Your handy guide to ecommerce
Times are changing, and more people are choosing entrepreneurship over employment. With the help of the internet, this goal is achievable now more than ever, and eCommerce is one of the most profitable ventures at the moment. If you are unsure how to get started, here is a comprehensive guide to starting a profitable eCommerce business.
Research e-commerce business models
There are four main types of eCommerce business models:
- Business to Business [B2B]: This model deals with exchanging goods and services between companies instead of individuals.
- Business to Consumer [B2C]: This refers to the process of selling products and services between a business and consumers who are the end-users.
- Consumer to Consumer [C2C]: This business model allows consumers to sell products and services to other consumers, usually through a third-party website.
- Consumer to Business [C2B]: This is the reverse of the B2C business model. In this case, consumers sell products and services to businesses. Examples of C2B eCommerce include referral programs, content creation, paid testimonials, etc.
Choose a product
The products you choose to sell will impact your profit margins, logistics, taxes, web design, etc., so you must do your due diligence before making a decision. If you have an idea of what you want to sell, researching the existing demand and search volume can help you validate your product and its market. Google Trends allows you to see how often customers search for the product or service you are selling so that you don’t jump into a declining market. Also, ensure that you research your competition and consider how your business is different from theirs.
Set up your eCommerce business
The first thing you have to do when setting up your eCommerce business is to pick a business name and a domain name. A memorable brand name gives you an advantage when starting a business because it makes it easy for customers to remember you and your products. It can also be extremely helpful in your marketing and branding efforts. Once you settle on a name, ensure that you register it and any other redirect URLs that you will need.
Build your online store
When building an online store, you can either create your independent website or use an eCommerce shopping platform such as Shopify, WooCommerce, BigCommerce, etc. The former gives you more creative freedom to design your website and optimise it for SEO.
Marketing and advertising
Online marketing is vital to the success of any eCommerce company. To market your business, you can use social media, pay-per-click ads, sponsored content, or a combination of these strategies.
If you need help creating your eCommerce business, contact us today for more information. We offer web development, branding, and online marketing services to small businesses, SMEs, and large corporations.