Are you a soon-to-be ecommerce business owner thinking about starting your first ecommerce business? The good news is, you’re not alone. Millions of entrepreneurs are actualising their business aspirations every day through the power of ecommerce technology. But you may be wondering how to even begin. This article will help you step-by-step so that you can confidently start your ecommerce journey without further ado.
Ecommerce is undeniably the next big fish in the world of business. What was once just a possibility has now emerged as a mighty force to reckon with. Here are some numbers to give you an indication of the power of ecommerce. By 2025, worldwide ecommerce sales are expected to reach $7 trillion. How’s that for a start? The pandemic gave ecommerce an enormous push, with sales growing by over 44% in 2020. Currently, over 26 million ecommerce sites and stores exist worldwide. It’s a no-brainer for any future business owner to make ecommerce their first choice.
How Important is Ecommerce Business in 2022?
Truth be told, businesses that are late in jumping on the ecommerce bandwagon will lose out to the competition. Every business is looking for an online presence as digitisation enters every nook and cranny of the world. Online sale has the potential to supersede all other sales avenues. And that might be because ecommerce offers unparalleled benefits compared to traditional business models.
Running an ecommerce business can be less expensive than running actual stores. From maintenance headaches to infrastructural costs, ecommerce is a blessing for new-age entrepreneurs. It’s no wonder that ecommerce is the world’s latest favourite buzzword! Ecommerce businesses are growing at an unprecedented rate. Giants like Amazon, eBay, and Walmart are proving to the world that ecommerce business is indeed the future.
Let’s Get Started
So, are you ready to build your first ecommerce store? You have the intention and the passion but don’t know where to begin? The following steps are probably the most crucial ones to consider on your journey to ecommerce stardom.
1. Research. Research. Research.
First things first! You need to know what ecommerce business you’re going to create. Would you be selling shoes or cupcakes? Would you be selling tea bags or handbags? It depends on your calling. That’s basic, right? But not so simple. To be successful, the product you intend to sell must also solve a specific customer problem.
Finding the right product to sell can be challenging without the right research. And there’s no shortcut to this. From market research to competitor research, from product research to need gap research, research should be at the heart of your initial ecommerce.
Making an informed decision based on your research will help you succeed quickly and easily. Ecommerce businesses can especially benefit from research because of stiff competition and the easy availability of information.
You can start by identifying some real-time customer pain points and seeing how your product can help.
Here are some ways you can find out what your customers’ actual pain points are:
- Find gaps or loopholes in your competitors’ products
- Look at real customer reviews on ecommerce platforms like Amazon and others
- Find insights from your own life’s experiences by thinking like a customer
- Go on platforms like Quora to understand what people love or hate, like or dislike in general
- Ask a friend, or people you know and trust, who can give you some valuable insights
2. Gather foundational ecommerce knowledge
Beyond understanding your own business, you must acquire a basic understanding of how ecommerce works by familiarising yourself with ecommerce business models, revenues and more. Read the latest ecommerce business blogs and journals. Participate in ecommerce events and seminars to feel the pulse of the industry.
Do you know about the different existing ecommerce platforms? Do you know the ones that are free and the ones that are paid? What are their subscription models and prices? Stay abreast of the best ecommerce platforms and their features. These pieces of information can go a long way in enabling you and your business. Like the wise say, knowledge is power. You’ll need a lot of it as you begin your ecommerce journey.
3. Build a strong brand identity for your business
Your brand’s name, logo, packaging, and identity will play a very important role in your ecommerce business success. Starting an ecommerce business isn’t the end You must give your business an attractive name, face, and personality.
Strong branding can help you stand out from the market clutter and appeal to your customers more effectively. Build your brand’s identity around your customers’ personalities, demographics and what they resonate with. This will greatly increase your chances of ecommerce. success.
4. Get a reliable ecommerce technology partner
So, now your product idea and brand identity are ready. That’s winning half the battle! To take the next step, you must find a technology company that can help you build your ecommerce store. It’s finally time to turn your dream into reality. With so many ecommerce platforms and features to choose from, it gets very difficult for an entrepreneur to separate the wheat from the chaff. Find a trusted expert technology partner who can walk you through different ecommerce platforms, their specific benefits and which one is perfect for your business. Every ecommerce platform has its pros and cons. Understanding them early can save you a lot of time, money, and energy.
5. Set a practical deadline
Every dream should have a realistic deadline. As an ecommerce entrepreneur, you must set a deadline or a go-live date for your ecommerce business. Work backwards from this deadline to set frequent milestones and shorter deadlines to keep yourself motivated and experience steady progress.
In 2022, soon-to-be ecommerce entrepreneurs are equipped with the power of technology. As a collective, we are living in the best of times for a flourishing ecommerce career. While on the one hand, product-based technology companies are bringing more advancements to ecommerce technologies every day. On the other hand, technology development companies are making life easier for entrepreneurs by helping them build great ecommerce stores. What lies ahead are green pastures and unimaginable possibilities for those who dare to dream.