After the novel coronavirus outbreak, many individuals have noticed the shift in what customers need. According to statistics, the retail industry suffered its worst financial year in decades, whereas eCommerce businesses experienced a high on the other hand. Many consumers grew to be more comfortable with transacting online due to lockdowns and having no other choice. Individuals also seem to have become more comfortable overall and prefer purchasing on an application instead of queuing in a physical store. It’s safer, it’s more convenient, and this is a clear sign that people are moving towards an online future.
Operating a successful online store is a dream that many entrepreneurs strive for, it’s a combination of doing modern business while keeping most of your time. Having the ability to manage your business from a computer screen anywhere in the world is a sheer pleasure for those who do it. In this article, we’ll discuss critical aspects when it comes to starting up an eCommerce platform.
1. Products
First and foremost, you need to find an acceptable product; this can be anything from clothing to technology and more. Once you find a product, you need to research what the average retail price is and what your competitors sell for. If you can come in cheaper, great; if you can’t, you’ll have to work harder in other aspects of your business. When going online, ensure you have multiple products to list, don’t try and sell only one or two products on your site. You can also consider partnering with local businesses to sell their products on their behalf.
2. Website and StoreFront
Once you decide on the final products you’re planning on selling, it’s time to develop. Luckily, platforms like WordPress can build your websites for you due to innovative companies and years of hard work. Some time ago, businesses and individuals had to pay handsome amounts for the development of their websites. The secret behind the success of online platforms will be your ranking on Google. An Algorithm developed by Google ranks your platform; this algorithm ranks websites based on various factors, including; relevance, keywords, search engine optimization, title and header tags, and some other statistics on your website like click rate and bounce rates.
3. Marketing
After all your hard work, the deciding factor will most definitely lie in your marketing quality. This is because great marketing will most likely get your website ranked, which will get your orders going. Consider partnering up with an Affiliate Marketing Agency based out of Miami for your business to reach its optimal performance quickly. This marketing strategy should include Search Engine Optimization, which increases the quality and quantity of your website traffic. This method uses organic search results to boost your website traffic. You can also consider Google Ads to bid against competitors for the top placement on specified search phrases.
4. Funding
Stocking up your online store, setting up a website and launching a marketing campaign all require money. You may be lucky enough to already have some savings that you can put towards this. If not, you may have to consider either seeking help from investors or taking out a loan. There are a growing number of VC firms and private investors who are willing to invest in ecommerce startups – providing that you have a strong business plan. There are also lenders that specialize in ecommerce funding that can potentially offer better rates than other lenders. Decide which funding option is best for you.
Getting your online store to the top will require some intuitive thinking and hard work, but it’s worth going through the trouble at the end of the day. Imagine enjoying cocktails and astonishing views while making money on your online platform, impossible right?
