Online retail revolutionized the way people think about business. Today, you don’t have to build your own factories and warehouses to start selling merchandise. Everything you need is available online and you can launch a company in a matter of days.
By definition, eCommerce represents the marketing, buying, and selling of merchandise or services over the Internet. The industry is expanding rapidly as the number of online buyers should grow to almost two billion in 2019. At the same time, online retail sales are expected to surpass $735 billion by 2023 in the US alone.
What makes this business concept so powerful? eCommerce is so successful due to its numerous benefits for entrepreneurs
- Availability: According to the study, the number one reason people shop online is that they can shop 24/7.
- Cost efficiency: You don’t have to invest too much to start a digital business.
- No physical work: As a digital retailer, you don’t get in touch with the products – other services do it for you.
- Price comparison: Customers can compare prices and find the best offer very quickly.
- Globalization: There are no borders in eCommerce and you can sell goods wherever you want.
But how exactly do you launch a digital company? In this post, we will show you how to start an eCommerce business from scratch and give you four interesting ideas to think about.
Tips to Successfully Launch an eCommerce Business
Launching an eCommerce company is not exactly rocket science, but you do need to follow a few basic steps in order to make it fully operational. We prepared a list of six steps you need to take here:
1.Create a business idea
It all begins with a good business idea. Think about your interests and how to come up with an attractive product. There are many ways to do it, but most entrepreneurs start by brainstorming, researching the existing palette of products, or following the latest business trends.
2.Make a business plan
We guess you already made a decision on which products to sell online, so now you have to make a business plan. The first thing you should think about is the budget needed to buy the necessary domains, equipment, and products.
After that, you should think about the sales strategies, competitors, organizational management, and funding requirements.
3.Think of a great name
The next task is to think of a great business name that clearly reveals the nature of your business. For instance, it can contain a keyword to show people that you are working in a specific niche. Once again, you can use one of many business name generation tools to come up with a perfect solution for your new company.
4.Develop a product
Now that you’ve got everything covered in theory, it is time to develop a product. You can do it single-handedly, but most eCommerce stores choose to create private labels and hire a manufacturer to produce the merchandise on their behalf. That way, the process becomes a lot simpler and hassle-free.
5.Choose the platform
The Internet is crowded with eCommerce platforms, so you need to determine which one(s) to use. If you are going to operate in a highly specific niche, then you should look for niche-specific solutions. But if you are selling the usual stuff, we recommend you to stick to the most reliable and well-known platforms such as Shopify or BigCommerce.
6.Make a marketing plan
You can hardly expect users to immediately rush into your online store. On the contrary, you need to popularize your products using all sorts of channels: email, social media, website, guest blogging, and so on. The goal is to raise brand awareness, generate leads, and drive conversions in the long run.
We discussed the basic steps you need to take when starting an eCommerce company, but we also want to give you inspiration and tell you where to look for the right type of online retail products. These are, of course, only simple suggestions, but perhaps they could encourage you to brainstorm and find a perfect option eventually. Here are four ideas you could follow:
Augmented (AR) and Virtual Reality (VR) are getting increasingly popular and accessible, so you could think about selling headsets and other types of hi-tech equipment. This is particularly interesting for gamers, so you might want to give it a try if you are into gaming.
Millions of individuals are obsessed with healthy lifestyles because they work hard and want to take care of their physical condition. In such circumstances, selling sportswear can be a profitable business. It gives you a wide range of products, so you can choose anything from shoes and shorts to watches and other types of running equipment.
The jewelry market is huge, with the biggest players taking the vast majority of the market share. But there is always enough room for niche products, so you only need to think of a good idea and make a breakthrough.
Smart Home Products
The overall smart home market is expected to grow to over $150 billion by 2024. It’s an excellent opportunity for eCommerce companies to sell products in a number of niches: entertainment, home healthcare, kitchen accessories, appliances, and many more.
The best option for starting your business also might be earning on affiliate programs. How to choose the best affiliate program, read in our article.
Make an Ecommerce logo online
There is nothing easier than: enter the company name in the field below (at least 3 characters), customize your logo with your brand colors and scope your industry, choose the perfect logo (if it is not perfect enough – we have the editing function), and download your finished logo.
Online commerce is one of the most rewarding businesses because it doesn’t force you to invest a lot of money, while the opportunities for revenue generation are almost limitless. We wrote this post to show you some interesting eCommerce ideas and explain how to launch your own business from scratch. Remember our tips and feel free to leave a comment if you have other eCommerce ideas – our readers would love to hear it! After that, you should think about the sales strategies, competitors, organizational management, and funding requirements. If you are not sure how to put it all into the business plan, we recommend you to consult with college paper writing professionals at Bestessays.com.