In 2019, global eCommerce sales reached $3.5 trillion, marking an 18 percent increase from 2018. And according to Shopify, eCommerce sales are projected to double by 2023 to over $6.5 trillion. With the steady growth of the eCommerce space, more prospective entrepreneurs are considering launching an online business.
However, with the rampant competition, oversaturated product markets, and more customers demanding convenience than ever before, launching a successful online store isn’t easy. With that in mind, here are six things you need to figure out before opening an online store.
Identify Your Niche
Identifying a niche demographic is essential to your success as an online business owner. By pinpointing a niche, business owners can connect with a highly engaged—and highly profitable—demographic. Focusing on a specific niche also makes it easier to raise brand awareness, drive organic traffic, and build a loyal customer base.
Your niche also influences your sales figures, how much effort you’ll need to devote to customer support, and whether or not you’ll have repeat customers. Consequently, set aside some time to think of a strategic niche before brainstorming product ideas or building your brand.
Choose Your Products
After identifying your niche, determine what products you’re going to sell. Selling products you’re passionate about can not only fuel your motivation to run your business, but it can also help you create a powerful brand message that authentically speaks to customers.
For example, if you’re passionate about health and nutrition, consider manufacturing your own line of dietary supplements. Makers Nutrition, a reputable vitamins supplier, manufactures high-quality vitamins and nutritional supplements at affordable prices, allowing small business owners to enjoy high profit margins and quality products. Because supplement customers recognize and appreciate superior supplement products, working with an experienced vitamin manufacturer can help you drive business and encourage repeat customers.
Take Advantage of Trends
Staying up-to-date with the latest trends can help you win space in the eCommerce market. Research recent, trending products within your niche and capitalize on them before they reach peak popularity.
As a small business owner, taking advantage of trends can help you raise brand awareness and build credibility. You’ll be able to own new SEO keywords and establish yourself as a leader in your niche market.
Build Your Brand
Choosing the right business name is integral to the success of your eCommerce business. Opt for a business name that’s easy to pronounce and spell, holds some significance, and has an available “.com“ domain. Avoid choosing a name that’s too long, unoriginal, or focuses too much on a specific product.
After securing your business name, focus on building and strengthening your brand. Your brand should clearly convey who you are, what you sell, and attract your target audience. Make sure to create a mission statement to express the goals of your business.
Create a Website
If you’re planning to build an eCommerce store from scratch, start by buying a domain name and creating your own website. On the other hand, if you’re not familiar with HTML or CSS, consider using a free online website creation platform to build your website. Online eCommerce platforms like Wix or Shopify make it easy for small business owners to list and sell products and manage day-to-day business operations.
Grow Your Business
Catering to a niche demographic, creating an eCommerce store, and selling problem-solving products doesn’t always guarantee sales. To attract customers, you’ll need to build brand awareness by utilizing powerful marketing techniques.
Investing in a toll-free business phone number to route incoming calls to your desktop, desk phone, or smartphone can give you an edge over the competition by encouraging potential customers to interact with your business. Business phone numbers, which are dedicated phone numbers used by customers to reach businesses and team members, increase overall efficiency and productivity, allowing you to focus on making a positive first impression.
At TalkRoute, each business phone number plan includes a quantity of free business phone numbers. Additional phone numbers can be added to the plan at any time, making it easy to scale your eCommerce business as needed.
With global eCommerce sales at an all-time high, there’s no better time to follow your dream and open your own online store.