2021 saw a tremendous growth in e-commerce sector which is likely to continue ahead. While its growing e-commerce has became highly competitive .
In this post we are through all the ins and outs of setting a successful e-commerce store in 2022 completely from scratch .
Roadmap for building your e-commerce business
1. Finding the products to sell .
There is no astonishment in the fact that you need a product that can be sold . If your are a tradition brick and mortal business who wants to add e-commerce as another sales channel you already have the products to sell . But if your starting out . You should spend a good amount of time at this stage , to figure out the product you are going to sell .
It surely doesn’t need to be a physical product . You can also start selling digital products like ebooks.
If you don’t have a product at hand and don’t want to spend time with supply chain and inventory management . You can start doing drop shipping .
Drop shipping is an order fulfillment method that does not require a business to keep products in stock. Instead, the store sells the product and passes on the sales order to a third-party supplier, who then ships the order to the customer.
Another valuable option is to setup and print on demand store . In which you can creative goods and merchandise like designer tees , phone cases , caps . The printing and supply process can be forwarded to a third party seller like printfull or printify .
Apart from just selecting the product don’t forget to do the necessary homework of evaluating the product market and other factors like demand , quality , fulfilment , etc..
TIP : While choosing your products niching down to specific category or genre will highly increase your success rates as it will reduce the competition .
2. Registering your business and brand name .
Its pretty obvious that you need a name for your business . For successfully connecting your users to your brand the name should be easy to remember and relevant to your niche . Choose the brand colors carefully as colors tend to have a strong psychological impact on users .
Registering your company will help with legal work flows in future and can help with reducing the taxes also .
Another important thing is creating a logo for your business . Important thing to remember is to not copy it in any regards from your competition .I have been myself guilty for wasting too much of time at this step .
3. Setting up your store .
You have the products in hand , you need a place to sell them online . Their are a number of ways to start selling products online like website , social media , third party reseller like amazon or etsy.
To start selling on any of these platforms we need to take in consideration a number of factors :
- What kind of Products you are selling
- How much control do you need on the selling process
- Control over payments and fulfillment process
Lets see which platform can be good fit for your case .
Selling through social media like Instagram and Facebook .
Instagram or Facebook are damn popular social media platforms . With billions of people connected on these platforms . Facebook also has introduced the marketplace section to their app and instagram also introduced instagram shop. Given all the supportive features selling on social media is not easy . I have to say it here it is really completive and hard .Still social media can be a good first choice for you IF :
- You have a decent following
- Knowledge of some social media growth and marketing
- A unique niche product
One of the main cons of selling only through social media comes into play when your store starts growing and lots of orders start coming . Dm’ing becomes a mess . Storing and checking orders is a total chaos . I have even seen people hire assistants to handle incoming customers which I think is a complete waste of money , time and labor . We will come to solving these problems below in the post .
Selling Through Third Party Retailers like Amazon .
Amazon is one of the biggest e-commerce giants . So selling on it may seem to be a goto but there is something to it . Lets see
- More Sales
- Less need for marketing and ads
- Selling internationally is lot easier
- Easy Fulfillment process
- Highly Competitive
- High Selling fees
- Order management is complex
Selling Through Your own website
If you want to have a granulated control over selling process , customers and business . Nothing beats the benefits of setting up your website to sell products .
Selling on your website gives you the following benefits :
Customers can browse your products 24*7 without need of any personal assistance .
Less direct customer interaction needed .
You keep 100% profit
Can suggest product to boost secondary sales .
Can create sales and distribute coupons .
Designing your website according to the product .
Marketing Your Business / Getting People to Visit Your Online Store
I don’t want to be the guy with the bad news but e-commerce is competitive ; Niching down will help a lot but there will still be some competition . Well my friends competition is not that much of evil as we think . Given the right marketing strategy and a good product you can leverage it to your benefit .
You can use different marketing strategies like :
- Paid Ads Campaigns
- Social Media Marketing
- Content based marketing
- Running Giveaways
- Having coupons and festive sales .
You need to start .
There is a lot and outs of running a successful but the most important thing is to start and keep your patience . I hope this article will help you with your e-commerce journey as an entrepreneur . If you need any help or have any queries related , I am available at me[at]aabidsofi[dot]com