These days more and more people desire a business of their own, something they can create from the ground up and pass onto their children. The truth is, that the internet breeds more success stories than ever. Whether you’ve recently come into some extra cash and you have some extra money to invest or you’re bootstrapped and looking to take your life to the next level. Starting an eCommerce business may be just the venture you were searching for. The great thing about the eCommerce industry is that you don’t have to be an expert in the field to succeed. There are a wide variety of tools and resources that’s readily available. All you need is a strong desire to succeed and a good work ethic.
If you’re considering dabbling in eCommerce here are a few things you should know:
Worldwide eCommerce is projected to grow up to 25%
Did you know that eCommerce is expected to peak at nearly 2.5 trillion dollars by the end of the year? In 2018 alone, there were over 3.5 billion searches per day which translates to over 1.2 trillion searches per year. And a lot of those searches end up in a sale which is why I recommend Wealthy Affiliate. So people can benefit off the growing online shopping industry. Yes, eCommerce is one of the fastest-growing industries in the world and there’s enough for you to get a slice of the pie. If you’re looking to start a business, it’s imperative to examine the growth trends in that specific market to determine whether it’s a wise move to invest your money. Based on the stats alone, the eCommerce model is a good choice for new business owners and entrepreneurs who are seeking to diversify. Now is a better time than ever to invest in this rapidly growing market.
You don’t need a big budget to start up
Perhaps one of the best aspects of starting an eCommerce business is that you don’t have to have a huge budget to get started. When it comes to starting an online store there are only four required costs which include:
- Domain name
- Website hosting
- Payment processing
If you plan on using a third-party marketplace to start selling your goods like Shopify or Esty, you don’t have to worry about paying for a domain or hosting. Starting an online business is possible on a relatively small budget.
You have to choose a niche
If you’re first starting out in the eCommerce business, it’s best to go niche specific. Trying to sell everything with the hopes of generating massive profits is the wrong mindset. Some big eCommere websites like Amazon and Best Buy offer a wide range of products in various categories with no real focus. It takes time and a significant investment to work your way up to become a major e-retailer that sells a variety of products. In the meantime, selecting a product niche is important for operating a eCommerce startup.
Football snack helmets is a great example of cornering the market in a specific niche. The owner of this site is a fellow Wealthy Affiliate member and I can tell you that he is making a killing just off this one website.
Finding the right products
The key to running a successful online store selling the right products is key. Many people never take the plunge into eCommerce because they have difficulty figuring out exactly what products they should be selling. You must take a strategic approach to identify the products you will be stocking in your store. Of course, you’ll want to stock products that are trendy, but aren’t so easy to find in stores. Opt for items that are in demand and appeal to a particular audience. You can explore social media sites like Instagram, Pinterest and Facebook to get some ideas on what products to offer. In addition, performing a search on Google Trends can further confirm whether you have good product ideas.
You’ll need to lock down a vendor
You should expect competition when it comes to selling products online. That’s why it’s essential to find the right vendor that will offer you the best quality for the right prices for the products you are marketing or the materials you are using to make your products. The vendor you decide to work with should be able to keep up with your demand. Before selecting a company, make sure you subject potential vendors to an interview process so that you can have the utmost confidence in the company you decide to do business with.
Branding Is Everything
Of course, when you start a new business the way you decide to brand the company can very well determine its success. The name of your online store or brand should be memorable and appropriate for your target demographic. It’s also important that the brand name is available in the domain name and social media handles even if that means you have to invest in a domain flipper. Keeping it consistent across all channels. This is the first step towards securing your business online presence. Developing a quality logo is also a big part of the branding process. Your company logo should be simple, yet appealing and unique from the competition.
I created my own custom consumer product and did everything, including the branding myself. It was a huge milestone to invent, engineer, patent, trademark, brand and manufacture a completely unique product. Chapfloss will hopefully be available to purchase by the end of the year.
Attract the right customers
More than likely you won’t attract the right customers as soon as your store goes live. Marketing your eCommerce business is crucial to its success. To put your products in front of the right people you should start by developing a marketing plan. Your marketing strategy should include social media marketing, whether it’s via Instagram, Facebook or both platforms. Social media marketing has proven to be very effective, especially if you utilize popular social media influencers. Fashion Nova is an eCommerce that gained its popularity on social media. In fact, the company is often referred to as the social media fashion company. Influencers can help build brand awareness which aids in generating sales and revenue. Don’t worry about getting it right the first time, because the reality is, you’ll be constantly perfecting your marketing strategy.
The best part about starting an eCommerce business is that you can literally earn while you sleep. An online store allows you to market and sell your products on a global scale unlike a traditional brick and mortar store. As long as you are consistent in creating brand awareness and looking for ways to increase your eCommerce online visibility, you’ll be able to earn a passive income.