“While opening an eCommerce business, there are plenty of things and aspects that you have to keep in mind. But some important leading aspects can guarantee the best results, and that’s what you will get to know in this blog. Here, I have listed five major points that you should consider before opening an eCommerce store.”
Starting an eCommerce business is exciting that pays off-literally. But boosting conversions is like a never-ending battle because still there are around 68% cart abandonment rates that include both new and returning customers. And this is not at all good. You really need to pull up your socks with excellent planning and strategies.
Launching your eCommerce store is not a child’s play in today’s competitive market. Many retailers are making tons of money online, but at the same time, there are still many who are lacking strategies and losing their business grip in the market. It’s a grave concern.
“People should not be unfamiliar with strategy.
Those who understand it will survive
and those who do not will perish” - said by Sun Tzu.
A lot of business folks are researching giving their eCommerce business a good start. If you are also one of those and want to make a quick buck, then it’s the right page you have landed on.
According to developer stats, the recent worldwide eCommerce sales amounted to 4.206 trillion US dollars, and e-retail revenues are projected to reach 6.54 trillion US dollars in 2022.
These numbers clearly show the supremacy of online shopping and be a part of this milestone; you need a great start. Because online shopping is a luxury as well as convenient and now – it's a necessity that you can't ignore
And, to prosper your online business, you need to keep a few points in mind. That’s what you will study next here. You will know about the top and proven methodologies of establishing a successful eCommerce store.
Every business has its unique identity and brand name; that's what you have to keep in mind while opening your eCommerce store. You choose a unique brand name that reflects its services and offers. And it's essential to register your business under the rules and regulations of the law of the land.
With your unique business name, you can register a domain for your online identity. If you are dealing with no brick-and-mortar store, then you need to select a unique business domain name as you do with real-world business.
In the online world, you have to obtain an EIN (Employer Identification Number) for opening a business bank account and fill up taxation claims by securing social security numbers type of things just like an offline business or real-world business. It is a vital step when the verification process goes for payment gateway integration and international currency exchanges.
"Always choose a unique business domain for your eCommerce and get it registered by the law of the land."
Choosing a business niche is the foremost important thing. Decide what products you will sell on your eCommerce store and try to start with a few products of a particular niche, e.g., fashion accessories, electronics, hiking products, or more.
Begin with a handful of products in that niche – later, you can add more when it starts growing. Also, keep an eye on your competitors; this will give you a better idea and help you devise the right strategies.
And, always pick that niche you are personally interested in; otherwise, you will lose your passion quickly and get failed too.
Also, try to look for unique products that can hit your target audience's interest. Initially, you can't give competition to the top eCommerce stores like Amazon and Walmart. But you can do something different.
E.g., open a store that retails handmade products that are not readily available in the mass market, and if it's then the price is touching the sky. It's just an example; you can choose other things too but make sure that it caters to your customers' needs. To upgrade your e-stores you can also hire shopify developers in India and hence it will help you to increase your sales and ROI.
“Take Time, do research and choose unique plus the best product that can hit the customer's mind.”
Now think about the customers you will sell; you should always have to keep this in mind. For this, you should sell:
Once you get all the answers, you can devise your eCommerce business strategies accordingly. It will give you a proper idea about your target audience, and you can get a good start in the market.
“Always do in-depth research of your target audience when you plan to open an eCommerce store”.
Ecommerce sites focus highly on improving the overall shopping experience, and it's not just the selling aspect that can engage your online customers. Unlike brick-and-mortar stores, online retailers have more options for providing their customers with a better shopping experience.
But unfortunately, they fall short in delivering such experimental benefits of in-store shopping such as seeing & touching the product, social shopping, and instant gratification.
Advanced, compelling content experiences enhance the online experience and reassure shoppers about making a purchase and keeping them coming back for more. While only 15% of customers are repeat customers, they account for one-third of the total spending. And Amazon is the perfect example to understand the accelerated profits of recurring eCommerce customers.
The recent McKinsey study explains that "Improving the customer’s routes can increase 20% of customer satisfaction as well as lift 15% of the retailer's revenue while lowering almost 20% of the cost spent on the customer service".
Top Brands like Fitbit (wearable fitness tech devices) and Mr Porter (menswear eCommerce) demonstrate the power of content-rich eCommerce sites. Fitbit's "Find Your Fit" shopping guide helps visitors find the right device for their requirements, while Mr Porter creates extensive lifestyle content to leverage products on their eCommerce site.
“Good Content plays a vital role in binding the customer's interest and making a shopping decision.”
Knowing your competitors is the other foremost thing that you should always do. You should have knowledge about their products and services that they are offering. Also, know their marketing strategies to learn the tricks of targeted customers better. It will help you in setting your prices competitively and responding to rival marketing campaigns with your initiatives.
You can utilize this knowledge to plan marketing strategies that beat your competitors and improve business performance. You can also evaluate any threats posed by both new as well as current competitors.
“Know your competitors but don't imitate them. Always try to be innovative about your strategies and plans.”
All these points are well enough to give your business a good start in the market. It's quite like opening a brick-and-mortar store but differs in some way where you have to keep a couple of things in mind and implement it in the right way.
Now, let's take a quick preview of the vital eCommerce business points that we have discussed above:
As you can see, these are the essential factors that you have to consider before jumping into the eCommerce business – and it is just the beginning of your concerns because E-commerce industries are exploding today. We have reached the point where brick and mortar stores are no more prevalent unless you are running it at a good location.
But if you follow these points thoroughly and hire the best eCommerce development company in India for this, then it will be no more difficult. They can give your business a good start and grow your business by all the leaps and bounds.
Go Ahead, Do Research & Launch Your eCommerce Store Today.