Starting an eCommerce business is a challenging one. Though it may seem to be easy, more research is needed to build an online store. The survival rate depends on how well you build your eCommerce website with all essential features that will delight your customers.
In most cases, eCommerce stores are product-oriented and they eventually fail to succeed. Instead, your online business should mainly be customer-oriented.
Ecommerce Business Statistic In 2021
Let us check out some inspiring eCommerce business statistics analyzed in 2021. This will make your mind to have a strong determination to start an eCommerce store and earn well.
- The estimated digital buyers count will be increased to 2.14 billion in 2021.
- 65% of online buyers prefer ecommerce shopping mainly for free delivery.
- 33.5% of shoppers will compare product price with other sellers through their mobiles before they buy any product.
- 81% of sales happen only after the buyer searches for the product on the internet and goes through the reviews.
- 69.57% of shopping carts are abandoned because of poor loading speed of the platform.
- 45% of U.S ecommerce sales are made through mobile commerce.
How To Start an Ecommerce Business?
Online shopping has become a necessity and starting an eCommerce store has become the need of the hour. Let us find out ways to consider before we build our online platform.
Ecommerce Business Models
eCommerce businesses have several classifications. First, you need to identify your business model and should select the one that perfectly matches your product. Let us understand the types of business models that are available in the digital market
- Business to business (B2B) – in this model the products are sold to other companies. The quantity of products sold will be high as the business people may require them in huge numbers.
- Business to Customers (B2C) – Products or services delivered to the end-user from the company is termed as B2C model.
- Customers to Business (C2B) – when a customer hires a freelancer through any one of the freelance platforms is termed to be the C2B model.
- Customers to Customers (C2C) – an individual selling his product or service to another individual is termed as C2C model.
Now you should be clear with all eCommerce business models. Check with your business and identify the model and then start to build your eCommerce website.
Start Ecommerce Niche Research
To run a profitable eCommerce business, you need to niche down your products or services. Without a clear idea, you cannot have a wide range of products like Amazon, eBay, etc. Only those leading online stores can have a huge list of products. But if you are a startup then you need to focus on product and then you need to segment your market.
Monitoring your competitors is also a major task you need to pay attention to. Identify how they have built their ecommerce store and what modules they have in their platform. This will help you to develop a perfect marketplace that will compete with your competitors in an effective way.
Validate Target Market and Product Ideas
Run a survey and identify the demand your product has in the market. Then you need to sort your target audience to whom you are going to promote your eCommerce business. Choose the right medium to market your product. As per a recent survey, products that are promoted in social media platforms have 78% of conversion.
Set your target location. You may want to cover a local audience or even you may need to have a global audience. So according to your target market, you need to build an online store. Else you may not make your product reach the right person.
Register Your Ecommerce Business & Brand Name
After going through a deep analysis and research, you need to set your ecommerce business by registering a perfect domain and brand name. Once you confirm your brand name you need to design an excellent logo that can easily stand in the minds of people.
Select a domain name that matches your brand name. This will help you to get more audience to your ecommerce website. Keep a simple name that can be easily recognized. This is one of the crucial tasks that will make great changes in your ecommerce business.
Finalize Your Ecommerce Business Plan
You need to set your budget while creating your ecommerce store. Figure out the risk factors that you may encounter while running your online store. You should be prepared to face any financial loss. For this you need to have a perfect financial management system.
Keeping proper track of the inventory is the main aspect to run your online marketplace properly. You should build a perfect inventory management system that will give instant notification regarding your current stock status and will make you not face out of stock situations.
Create Your Online eCommerce Store
Integrate all features with your ecommerce website and start your online store with full-fledged customer attracting modules. Make sure that you have included all familiar payment gateways to your marketplace platform. Have an eye-catching UI & UX and let the design be mobile responsive.
Check with the loading speed and take necessary measures to improve the speed. Else you may have a high bounce rate. You need to find a perfect eCommerce store that will support all the above-mentioned features.
Attract Customers To Your Ecommerce Website
Building an ecommerce business alone is not enough to succeed. You need to grab the attention of users to your platform. You should work on how to increase the traffic of your eCommerce website that will support you in getting more genuine leads for conversion. The best method to get high traffic is to have an SEO-friendly ecommerce platform.
Get easy search engine ranking and get greater platform visibility. Utilize the marketing tools that are built-in with your ecommerce website and promote your brand in all social media channels and gain massive response.
Launch and Grow a Profitable E-commerce Business
Now you have all set for the deployment process. Go for platform testing and check for any bugs and debug them. Finalize a flaw-less ecommerce store and then launch it with grand promotions. Positively you can expect greater returns with your efficient and robust ecommerce business.
Hope you have gained a clear idea about building a reliable ecommerce business and promoting them online. Keep monitoring the performance of your marketplace platform and try to understand buyers’ behavior. This will help you to change your framework according to buyers’ expectations and can get your conversions easy.