When to start an Online Store| 6 things to know before starting an online store
It’s hard to track entire buyer persona after the invasion of internet. Before doing a purchase, a buyer with make unpredictable online journey in internet that’s flooded with information. Thus the seller’s ultimate aim of conversion of audience to customer comes to be a bit difficult task for ecommerce store owners. Your ecommerce store needs time, lot of technical effort such as payment gateway, domain, hosting account, SSL certificate, SaaS, Magento, Shopify, SEO, AdWords, campaigns etc. and marketing strategies. Even though you are master Shifu in online business, you may need to fight hard with your competitors to sustain. This article helps you with things to know when you start an online store.
1. Do you really need an online store?
This question may sound awkward, but the thing is, not every business needs an ecommerce store. Analyse your business, market and competitors. Answer yes/no for the following questions.
Who are your customers?
Are they buying online?
Who are your competitors?
Do they have an ecommerce store?
Had your customers ever enquired you about your online store?
Do you need an ecommerce store or a clear website that leads your customers to your physical store?
If your answer is yes for all the above, then don’t wait more, do it now.
2. Get Technically Ready
If you are a web development expert you can easily understand the technical part, anyways you may need to hire a trusted web design company to design and develop your ecommerce store in a good platform. My personal interest is Magento as it has many features. Technical aspects included are:
2.1: Choose a good domain name (better same name of your physical store).
2.2: create an appealing and clean website with detailed product list, high definition images, fast loading that attracts your customer.
2.3: Find a good web hosting company for hosting your website.
2.4: Do good seo for your store
2.5: Try freebies as inaugural offer.
3. Paid ads to advertise your business
Once your website has launched, start advertising it. Paid ads help generating traffic and thereby reach wider audience. You can use search and display ads via adwords, social media ads and more. When you make budget, plan for ads also.
4. Find your space in market
You are going to sell your product on a market where the availability of similar product is rich. You need to find a gap for your store. As apple says, think different! Come up with your own different solid marketing ideas on how to stay ahead the crowd. Present your product in a way that pleases your target audience. That is, content of website, its look and feel and user experience matters. Along with that give priority seo.
5. Expand your product list
This can be told by an example. Suppose you have a vegetable store and you are starting an online store for that. Try increasing your products list like: clean vegetables, cut vegetables, cut vegetables for fried rice, cut vegetables for various dish, ready to eat corn, vegetable pickles and more. As you increase the product list, more customers will come to your store than a specific group.
6. Track Conversion rate
Once everything is done, start bookkeeping for your business. You need to be familiar with your numbers. Initially you should have an idea about your target audience. After that, try to reach out your product to them and try to maximize the conversion rate or sales. Now calculate the sales happened per day and per month. You will get an idea about your profit margin. According to business maths, your profit can be calculated as below formula:
Profit = Demand * (Revenue - Expenses)