COVID-19 – is making headlines all over! It needs no introduction as it has already impacted each and everyone’s life in some way or the other. The outbreak has affected millions of people across the globe with closure of almost everything except emergency services and healthcare. Countries are struggling to save humanity and bracing to deal with its economical impact in the coming few months.
The pandemic has affected retails enormously as shops and supermarkets are closed for a long-time. People are finding it a challenge to even buy some of their basic necessities. Online stores have come as a saviour – offering all products for doorstep deliver. Things would have been different, if we didn’t have the e-commerce business, supplying products at our doorsteps.
E-commerce business has always been popular and expected to be in the next decade too. The raging pandemic has reminded us once again that e-commerce stores are the ultimate solutions. Building an e-commerce business involves a lot of research and certain steps.
Here are some tips if you are starting your first e-commerce during the circuit breaker period as announced on 3rd April, 2020.
Find the Right Products
First and foremost, you need to be sure about the products you will sell. Before, you take the plunge with your investment, identify the set of products, or even if it a single item which you would like to deal with. Do a little bit of research and find the products your co-workers, your friends and family will be interested in. You can also explore some selling sites to get ideas about what they are successfully selling.
Competitor Research Is Important
Once you have decided on a certain product, look at your competitors and find what they are up to. Find more about the problems they are facing. Are they investing a lot on ads or they are going the digital way? You need to know how much you will investment and when is the right time to start your business. Your competitor research will help in understanding how to start your successful online ecommerce business.
Incorporating Your Online Store
This is an important question – will you need to register your eCommerce business? In fact, it is one of the few questions which comes in the mind of people who are thinking about starting an eCommerce business. Well, the honest answer is that it depends. It usually depends on the local rules and regulations. It also depends on the kind of products you are dealing and whether you are allowed to deal with such products.
Build Your Online Business
As you have selected your products and have done competitor research, the next step is to build the store. You will need to select CMS platforms which can help in setting up your store. You can seek professional help or you can try some templates which these templates offer. You need to select a theme which will be as your target audience. Pricing factor needs to be decided upon. Last, but not the least, you need to choose a name of your ecommerce business. It should be something which your audience can connect to and remember.
Testing is Important Before Taking Orders
Once your website is up and ready, you need to try one test order first and this should be before you begin taking orders. It will ensure that the process is smooth for your customers. Remember, your customers should find it easy and convenient when they choose to order from your online store. Remove any additional or unnecessary steps which can cause confusion to the customers.
Think About Marketing
This is something which you need to concentrate on 110%. Remember that everything else can wait but you have to generate traffic and reach your customers. The main purpose of marketing is finding the right channel for the products. Once you find the channel, you need to perfect your marketing strategies. The main objective will always be to bring at least one new customer. This is one infinite loop which you need to aim, which will help you in the long run.
Reinvesting Your Profits
Also, your marketing strategy should be such that you reinvest all your profits in ads. If you are just starting your ecommerce business, you shouldn’t think about how to save your earnings. It is necessary to keep a close watch on the relationship between the money spent on email marketing and the profits earned.
These were some of the many things which you need to do in order to build your online ecommerce store. The key is to be consistent and work hard. Working from home doesn’t mean you can be laid back. It means you have to be alert, keep learning and keep trying even if you don’t succeed.
Social distance, stay home and wash your hands regularly. Let's do our part and fight this together. #SGUnited