Opening a business of any kind is always going to be risky, no matter how good your product or service is.
With that said, more and more entrepreneurs are realising that e-commerce storefronts are the way to go in today's digital-reliant age. The worldwide retail e-commerce sales figures are expected to grow to US$4.88 trillion by the year 2021, so clearly there is a lot of potential in this area when it comes to opening your own business.
If you’ve been toying with the idea of setting up an e-commerce storefront, but you want to be sure you do so in the right way, here are some of the top things to keep in mind.
Is Your Product or Service Marketable?
While you may think that your idea of what to sell or offer is “great” it’s important to look at it with an objective eye. Is it unique, is it marketable, is it priced right, and how do you stack up next to the competition? It’s also important to think about the future offerings - will what you start with be enough, or do you have plans to add to your services and products?
The Foundations for the Digital Storefront
Before you get into actually creating the site when it comes to the design and visual aspect, there are a few main things that you need to get together. Any e-commerce website will need a domain name (choose something simple, short, and that makes sense), a hosting provider, a payment processor that is integrated into your site, a tool that makes it possible to build the storefront, and packaging for shipping items out to customers.
Each of these items need to be checked off the list before you can get started on creating the store.
Don’t Hesitate to Bring in the Professionals
Even with all the best advice out there, it doesn’t mean you’re going to be able to set up an effective and user-friendly storefront. Some things are just better left to the pros, and designing an e-commerce site could be on that list.
Companies such as CoSource specialise in such things as e-commerce software solutions that are meant to help you sell your products and services. They are able to build applications from the ground up if needed, or they can upgrade what you currently have. Without the best software, you can expect to run into all kinds of difficulties with your site and potentially lose customers over it.
Advertise Your Site Well Before the Launch Date
Finally, you want to be sure you put the time, effort, and budget into advertising your new storefront well before it goes live. If you can manage to generate buzz before the site even launches, then you are much more likely to have a successful opening.
As for how and where to advertise, since your store exists in the digital world – online marketing tools are likely the best route to go.
A Higher Chance of Success
Following these tips as a loose guide will help you to increase the odds of success when you open your new e-commerce storefront.