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E-Commerce

What is eCommerce?

eCommerce refers to any form of business transaction conducted online. The most popular example of eCommerce is online shopping, which is defined as buying and selling of goods via the internet on any device. However, eCommerce can also entail other types of activities, such as online auctions, payment gateways, online ticketing, and internet banking. The invention of faster internet connectivity and powerful online tools has resulted in a new commerce arena – Ecommerce. Ecommerce offered many advantages to companies and customers but it also caused many problems.

ADVANTAGES OF ECOMMERCE

HOW TO START AN ECOMMERCE BUSINESS?

There is a logical order in how you would go about building an eCommerce online store. Although setting up an actual online store would probably take less than a day, researching, building, launching and growing a profitable eCommerce business is a multi-layered process involving a number of steps and decisions.

Choosing and sourcing a product

The first step to starting an eCommerce business is deciding what products you’re going to sell. Finding a profitable idea can be hard work, so be prepared to do some serious digging and thinking. It’s essential that you choose products with healthy margins that will allow you to turn a profit and scale the business in the future. Once you know what you want to sell, you’ll need to decide how and where you’re going to source the products. The four main methods of sourcing products and inventory are making, manufacturing, wholesale and dropshipping.

Conducting research and planning ahead

Your product idea will dictate which aspects of the market you need to research, but some of the most important areas to look into will be your competition, pricing strategy, and your unique value proposition. At this point, it is also a good idea to draft a business plan that will help you visualize your growth strategy and identify any potential threats or obstacles.

Getting your brand right

Now that you have a promising product idea and a clear overview of the market, it’s time to start thinking about the key elements of your store, such as your brand name, domain name, brand guidelines, and your logo. Getting your brand right from the start can help accelerate the growth and conquer the hearts of potential customers. Before turning your attention to building the store, you should spend some time studying the basics of SEO, so that your business gets off to a good start.

Deciding how you will sell

The actual setting up of your online shop can be achieved in two ways:

  1. You need an online store – Ecom Ultra offers you high quality and fully automated Shopify stores with the lowest price on the market. Just check our storesand choose one of them.
  2. You can use an off-the-shelf eCommerce platform like Shopify, which makes building an online store a quick and easy process. However, it will also mean less customization, as you will need to choose from an existing pool of themes and tools provided by the platform. If you opt to run a dropshipping business, eCommerce solutions like Oberlo will allow you to get the store off the ground and start selling in as little as few hours.
  • Before launching.
    At this stage, you’ll be itching to get the store out into the World Wide Web. However, make sure you’re well prepared to measure the success of your launch – defining your key performance indicators upfront will help you track your progress and performance and fix any issues as they emerge. Other important things to take care of include setting up your social media profiles, getting your email marketing ready, installing Google Analytics, doing keyword research, defining your shipping strategy and finalizing the launch promotion plan. Yes, that’s a lot of work, but a good start is half the job done. When you complete the checklist, try running your store through the Shopify store grader to catch errors if there are any.
  • After launching.
    Welcome to the grind! This is where the real work begins. Having launched your online store, you should immediately move on to the promotion phase. Marketing your store and optimizing conversions will be your daily bread and butter from now on. You should also experiment with regularly expanding or refreshing your inventory. It is a particularly easy thing to do for dropshippers, as they can import new dropshipping products in minutes, but it should remain a priority even if you’re manufacturing or making the products yourself. Staying ahead of the curve will take some testing.

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