How to Run a Successful eCommerce Business – Generally, eCommerce refers to buying and selling goods and services online. Therefore, eCommerce business is a business transaction conducted on the internet.
Starting eCommerce business has become a popular business venture for most potential entrepreneurs. They have a vision of selling some amazing products that will allow them the freedom to work on something they really enjoy.
Some people are looking to be their own bosses and be in charge of their own futures. Yes, the internet makes this vision more real than ever. However, despite early enthusiasm, sometimes, some people fail to take action and fail to live their dreams.
Building a successful eCommerce business takes more than selecting brands, writing product reviews, and starting selling products online. Even the best business ideas can fail if you do not follow the right process.
How to Run a Successful eCommerce Business (Easy to Follow Guide)
Here, I put together this guide to ensure a smooth ride for your eCommerce business. Follow this guide diligently to set up your eCommerce store, protect yourself legally, get your finances in order, market and sell your products, and start living your dream.
The Fundamentals to Building a Successful eCommmerce Business.
- Start eCommerce Niche Research
- Personas and Product Selection
- Establish Your eCommerce Business
- Create Your Online Store
- Attracting Customers to Your eCommerce Store
- Implement a Marketing Strategy.
1. Start eCommerce Niche Research
Choosing your niche is the most important step to start your online business. A niche is simply an area of interest. What do you like to sell? You do not have to mix different products from different niches to an online store. Focus on a particular niche.
Begin this process by identifying successful companies that are already working in this area. Make sure the area is competitive; lack of competition usually indicates that there is no market.
However, do not choose an overwhelming niche and skip all that dominates the major brands. You can work with company owners in these areas to grow, become partners, and develop your customer base.
If you can get some opportunities for affiliate marketing, you will not have to worry about delivering so many products but you can still earn.
RECOMMENDED READING: How to Start Affiliate Marketing in 3 Basic Ways
2. Personas and Product Selection
Before you think about product ideas, think about the personas. Who are your ideal customers? You cannot expect people to buy your product if you do not know who you are selling to.
Who are you? What does the store represent? You need to project a consistent brand image; a journey that starts with your brand name.
Once you have identified the image you want to project and the client you serve, it’s time to think about ideas for products. I suggest you start with one you will initially invest less, and if you want to offer more, you can test the water through affiliate marketing.
Before investing in the product, however, evaluate it carefully. Even if you choose a drop shipping model, you want to test it carefully and familiarize yourself with the product yourself to identify any potential problems and prepare customer service scripts to answer common questions.
RECOMMENDED READING: How to Start Dropshipping Business in 4 Simple Steps (Beginners Guide)
3. Establish Your eCommerce Business
Before you set up your store and get into building a brand, there are some basic steps you’ll need to take.
- Register Your Business
The first thing you will need to do is to choose an incredible, unforgettable business name that nobody else is using. You can run a company name search to make sure it is not already used. Once you have chosen the name, your next move is to register it. There are legal protections and tax benefits for incorporating, so don’t skip it.
- Get Your Business Licenses
Ensuring your business is properly licensed helps protect you, your employees, and your customers. Having the right license will guarantee the protection of your personal property in case of a lawsuit and will also protect you if your business is damaged.
Check with your state and country for the type of sales tax license or home business license you need and have them approved before you start operating.
- Get Your Employer Identification Number
You need an Employer Identification Number (EIN) to open a business bank account and submit business taxes, even if you do not plan to have employees. Your EIN resembles your social security number: this is a unique number that identifies your business and helps you send important papers.
- Choose your Preferred Supplier
Suppliers are the backbone of all eCommerce business. The standard and efficiency of your supplier will determine the success of your business. So, you may need to understand them well.
Doing business with the wrong supplier can ruin your business, so it’s important not to rush, shop around until you find a supplier you want to do business with for the long term – this includes your eCommerce software (your “shopping cart”).
There are various suppliers in this industry, one of the popular brands is AliExpress. There are other platforms such as Amazon, eBay, Alibaba, Wallmart, etc. Choose wisely.
4. Create Your Online Store
Once you have legally registered your business, acquired the necessary licenses and started thinking about the design, you must register your domain name and all redirect URLs that might be relevant. Whatever design you choose, it must be compatible with eCommerce software.
There are literally hundreds of thousands of eCommerce shopping platforms available. Choosing the right software for eCommerce is not easy. You need to carefully evaluate things like upload speeds, features, compatibility with different payment methods, compatibility with your business structure, web developer skills, custom SEO features, and more.
We recommend using popular tools such as WordPress, Woocommerce, Shopify, Squarespace, etc. These tools allow users to easily set up an online store without any prior knowledge of coding or website development.
RECOMMENDED READING: How to Start an Online Store in 8 Simple Steps.
5. Attracting Customers to Your eCommerce Store
SEO (Search Engine Optimization) is the best partner for any business that wants to reach its target audience without spending lots of money. In fact, most of today’s business ventures such as Aliexpress, Amazon, eBay and several others rely on SEO.
The main objective of SEO is to increase the visibility of your site in the search field. Each search engine gives a result based on certain keywords or key phrases of the search query typed in the box and the most relevant result arrives at the front page. Precisely, at the top.
RECOMMENDED: Master SEO with SEMRush
You should keep in mind the keywords and search terms on every page of your site, in your URLs and in your advertising campaigns.
You can subscribe to marketing newsletters or listen to digital marketing podcasts to keep pace with the digital marketing industry and fill in marketing tips.
6. Marketing Your Products Online
Here’s the most important reason you started your online store, and the main reason I wrote this article. To market your products.
Listen, your site is not the only thing you need to generate traffic. The products you choose should also be included in your marketing budget.
Your aim is to sell products, not mainly to drive traffic. To sell products, you need to think beyond your site and look for expansion areas.
First, offer your visitors an opportunity to become one of your email subscribers. It’s the best way to build a relationship with potential customers in an intimate way.
Place an opt-in freebie on your website, launch a social media campaign to get subscribers, in which the “rate” of entry is the email address of your client.
“Providing customers with coupons and content via email helps keep your brand on their mind, increase sales and establish credibility. Keep your emails interesting: ask for your clients’ opinions often, including reviews. Respond quickly to problems of customer service and product quality, and work on building relationships. No sales interaction is about the first sale; Focus on the next one always.”
Here are some examples of email marketing tools that you can try
1. Contact form
Read our guide on how to start an online store, to learn more on how to set up your eCommerce site, attract potential visitors to your site and market your products effectively.
Starting an eCommerce business is one of the most lucrative ways to earn a legitimate income online, you do not need a ton of money to get started, or any special skills or qualifications.
If you’ve ever wondered how to start an eCommerce business, I suggest you follow this guide diligently to successfully start your business, become the owner of an eCommerce store that attracts potential customers like bees to beehives.
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