The e-commerce business industry has grown dramatically over the last year! Due to COVID-19, many stores have been closed, while there are many e-commerce companies that have done the exact opposite!
Shopping online used to be a convenience and a luxury, but now it has easily become a necessity. Imagine how many times you’ve shopped online in the past year … a few times, right?
At Bold x Collective, the e-commerce companies we work with have seen a drastic increase in sales and extremely digital growth over the past year. Starting an e-commerce business can be easy, however, a success card is still not in sight for most. And that’s why our team at Bold x Collective is here to help guide you through the entire process of starting your own e-commerce business.
Step 1: Market research
Market research is the first step towards starting an e-commerce business or any other business. You don’t want to go into a particular industry if it doesn’t work well in the long run. You also want to make sure you choose the right location and target the right group of individuals.
You also need to get acquainted with what is in trend. Learn the demographics of online shopping. Who are the people who shop the most online? What are the age groups? Are they mostly men or women? Which industries have the best results?
Step 2: Choose a niche
Once you’ve gathered all the relevant information, found out what’s on trend, and knows which industries are likely to succeed with demographics, your next step is to choose your niche.
It is important that the niche you choose is likely to be successful, but it should also be something you are passionate about and can stick to. When you are passionate about something, it is easier to pass on its value to others, because you know exactly what you like about it and what could distract others from it.
For example, if you decide to engage in the healthcare industry and consider yourself a very healthy person, always check for new health trends and be consistent in your practices, then this would be great for you because you could talk about it for a long time. People love transparency and when you are passionate about something, it is very obvious to them. Your viewers can even see it online.
Step 3: Branding
Branding is the process of researching, developing and applying original elements in your company so that consumers can begin to associate your brand with your products or services. Branding is what gives your company its own identity. It makes your brand memorable and encourages consumers to buy from you. As consumers, we all know that our peers buy from brands they know or like, and branding can be a deciding factor for many when it comes to making a purchase decision.
Creating a strong brand in today’s competitive environment is more than bringing together a bunch of shapes and colors. There are many factors associated with creating a strong brand, including brand positioning, a style guide you use for the color palette and typography, your logo design, packaging design, brand narrative development, and more. reading our branding guide.
When choosing your brand name, you want to make sure it sounds memorable to others, that it represents your industry well, and that it is optimized for SEO. And of course, you want to make sure it’s the name you like.
Your brand should be unforgettable and stand out from the competition, and evoke a sense of trust and emotion. You want your target audience to really enjoy your brand experience, from start to finish.
Step 4: Build an online presence
The two biggest ways to build an online presence in today’s world are to use your website and social media.
When building your online presence, you want to make sure you protect your brand name on social media. If you see your idea of a brand name online everywhere, it’s probably best to find another one that stands out from the crowd. The best way to research is to search for the desired brand name on social media channels such as Facebook, Instagram, Twitter, TikTok and more.
Website design is also a key factor for any online business. This is crucial for SEO, increases your online credibility and helps to create a good impression on your consumers. Just as a bathroom reflects a restaurant’s level of cleanliness, a website reflects a brand’s quality standard, whether it’s their services or products.
Once you’ve posted your brand name on social media and set up your website, the next step is to create content to promote your business startup. Choose a date for the official launch and use social media and your website to create anticipation with your consumers. That way after you start you already have people who are interested in your products or services.
Step 5: Select an e-commerce platform
This usually goes hand in hand with the development process of your website. There are many different e-commerce platforms, and some may suit your needs more than others. However, we will point out Shopify as it takes power and is a big giant in 2021 and will most likely grow in popularity only in 2022.
Shopify has one of the most visually appealing and clean user interface models. It is fast and easy to set up and use, it is ready for mobile devices, which is extremely important because today 2021, about 73% of all e-commerce purchases are made via mobile phone.
Using mobile devices for online shopping only goes uphill from here, because mobile devices are becoming a universal tool, have 24/7 customer support, are extremely customizable, have built-in SEO and marketing tools and have their own payment gateway with a ton of benefits. Do you really need more persuasion?
There are other options like WordPress, Wix, Magento, Squarespace and many others that can suit your needs depending on your requirements.
Step 6: Decide if you need a dropshipping solution
If your product is too big and it is inconvenient to constantly ship it yourself, or even if your sales are too big and difficult to manage on your own, it is best to invest in a dropshipping solution.
This means that you enter into a contract with the supplier where you process orders, and he deals with fulfillment. This is a very efficient way of doing business that also reduces your stress because you don’t have to manage inventory or shipping. There are many platforms like Oberlo, Spocket, Printful and many more that make access easier. It is best to research the prices and services they offer to find what suits you.
Step 7: Follow to the end
After starting your e-commerce business, it is important that you continue to follow more steps to ensure that your business continues to grow. Some of these key components include:
A good customer service is the bread and butter of constant business and the recommendation of any brand. Many consumers will give up online transactions if their questions or concerns are not resolved quickly. Having a chat bot designed to send consumers to a detailed FAQ page, encouraging product reviews and interacting with consumers often and often creates a strong image of your brand and will make customers come back. Customer service is everything.
On average, 69% of consumers will leave your website without buying anything. Imagine that even a percentage of these people buy. Try to make the buying process as fluid as possible. Increase the speed of your website. Try to encourage consumers as much as possible by creating campaigns whether it means creating time-limited bids, re-targeting campaigns, etc.
Ideas for new products
Update your products often. No consumer likes static trade. Trends are continuously in play and you always have to be up to date with them. Always have scheduled periods of market research and stay up to date. Constantly think and apply new concepts to your products.
Here it is! You have a complete guide on how to start your e-commerce business. We hope this helps you take the first steps on your path to success! Our team at Bold x Collective has experience in helping several stores start their own e-commerce business.
From brand development to website development, SEO, advertising campaign development, product shooting and more, we are an experienced agency and we are here to help you every step of the way! To start your own e-commerce brand, contact Bold x Collective free consultation team.