How to Start an eCommerce Business

 

E-commerce is a fast-growing business. Starting an eCommerce business is unquestionably a very difficult task demanding multiple actions and judgments coming together at the right time.

 

Building an e-commerce business is more than choosing a brand name, writing product listings and starting to sell products online. This article will serve as a comprehensive and straightforward guide to start an eCommerce business.

 

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Points to remember before starting your E-commerce store

 

  • 1.Set up your business
  • 2.Select a product/product range to sell
  • 3.Identify KPIs for your business
  • 4.Acquiring Customers
  • 5.Market extensively
  • 6.Collect feedback

 

Step 1: Select a product to sell

The very first step is to recognize the products you want to sell on your website. After selecting the product range, we need to do market research so that we get to know what consumers are interested into. Before importing the product we need to ask consumers if they will purchase the product or not, since pre-sales analysis helps you ensure the real demand of your product in the market.

Once the product is fixed, you need to find the right vendor for your product so that your product can get sourced from a particular supplier. There is a lot of competition to sell products online, therefore it’s on you to get the best quality and best price for the product you sell.

 

Step 2: Set up your business

After selecting products for your business, you need to create a brand name and logo for your business. The brand name needs to be short and simple, original, creative, and different from others so that it will have its own character.

After getting your brand name and logo ready, you need to have a website having well structured with SEO so that your website and pages will be easily visible on Google and other search engines.

Further, you need to build your store to provide better user experience i.e., Captivating product descriptions and beautiful product photography will be profitable for you to target new customers from existing sales channel. The correct combination of sales channels will depend on your products and your target customers.

 

Step 3: Identify KPIs for your business

Key performance indicators (KPIs) are like landmarks on the road to online retail success. Examining them will help eCommerce entrepreneurs identify journey towards sales, marketing, and customer service goals.

KPIs should be selected and monitored depending on your unique business goals. Specific KPIs support remarkable goals while they’re irrelevant for others. With the idea that KPIs should be altered based on various goals.

 

Some performance indicators and KPIs for eCommerce are

 

For marketing:

  • Site Traffic
  • New visitors vs returning visitors
  • Total time on site
  • Bounce rate

 

For Sales:

  • Sales
  • Average order size
  • Gross profit
  • Average margin
  • Number of transactions

 

For Customer Service:

  • Customer Satisfaction(CSAT) Score
  • Net promoter score(NPS)
  • Hit rate
  • Customer service email count

 

For Project  Management:

  • Hours worked
  • Budget
  • Return of Investment(ROI)
  • Cost variance

 

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Step 4: Acquiring Customers

 

Getting customers, in the inception, needs focus and time. It can be difficult to choose one who makes better sense of business from a variety of channels and means to promote your business.

There is a need to classify some principal marketing strategies that you are planning to take advantage of and apply in the first few months. Identify the main KPIs and analyze whether the strategies you have engaged are working or not.

 

Step 5: Market extensively

Now it's time to be dangerous and directed. After getting your business a few months older, concentrate on a broader marketing initiative. Focus on a wide range of audiences by adopting strategies like E-mail Marketing, Content Marketing, and Social Media Marketing, Advertisements.

 

Step 6: Collect Feedback

Collecting feedback regarding your products lets you understand your defeats and helps you improvise your business. Working on feedback reports supports you in establishing your business much strongly.

 

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