$13 Trillion…
Let that figure sink in for a while. If you are wondering what that figure is, let us clarify. According to data, the global E-commerce industry was valued at that figure ($13 Trillion) in 2021.
Looking for another startling fact? Let’s lay it out. Experts predict that this figure is expected to rise to $55 Trillion by 2027. To put that into perspective, that is a CAGR of more than 27% for the next five years.
The rapid and sudden increase in E-commerce can be attributed to many factors. You have internet proliferation in developing countries along with the adoption of smartphone use. The Coronavirus Pandemic also played a major role in shaping customer behavior and making us buy everything from clothes to groceries online!
While everyone agrees that starting an online store can be highly advantageous, they do not plan well. This leads to chaos in the form of badly done websites and mobile applications, delayed shipping and logistics, and unsecured financial details and gateways.
If you are someone that is looking to create your own website in the form of an E-commerce store, we have the right answers to help make it a resounding success. In this article, we are going to list down 10 things you need to remember before starting an E-commerce store.
List of the Top 10 Things to Remember When Starting an E-commerce Website
1. The demand for the product you are looking to sell-
While you, as a potential business entrepreneur, might think that what you are trying to do is appealing, the market may offer quite a different perspective. You need to seriously explore the salability of your products. It has been found that B2B commerce is more difficult than B2C commerce. Doing extensive market research can throw light on this question better.
2. The website of your E-commerce store-
This is something that can spiral out of control pretty quickly. Just because Amazon or eBay has a specific site architecture and language, it does not mean that you are doing to do the same. At the end of the day, it should depend on your specific requirements. If you feel that a website builder will be able to help you achieve what you want, then go for it.
3. The need for genuine and trustworthy suppliers and vendors-
If you are a manufacturer and control production and supply, then this is not going to be a major challenge for you. However, most E-commerce store owners depend on other vendors and suppliers for their products. If this is the case, you need to be mindful of their credibility. You do not want them to delay products, or shipping, and spoil your reputation.
4. Having a strong marketing strategy in place for the E-commerce store-
The success of your E-commerce store depends on how many individuals you are going to reach with your marketing. This is why you need to invest in SEO and SMM so that you are able to create the buzz around your brand. According to experts, this is the area where you are going to have to invest the most. You want to create a brand through your marketing efforts.
5. Exploring the level of competition in your E-commerce niche-
Well, let’s just say that almost all E-commerce niches are saturated. Yet, that does not mean that your new online store does not stand a chance. If you have major players in your niche, you need to figure out ways of making your E-commerce website and store unique. E-commerce has a certain novelty. The thing is that you need to look for it intensively.
6. Define the objectives of your E-commerce store before you begin-
Not all E-commerce stores are created equal. While the biggest brands operating in niches like tech and gadgets do not care so much about profit margins, small businesses that are into personalized creation have bigger margins. This is primarily because it takes a ton of money and labor costs. Defining your objectives can help you chart a roadmap for the direction.
7. Figuring out the logistics and shipping for your E-commerce website-
An E-commerce website that does not factor in logistics and shipping is doomed for failure. You want your customers to get what they ordered fast and in a way that does not end up damaging what they ordered, right? To do this, you need to work with logistics partners that share your vision for customer satisfaction. The faster you deliver, the better it is.
8. Work with a payment gateway partner that can help you grow your online store-
For most E-commerce store owners, this is probably an area they start worrying about after everything else is done. However, if you want to offer your customers the best experience, you need to look to partner with the best payment gateways right at the very outset. Please think about aspects like security since cyberattacks are on the rise on E-commerce platforms.
9. Identify who your potential target customers are and create a buyer’s persona-
At the end of the day, starting an E-commerce store is all about talking to customers that are interested or might be interested in what you are selling. If you do not have this knowledge, you are practically starting an E-commerce website blind! Spend the most time creating your brand’s buyer’s persona. This will affect everything from your website to your social media.
10. Think like a customer and outline all the pain and pressure points-
Lastly, you need to answer the most important question of them all: why will a customer buy from your E-commerce store? To do this, you need to place yourself in the customer’s shoes. Look at all their pain points- product quality, delayed shipping, defective products, too expensive, poor branding, etc. Try to systematically eliminate these barriers comprehensively.
The Bottom Line
While starting an E-commerce website might not be the toughest thing in the world, the fact remains that making one successful surely is. If it had been easy, we might have several other Jeff Bezos around. The fact is that there aren’t.
Your work to make your E-commerce store successful does not start once you have started. Rather, it starts well before that. If you do not have the right planning in place, you will be left contending with several tough problems later on.
In this article, we have mentioned the top ten things you should remember before starting your E-commerce store. If you have any other questions or doubts that you would like us to shed light on, please let us know in the comments below.
