There are several reasons why opening an online shop should be your first priority if you’re one of the many company owners who haven’t done it yet.
Perhaps you’ve been selling on social media or marketplaces, or perhaps you’ve had a brick-and-mortar store for a while. Perhaps you’re ready to launch your own company. You’re thinking of starting your own internet business, or whatever the circumstances.
It’s probably only a matter of time before you begin to consider opening an online store, given the internet’s explosive growth. The evidence speaks for itself, therefore we can’t argue that you’re to blame.
2020 saw over two million online purchases of goods and services, while our main streets are starting to look like abandoned ghost towns.
The epidemic has undoubtedly hastened the demise of the high street, with internet shopping developing as a practical and effortless means of obtaining necessities, fresh apparel, and weekly grocery purchases.
It should come as no surprise that you don’t want to fall behind, but you need to really consider whether you are prepared to make the move.
You must have confidence in your brand, business, and merchandise. We’ve compiled a list of questions you should ask yourself before starting your own e-commerce store to help you think things through.
Without further ado, let’s get started.
Which goods are you going to offer online?
Generically speaking, you may offer mass-produced goods or unique, specialized goods.
The latter often performs better online as you are more likely to satisfy a niche need and face less competition.
Additionally, you can run across a lot of competition pricing with easily accessible commoditized items.
After determining whether to go with unique or mass-produced goods, you must determine what those things are. Here are some methods to help you generate product ideas:
- Look for things you are enthusiastic about and that are simple to brand or promote.
- Be aware of trends and attempt to seize them before they become popular.
- Determine the issue and use items to address it.
- Concentrate on a certain niche market or area of interest.
Will you sell the same things you offer in your physical shop, or only a portion of what you have, if you already have one? Or are you going to sell something entirely else that’s more suited for eCommerce?
Can I sell these goods on the Internet?
Once you’ve chosen what to sell, you need to start considering all the specifics and Internet sales processes. How are you going to supplant the in-person purchasing experience?
How are you going to persuade people to purchase these items? The size and weight of your items should also be carefully considered since this will have an impact on the cost of shipping and the price you may charge for them.
Now let’s talk about cost. You may need to give it some more thought if you’re having trouble determining where the money will be earned.
Ultimately, the success of your internet company depends on the financial viability of the products or services you provide.
What kind of payment methods will I be accepting?
PayPal is what many people and experts such as Percy Grunwald from Compare Banks suggest using when you first start out.
This is mostly due to the third-party processor’s widespread reputation as a safe way to take payments online.
“PayPal’s basic service has no set monthly costs or sign-up requirements, but be warned that seller fees can really add up quickly. In addition to a 30-cent transaction charge, PayPal sellers must pay a transaction fee of 2.9 percent of the whole selling price.
I also suggest the well-liked payment processing service Authorize.net. A $99 setup fee, a $20 monthly fee, and 10 cents for each transaction are all assessed by the processor.
Nevertheless, a lot of customers would rather use their own credit cards to make online payments than PayPal or other third-party payment processors.
Every credit card provider offers merchant accounts, which you may get.
A percentage of the whole purchase value is added to fees that many impose every transaction, which may range from 20 to 50 cents. Additionally, some demand yearly, quarterly, and monthly fees.”
How can I begin drawing customers?
Once your shop is operational, promote it online and offline. It would be a good idea to start by including links to your store’s website in your email newsletter campaigns and on the main website of your business.
Establishing profiles on Facebook, Twitter, Pinterest, and YouTube to represent your online shop is another suggestion.
Occasionally posting updates on your business’s social media accounts might increase foot traffic to your shop by highlighting special offers and other ongoing promotions.
Selecting an e-commerce provider that optimizes your store’s content for search engines (SEO) is also a good idea. Your shop may rank better in Google, Bing, and Yahoo search results if you use SEO strategies.
How will I manage refunds?
Returned merchandise is a problem for any retailer.
Isla Sibanda, owner of Privacy Australia shares: “Make sure your e-commerce provider has integrated features that enable you to promptly and simply replace products, reimburse purchase prices, replenish inventory, and notify consumers through email with the status of their returns.”