Setting up an e-commerce business can be a profitable and prosperous experience, but it can also be very stressful. At a first glance, setting up and maintaining a site where different people can buy and sell goods and services is a good way establish profit. According to a report from the U.S. Census Bureau, in the third quarter of 2019 alone, U.S. e-commerce sales amounted to approximately $154.5 billion, accounting for 11.2% of all retail sales in the nation. Depending on your goals, it might make sense to start an e-commerce business, as this type of venture if fully digitally based it can be easy to take advantage of flexibility, affordability, and different opportunities. Following a basic strategy can be helpful since you can set your priorities straight easily.
Find your target market – whether it’s a very specific niche or a wide market, you should know what services you offer and where you want to sell your product.
Think up a business name and choose a legal structure by advising with a legal consultant. Check if a domain name is available, as well as company name availability.
Complete your paperwork – from registering you firm to obtaining business permits and licenses, everything must be done diligently, in order to ensure financial and legal stability.
Choose an e-commerce platform and build your site – Shopify, WooCommerce, Squarespace and Magento are all great ways to build your platform and e-commerce business, it all comes down to preference here.
Develop and source products – after you’ve chosen your platform and built your website, you’ll need to source or create the products you’re going to sell.
Create and follow a marketing strategy – Target your audience, buy ad space, as well as pay for sponsored ads in order to ensure market effectivity and efficiency. Optimizing SEO is also important when it comes to e-commerce.
As your business is running and you start to receive traffic, you’ll see which marketing practices work and which don’t. With time you’ll be easily able to see what works best for your business. Taking inspiration from existing e-commerce businesses is never a bad idea, since most ventures sooner or later tackle the same, or at least similar issues
