What if you could work from home every day and still communicate with people all around the world?
What if you could be your own boss, innovator and big thinker?
With e-commerce, this kind of lifestyle is possible — it just takes dedication and hard work.
E-commerce is a booming business, especially for people with an entrepreneurial spirit. There is a lot to learn — and gain — from becoming an e-commerce expert.
However, before you think too big, you need to start small. You can get your foot in the door by exploring some of the simpler online sales options.
Here are a few tips to help you learn the basics so you can get started.
The Competition
Knowing what your competitors are is key to standing out from the pack. The best way to achieve this is by conducting a competitor analysis.
This method helps you spot businesses that yours will be competing against, along with their strengths and weaknesses, so that you can figure out ways to gain an advantage over them.
Write down several of your competitors, then read up on their marketing strategies, products, and pricing.
Though primary competitors are the ones targeting the same customers as you, you should also be paying attention to secondary and tertiary competitors in case they do become primary competitors in the future.
Web Presence
The importance of creating and maintaining a reliable website for your business cannot be stressed enough.
If you want to keep your online store running, you’ll need a website that customers want to revisit.
You can create a website yourself or hire a freelance professional to get the job done.
The best web designers know how to make any website look attractive and deliver smooth performance for your website’s visitors.
They also have experience with UI and UX design elements like dropdown menus and user testing, as well as JavaScript, HTML, and other web fundamentals.
Online Store Platforms
For those of you curious about dipping your toe in the e-commerce water, starting with the dropship model is a great way to develop your chops as an online entrepreneur.
Dropship means you don’t have to store or ship any inventory yourself — a third party handles all that for you.
However, if you are selling products you have made yourself, then you’ll want to look into a pure inventory model.
You can even try both! Many artists, craftsmen and designers sell their wares with a hybrid commerce strategy.
Financial Start-Up
No matter how you structure your online store, you’ll need to spend a little money before you can make any.
That’s where small business financing comes in. This complex topic is one that requires a good bit of research, but basically you should explore different options for getting a bit of capital to invest in your e-commerce idea.
You might benefit from a small business loan, term loan, or a business line of credit.
Regardless of how you get funded, remember that loans and credit must be paid back, so managing your debt effectively is crucial for e-commerce entrepreneurs to maintain a strong credit rating.
Marketing Best Practices
Just because you’ve opened your digital e-commerce “doors” doesn’t mean customers will magically be drawn through them.
You need to have a marketing strategy to help get your product in front of the right audiences.
Start by creating buyer personas of people who would want to buy your product. Then, design a website and write marketing content that speaks to the personas you created.
You’ll want more visibility than just a website, however. Set up a social media page, create an email newsletter and run a few simple Facebook ads. With the right audience targeting, even as little as $100 a month can drive big traffic to your site. You can also create excitement about your products by marketing on Instagram. It may be worth it to hire a professional experienced in reaching consumers.
Packaging and Shipping Solutions
Presentation is important. It matters when it comes to ordering food at a high-end restaurant, and it matters when your customers get your package in the mail.
The right shipping and packaging solutions set the tone for your customer service, which in turn helps inspire and encourage repeat customers.
Did you know it is more expensive to captivate a new customer than it is to re-engage a previous one? Shipping should be customizable, fast and courteous.
Packaging should reflect the brand of your e-commerce business, as well as the personality of your company. Branded packaging is a unique, customizable way to make your customers feel special.
It’s also crucial to develop an order fulfillment system that allows you to pack and ship items to customers in a timely manner.
In an age where two-day shipping has practically become the norm, many customers won’t settle for extended shipping times.
So, find ways to make your warehouse more efficient so you can get products shipped faster.
Starting your own business can feel intimidating and even a bit scary. It’s only natural when you take such a big leap — it feels risky. S
tarting small and simple in e-commerce can help you understand the ropes without having to take big risks.
Owning your own online store can be a fun experience that pays off — literally.
Be smart, strategic, and start slow, and you’ll give your business and yourself a chance to grow!
