10 Easy steps to start your E-commerce Business
What is E-commerce business?
E-commerce is the buying and selling of goods or commercial transactions online. E-business is a company that does commercial transactions using the internet. E-commerce is the platform to pick your business at a high level. It provides sellers with the global reach.
It removes the barrier so seller and buyer can meet in a virtual world. Starting an e-commerce business is easy but developing and promoting e-commerce is hard. E-commerce demands many steps and decisions which need to come together at the right time.
It is an online platform or website that allows sellers to sell their product to wide customer base. Wider customer reaches as much as larger geographical reach. It is an extra sales channel with wider customer reach.
It provides 24x7 connectivity between buyers and seller. It is clarity and transparency of information. E-commerce business is like the physical market. It brings buyers and sellers together on a common platform. It involves digital-enabled commercial transactions between and among organization and individuals.
If you want to build up your e-commerce business. Then, here are 10 easy steps to start your e-commerce business:
1) Key Strength of Market Place
You should choose your marketplace if you want to sell your product to the entire world. First, you have to choose marketplace according to your product. Before evaluating your company, you need to conduct qualitative and quantitative research. You need to analyses your competitions. Company has to build good strategies for their business.
To operate in the marketplace, companies should plan their objectives. They have to set a goal around their strengths. There are two methods to do e-commerce business. You have to develop your own e-commerce website or use other reliable e-commerce sites. For example, if you are going to develop own e-commerce business then you have to make own website.
While doing this you have to develop a premium product and make a new channel for the product. If you want to do e-commerce with other websites like Amazon, Daraz, AliExpress, Alibaba. Then you have put your product on this site, let them do the rest of the job.
2) Look for the Quantity and Level of Your Competitor
In the marketplace, you will find a lot of competition. You have to analyze your competition. You need to analyze their behavior, policies, price, and quality of the product. This will help you to make your own policies and strategies to develop your business. You need to analyses your competition with your product as well.
The customer always wants something new product, qualitative product. You need extra strategies about what type of product customer want. You need to increases market value for your product. For example, you are going to sell a smartphone in the marketplace. Then you need the latest smartphone which has more features. Features like battery backup, camera quality, RAM, ROM, processor, etc. should mentioned. If you give a suitable discount on price tag then the customer will attract toward the product.
3) Establish your brand or E-commerce Business site
Before you set up your business store there are many steps, you’ll need to take.
- Register your business
Pick your suitable store name. Get your business license, and register your company.
- Create a logo
Create an attractive logo for your business.
- Apply for permit
After registering your business, you have to apply for the permit. Get legal permission for your business.
- Create your online store
After legal registration of your business now you have to think about design. You have to create a suitable website. For this you need to:
- Register domain
- Register relevant URL
- Check loading speed, features, types of payment, business structure, SEO friendly structure, etc.
4) Product Selection
Before starting your business, you have to make sure about what kind of product you are selling. The product of your business site has to match the expectation of the customers. Details of the product like price tag, discount, quality, brands, etc. should show. Are you manufacturing your own product or selling another product? You have to verify and confirm the product that you are selling to customers if you are not selling own product.
The customer has the attention towards qualitative goods and products. Selecting a product is not easy. Because you have to select those types of product which has good value and need in the marketplace. User need is the main point to focus while choosing the product that you are going to sell.
E-commerce facilities comparison shopping. There are several online services that allow customers to browse many e-commerce merchants. That helps to find the best product. For any business, you should have knowledge about inventory management. Are you developing inventory for the product? Or Are you will sell other the product through their store?
You should have inventory to store the products that you were going to sell. Products should stored and there should be a backup product for the business
5) Presentation and Catalog Catch the Eyeball Attention
In e-commerce, customer cannot touch and feel your product. So, the presentation and catalog play a vital role marketplace. You should have to give proper details about your product in a presentable manner. Then, you and your product will grab the attention of customers. The way that you show to the customer will catch the attention towards the products. The photos of products should be clear, can view from a different angle.
