There’s no doubt about it, eCommerce is thriving throughout the retail and leisure industry. Let’s consider the do’s and don’ts of building and growing an eCommerce business.
Plan everything.
Do you know everything about the product(s) you are going to sell? How are you going to source your product? What are your profit margins? Who are your customers? What’s your brand tone and message? Do you have an exit strategy? There is a lot to think about and these are just a few starting points. The key to success is planning, so much sure you take the time to build the right foundations for your business.
Is your price right?
eCommerce is a highly competitive market, with retail giants able to capture considerable market share because of their low-cost, customer centric infrastructures. Ensure you are smart on price and account for costs to you, such as fees on packing, delivery, wrapping and customs. Establish a payment partner that works for you.
Do it yourself or use a platform?
There are plenty existing eCommerce platforms out there such as Shopify, that will help you get up and running within hours. You can either use one of these platforms as a startup or consider building your own online shop from scratch.
Keep your friends close, keep your competitors closer.
Follow and be inspired by other online businesses. What tried and tested ideas could you tweak to create a better end consumer experience? Plan how partnerships or affiliates could help you scale.
Build a team.
Establish a great relationships with designers, developers, marketers and others who share your vision. One of the keys to a successful business is to surround yourself with talented people that can complement your own skill-sets, believe in your concept and help you scale your business.
Mobile. Mobile. Mobile.
In today’s highly competitive eCommerce industry, where purchases on mobile devices count for a considerable portion of sales, ensure your business is mobile ready to reduce barriers to purchase wherever possible.
Growth Hack.
Acquiring customers and keeping them is perhaps the toughest challenge in the eCommerce space. Engaging with existing and prospective customers is vital. Make sure you build a clear brand tone and utilise as many channels as you can to communicate key differentiators and continue to retain and acquire customers, like social media, email and advertising. Ensure you stay in the forefront of your target market’s mind with unique content that connects with new customers as well as remarketing to return buyers based on their order history.
