Starting an eCommerce business can be a great business idea for today’s time. If you have a niche of products, a strategy to compete, or a plan of offerings no one else has your idea could potentially get you on the top. But even though things like development can be easily outsourced to an eCommerce website development company, you still need to take care of a lot many things.
Establishing an eCommerce business is much like establishing another if you have done that before, you will need to create a plan, analyze competition, build a team, focus on marketing efforts, and more. The difference would be the way you operate, the way you market, the solutions you would need, and of course, the working of your eCommerce website and app.
Without wasting any more time, let’s get started.
Here’s all you need to know about how to start your eCommerce business
Planning and Research
Planning and research are essential for starting any business; the same goes for an eCommerce business. However, it will be easier to identify competition once you figure out your target niche.
Plan your monetization, USPs, investment drips, marketing methodologies, and website and app development partner from the very start. Focus the rest of the efforts on researching the niche of your choice, see the strategies and top competitors, and compare your plan to theirs.
Register your Business and Domain
Register your business at a location of your choice, and there are various agents and companies online which could help you with it. Once you decide on the key details, proceed to register your business name and identification legally.
Choose a domain and name for your business online; it can and cannot be concurrent to the name you register above. A domain name should represent your offerings; keep that in mind while making a choice. This would act as the name your customers would identify you with.
Starting with eCommerce Website/App Development
Staff augmentation from a development company or hiring an eCommerce app development company are the two popular ways to go around it. Once you are all set about the USPs in terms of features, you can reach out to an eCommerce website development company for a free quotation.
If you are keen on DIY, staff augmentation services can be a great choice. All you need to do is find an IT resource augmentation company and hire developers directly from them. There are various hiring models to choose from, and the developers you hire would work dedicatedly for your project as long as you want.
Prepare a list of Initial Offerings
Stepping in two boats would lead to a fall; the twist in the case of eCommerce is that there are too many boats and too many ways to step in to ensure you don’t fall. You should plan your initial offerings very carefully, as they would be what makes or breaks your business. From experience, many new businesses shut down due to burnout as they tried to conquer everything.
As a rule of thumb, start with what you can acquire easily and sell easily, while everything else works in the background. Not only would it generate a stable revenue flow, but it will also motivate you to push further and beyond to step into other niches. Proceed to conquer market segments divided by niches, and slowly and steadily, you can succeed.
Prepare a list of Suppliers
In case you don’t manufacture what you plan to sell, creating a list of potential suppliers should be your utmost priority. While shortages in transit and a global supply chain slowdown, you should plan for alternatives before even starting practice. eCommerce depends majorly on who can get the thing the customer wants the fastest.
Certain niches also face acute shortages around the globe, and if you can find reliable enough suppliers, you can target them. eCommerce is all about getting something from one place and selling it at another; with the first part fixed, you are halfway there.
List down Potential Logistics Partners
If you aren’t planning to limit your eCommerce business to city limits, you should probably start contacting potential logistics partners. There are 1000s of logistics companies catering to the entire world, and if you can find reliable partners to move orders fast enough, you could deliver orders much faster to the customers.
As we said above, people want everything quick; from a day’s delivery time, it has come down to just a few hours, in some cases minutes. Logistics is something to take care of before stepping into the eCommerce business, as no matter what your niche is, the customer would probably look forward to getting the product faster.
Create a Marketing Strategy
Whether you choose organic or paid marketing, creating and following a strategy is essential for any eCommerce business. In the first case, you will need to build a team of competent digital marketers to help you grow for your niche organically.
For the second case, you will need experts who can communicate with affiliates, marketing websites, listings, etc., to give you an edge over the competition. While many things on the list could wait, marketing is something you will need for a kickstart and would eventually need to keep the business floating.
It’s time to go live, at least for a test phase. After you are sure everything mentioned above is in place, you should build a team for handling business operations. You might think you would be able to manage it all, but that’s hardly the case with anyone.
Hire competent office staff and deploy inventory management, POS, accounting, and other software as they become a necessity. An enterprise software development company would help you with custom solutions, or you can use premade solutions available on the internet for starters.