.
Choose a Business Structure: To create a unique legal entity, you must register your firm under the appropriate business structure. This includes the following: Sole Proprietorship/ Partnership (with a company partner)/ LLC/ Corporation
To register your business, you will have to obtain:
- Certificate of Digital Signature
- Director Identification Number
- MCA Portal Registration
- Certificate of Incorporation
In addition, the legal documentation requires the submission of a GST, PAN card, and company email ID.
Prepare Your Inventory
One of the most difficult difficulties that both conventional offline and eCommerce businesses confront is assigning and monitoring stock levels in their stores on a regular basis. It is also possible that demand will not be satisfied or that the amount necessary will be overstated. Consider using inventory-management software tools to assist you in controlling your inventory supplies. Whatever strategy you use, make absolutely sure you have adequate stock on the day of the product launch, but not too much, or it will be difficult to handle and will go to waste.
Determine Shipping Options
Online shipping may make or kill a company. If your shopping expenditures are excessively expensive, a consumer who adds a product to their cart is likely to abandon it. This is particularly true when the cart value is too low. Keeping this in mind, it is best to maintain a fixed shipping fee or no shipping cost at all for all of your items in order to convert your almost-prospective purchasers into your sure-sure customers. Aside from shipping costs, ensure that your company follows models such as Amazon’s Prime Delivery by collaborating with local vendors to provide shoppers with consistent fastest delivery on time.
Use SEO to Rank Your Website
As an eCommerce store owner, it is imperative that your website ranks top in the search engine results. To do this, you must guarantee that your website is search engine optimized. Google, Bing, and other popular search engines generally follow a well-structured path to score webpages. As a vendor, you must compile a keyword list related to your goods or assistance which you believe buyers may use while looking for the items or services you offer. In addition to aiding your product rank better in search rankings, SEO may be used to structure your eCommerce store appearance, making navigating easier for users. Apart from these, you should properly optimize your website with proper schemas. If you are using WooCommerce to set up your online store, you can find many schema WordPress plugins which can help you to mark your products and pages with proper schema tags. Same applies to Shopify and other platforms.
Harness the Power of Affiliate Program
As long as the product/ service you’re offering on your site generates a profit, pooling that earnings with affiliates in return for more purchases is never a terrible idea. Amazon, the world’s largest ECOM company, pays affiliates between 5 and 8% commission on purchases, so you may determine what proportion of your revenue you are willing to divide with associates and create a system like this on your online store. This way your site will gain greater exposure since affiliates help bring your items in front of numerous individuals who might not have seen them otherwise.
Strong Customer Support
How do you manage customer complaints or any significant consumer who has a question about your services or a problem with a recent purchase? Robust customer support would do that for you. Make it simple for your consumers to get in touch with you. If you have a business email or a contact page on your site, ensure to respond to such messages as soon as possible. If you provide a call feature, make your business open-hours and local time explicit on your website.
Another thing you can do is integrate a live chat feature that would allow customers to seek assistance with any issue they have on your site without leaving. You don’t have to provide every type of assistance, but the important thing is to be persistent and timely.
So that’s all I’ve got for now. There is no single formula for achieving instant success. Building a business from the ground up takes persistent work. It is critical to recognize that each firm is distinct and provides various services and that the industry environment is always evolving. However, if you begin with the aforementioned list, you’ll discover a plethora of possibilities to make the improvements that will continue your eCommerce business expanding and flourishing.