The e-commerce industry is ushering in this pandemic and brick and mortar stores that temporarily closed suffering a huge loss. Shopping online used to be a convenience and a luxury but now it has become a necessity. If you’ve been considering venturing a foot into the e-commerce world, then the clock is ticking, the time is ripe to start your own e-commerce venture. Many successful enterprises have shown us that e-commerce truly is the future and the only reason behind their success is the realization and experiment with the tremendous potential of the e-commerce market. But how exactly do you start an e-commerce business? Here’s a step-by-step guide on how to start your own e-commerce business.
Decide Your Business Plan And Model
Before you can choose on what to sell online, the first thing you have to do is to decide a perfect e-commerce business plan and e-commerce business model. You can either select a single vendor or a multi-vendor e-commerce store. To this end, you can choose either a single product line or have multiple product lines based on the budget you have fixed for yourself for your e-commerce venture. Moreover, you can also sell a unique product yourself, either through your own online business or a similar platform, or can decide to let other sellers sell their products on your e-commerce store.
Pick Appropriate Ecommerce Niche
Deciding the niche is the most critical step in opening an online business. Identify all the successful businesses that are already working in this domain and make sure the domain must have competition. Always avoid choosing an overly crowded niche and skip anything dominated by major brands. You can also collaborate with business owners in the niches to cross-promote, become an affiliate, and build your strong customer base. If you can grab a few affiliate marketing possibilities, you won’t have to worry about shipping as much product, but you can still make a profit.
Register Your Ecommerce Business & Brand Name
Once you’ve finalized the appropriate niche for your e-commerce business, the next step is to come up with the perfect name for your brand. Make sure the brand name should be short and easy to remember. Apart from this, you should also come up with a finalized design for your company logo. Now, let’s come to one of the most critical parts of starting your e-commerce business in India i.e registering and fulfilling all the legal formalities for the same that may include applying for the Director’s Identification Number (DIN), Goods and Service Tax (GST), and Provident Fund (PF).
Conclude Your Ecommerce Business Plan
As you have now got an idea of what your business will look like. You must have become aware of your target audience, product niche, and your brand name. Now is a perfect time to sit and put your business plan on paper and decide your startup budget and monthly expenses. The most relevant aspect of a business is the financial one. You have to find out your break-even point, both in unit sales and term. The business planning phase is also when you want to outline details like your team, product sourcing, logistics, and marketing budget.
Develop Your Ecommerce Website
While developing your own website, you could either choose a pre-built platform or build it from scratch. Both have their own advantages, though building a website from scratch is usually the more preferred choice. WooCommerce, Magento, Shopify, are some of the preferred options for those looking to build websites for their e-commerce business. Now, you just need to remember that it is your website which represents your whole brand visually. Therefore, no amount of detail is too little, from the color to the font and pictures, everything should represent a small portion of the story to your brand.
Drive Traffic To Your Website
You can hardly expect users to quickly rush into your online store. On the contrary, you need to popularize your products using all sorts of channels such as 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. You need to keep keywords and search terms in mind on each page of your site, in your URLs, and your ad campaigns. If you don’t have enough resources to invest in marketing campaigns, then you can always turn to the oldest method of making sure that business is being articulated about i.e word of mouth.
To sum up, starting an e-commerce business, especially in this COVID crisis, is an excellent idea, considering that the market for it is thriving. You might face obstacles when it comes to trying to register and legalize your online brand. And once you overcome it and do get the business approved, you will face a fair share of competition, from people like you who are looking to become the next big thing in the e-commerce world. All you need is your vision, a focused plan on how to achieve this vision, and the patience and self-discipline to see it through till the end. The e-commerce business is your well of endless opportunities at this moment. So, jump right in.