You’re thinking about starting an e-commerce store because you’ve heard how profitable it can be, but you’re not quite ready to take the leap of faith because you don’t know how to give it the best chance of success. Before you go ahead and register a domain and invest in costly web development services, consider the below points to give you the best chance in a likely competitive industry.
1. Product Choice Is Vital
One of the most expensive costs of owning and growing e-commerce store is storage. If you’re selling big products like musical instruments, your garage probably isn’t going to cut it. However, if you’re only selling foam earbud tips, you could store hundreds of thousands of them in your garage no problem. Therefore, it’s always best to sell a product range you can store in your garage to save on expensive external storage costs.
2. How Much Are You Spending on Your Website?
Custom website solutions are becoming more expensive these days, and they aren’t always a viable option when getting a professional website online. If you have a big budget at your disposal, a custom solution shouldn’t be overlooked. However, if you feel you can better use the money elsewhere, you should look at getting your website using an alternative method. Look at this helpful guide to get an e-commerce store online using the WordPress platform and helpful plugins like WooCommerce – it’ll save you thousands and will help make website management very easy.
3. Do You Have a Reliable Supplier?
A reliable supplier could be the difference in success or failure when it comes to owning an online store. Before you start investing in inventory, always ensure the supplier has many clients and a reputable name. Otherwise, you could end up losing money on products, or worse, your customers could end up with poor quality products that they’ll just want a refund for – a cost you’ll likely not be able to afford as a new e-commerce startup.
4. Where’s Your Customer Support Coming From?
It’s very hard to grow an e-commerce store because you may not have the money available to invest in employees/office space just yet. This means your only option is to use a home office environment or a professional hot desk service within another office environment. Customers want access to the best, prompt support whenever they need it, so you need to consider phone-lines/email/live chat solutions to give them what they need.
5. How Are You Going to Market Your Brand?
The marketing step is one of the hardest to come to grips with, especially for a new e-commerce business. There are multiple routes you can take in terms of traditional and digital marketing, so you need to come up with a marketing strategy to give your brand the best chance. Look at this helpful guide of some of the best marketing ploys that are cost-effective for new startups.
How you take your e-commerce business forward is completely up to you. However, if you really want to compete in any e-commerce industry, you’ll need to consider the above basics, so you don’t end up hitting a wall in the near future.