4 Point Roadmap in Starting an E-Commerce Business
Founding an online business appears to be a straightforward task, but as the digital retail community grows bigger, starting an e-commerce business can be a demanding and arduous undertaking.
Online shopping was previously dubbed as a luxury for most consumers, but after the series of lockdowns, it is now considered a necessity. Aside from the safety that e-commerce poses, its convenience highly entices people to shop within the comfort of their homes.
The rapid growth of the e-commerce community makes a challenging environment for business owners to establish their presence. So how do you successfully start an e-commerce business?
Product and Niche Research
It is forecasted that by 2020, billions of people are to be engaged in online purchasing. By then, you should know how to position your business among the many in the e-commerce industry.
Get your research done. Identify what and where you are going to concentrate on. The broadness of the digital selling space gives a lot of options but you have to focus on one.
Choosing your product is just the tip of the iceberg. Narrowing down your market to a niche is an important step to get your e-commerce business started. For starters, consider going for a less crowded niche to ensure that though there is competition, survival is still possible.
After choosing your market, identify their needs. What can you provide to help them with these needs? Or how can you add value to their digital consumer experience? Once you map out these requirements, you can now materialize your online business.
Setting up the Business
Next step in the plan is to create your online presence gradually.
Coming up with a good business name is a tough decision to make, alongside finding an available domain name to make your business go live. Your brand name will stand as your beacon of awareness and retention for future consumers that’s why it’s best to come up with a unique one.
To create your page, choose an e-commerce platform suitable for your business. Aside from the branding, consider its features and its compatibility to your business structure. It is of crucial importance that your business’ e-commerce platform adheres to your branding, caters your niche and provides a user-friendly interface for easy navigation. Your site traffic relies heavily on your page’s efficacy so make sure it is fully optimized and functional.
Launching the Business
Once your e-commerce business is live, you need to make sure you have adequate stocks of your product to cater all consumers. Create a landing page to capture potential buyers and entice them to purchase from your store. Arrange shipping schemes to deliver your products to your customers.
Make yourself visible online. Maximize social media channels to continuously promote your products and lead them to your page. Making buzz on online platforms increases your brand awareness, and if done consistently, lead to brand retention.
Related: Best Practices in Managing Accounting for E-Commerce Business
Sustaining Back-Office Support
Maintaining a well-run back-office can help you keep a smooth running business.
If your administrative works are on track, then you can guarantee everything goes well from the online store purchase up to the door-to-door delivery of the product.
However, if you find it too overwhelming to wear multiple hats while managing the front-end of the business, finding outside help is a viable option. E-commerce outsourcing provides you back-office support and takes over your functions which can help you save upfront costs in the long run.
Your stint in the digital platform will depend on how you establish your business. To start an e-commerce business means you take the challenge of standing out among the rest and growing your operations while you learn the e-commerce industry dynamics.
Finding it hard to manage all facets of your online business, especially your numbers? We’re here to help. D&V Philippines offers a premium suite of finance and accounting services to e-commerce startups. We understand the ins and outs of online accounting and our experts can simplify it for you.
Talk to us to know more.