The deflect-able product should replace. The product should be neat and clean. You need a strong presentation of your product that will attract customers. The first impression will be always the last impression so, make your product looks good. Provide proper details about the stock of your product whether it is available or not.
6) Marketing your Product and Store
In e-commerce, you should have good strength to reach to your customer. For this, you have to advertise your product and provide information. Advertisement is the main resource to provide information about your product and business. There are different ways to advertise your site and product to the customers.
Promote your business before you launch and after launch. Before launch promote your business like coming soon, online advertisement. People will be aware of your product. Interested customers can wait early for its launch. After you launch your business, promote your product and store. For marketing your business, you can follow the following process:
Email marketing is using email to build a relationship with your audience. By using emails, marketing communication flow you can send relevant information. You can convert prospects into customers. People who interested in your store and product service can join the email list. E-mail marketing communication learns everything they need to know to make an informed. It takes low cost while doing email marketing. Email marketing is full of control and ease of use.
It is easy to measure results in the evaluation through email marketing.
It is a key digital channel in which to promote your e-commerce business. Well-designed display ad can generate a lot of clicks as well as build awareness.
Social media marketing
Social media marketing is the process of leveraging the network to interacts. Its increased traffic and sales to websites. While social media can used to promote the product. It is a place to interacts with users and tell them what makes your brand unique.
You have to decide which social media platform is best for your business and product.
It is the world’s largest social network. The Facebook massive audience can convert by online business. Frequent industry news, product promotion, and information content can generate brand increases sales.
In Instagram, e-commerce performance affected by product images. Making this dominated social platform key driver of brand awareness to the customer.
Twitter is another platform of social media to promote your business. It has a massive audience which converted by online business.
LinkedIn is best suited for through leadership content, particularly for the high end.
Promoting and selling on social media networks is right around the corner. It changes the way online business approach and interacts with customers and social.
Search Engine Optimization
For the advertisement, you can do SEO for better ranking of your website. So that people will reach your website on top ranking while searching on a search engine. It is the way to increase the rank of your website in the search engine results page. It comprised of many different factors including the actual content on your page. It contains keyword research to find the types of keywords customer are searching.
Home delivery is the way to end travel time of customers. You have to provides your delivery methods and time to customers for the product they order. It shouldn’t take more time to deliver the product. The customer wants their order as fast as possible. So, the delivery of the product should be faster and
delivered to the exact location of customers. Customers love to receive their product in good packaging. So, pack the product and delivery the product within committed time to the customer.
8) Payment Mechanism
While starting e-commerce business you have to care about payment strategies. You should have own payment mechanism but not what customer will offer you. If you are not getting paid on time, even after your product stocks sold out, then you won’t able to buy new stock. So, you have to make payment online or cash on time. There are many digital payment methods which are ease of use. Besides digital payment, credit card, master card, etc. can use for payment of the product.
9) Refund and Returns & Terms and Conditions
The marketplace gives a very small margin and it will take all your money from returns and refund cycle. The return policy should made whether it will return or not. If it does not reach customer expectation. Terms and conditions policy to protect your business.
You need to collect personal data from the user like email address, name, contact number, etc. by law. You have to attach some terms and policy in your site which customers need to read. They have to follow your policy while doing online transactions.
10) Reviews from Marketplace
Reviews from the customer are the most important part of your business. Is your product matching customers expectation? For this, you can provide a rating review for your product, your facilities. You can also add a review which helps to get review about your product in the comment section. It will help to downplay your weakness.
If you are getting a proper review from your customer about providing satisfaction. Then will able to develop your business in the advanced marketplace. More customer will reach to you. It is better to show the review that you are getting from the customer in your product and site.
Thus, doing an E-commerce business is no easy task as people think. It will be easy if you follow some relevant steps of doing e-commerce. You need to compete in the marketplace so apply your strategies to go forward. Technology will change. But the principles of how to start an e-commerce business will always remain the same. So focused on your goal, follow the principles and strategies. Give your best to customers then you will achieve success with your business.