If you are planning to launch an eCommerce website, we totally support your decision. Online retail is one of the fastest growing industries worldwide and grabbing only a small portion of the market share could make you a millionaire.
According to Statista, the global eCommerce revenue in 2019 is projected to reach more than $3.4 trillion (see below).
Customers are turning to online shopping, so why wouldn’t you seize the opportunity to start your own digital business?
Keep in mind, however, that it’s not a simple process – you have to understand the basics of eCommerce and learn how to set up a new company in the digital environment. Our job is to help you out, so keep reading to see an eCommerce sales management tutorial for a newbie.
Do the Research
Before you take any concrete steps, you need to do the research and figure out the current state of affairs in the eCommerce universe. We guess you already have a few products in mind, but if you don’t, it is necessary to consider whether you want to sell physical products, digital products, or some other types of services.
The next step is to analyze the niche you are about to enter. How large is this industry and does it have enough potential for another online retailer? You also need to explore other players: Who are your biggest competitors? What they sell and how they do it?
If you answer all those questions accurately, it will give you tons of valuable business inputs. You will notice possible market gaps and find a way to infiltrate. On the other hand, the analysis will point out the products or niche you should avoid because the competition is too severe.
Find the Right eCommerce Platform
Now that you know which products to sell and niche to join, you need to find the right eCommerce platform for your business. This is very important because the nature of the platform can strongly influence the operational capabilities of your online store.
When you think about eCommerce platforms, try to understand how they function and what they offer. Jake Hudson, a lab report writer who frequently analyzes online retail, claims that eCommerce providers have four major features: “The goal is to figure out the pricing policy, flexibility, scalability, and the ease of use.”
There is no secret formula to tell you which features to opt for. The final choice depends on the nature of your business, the number of products, and many other factors. Shopify and Big Commerce are some of the major platforms that you could check out.
Choose the Right Payment Provider
Online retailers cannot function without a reliable payment provider. You probably understand how critical it is to find a business partner who will be in charge of financial transactions, so we strongly recommend you to stick to well-known operators in this field such as PayPal or Stripe.
Of course, this is another component of eCommerce where you have to look for the best features currently available online. Some of the main characteristics of the right payment provider are these:
- Operational availability 100% of the time
- Availability in all of your markets, especially if you operate internationally
- Pricing plans and transaction fees
- Compatibility with your online retail platform
- Business analytics, reporting, and customer service
Create a Comprehensive Marketing Plan
Almost every eCommerce niche is packed with serious businesses and you’ll have to create a comprehensive marketing plan in order to get the foot in the door. This is a complex topic that requires a post of its own, but we have to mention fundamental marketing channels here:
Online retailers need amazing websites with quality content. First of all, you need to design product pages with great descriptions. Secondly, you need to write blog posts and establish yourself as an industry thought leader. As usual, there’s no need to do this single-handedly: you can find a genuine essay writing service online and choose the best option from the papersowl review list.
A good website will help you to accumulate enough emails and grow the base of subscribers. It’s a great way to keep the audience updated about your activities, new products, and special offers.
Billions of people use social platforms every day, which is why you have to take advantage of Facebook, Instagram, and similar networks.
Take Care of Accounting
A vast majority of eCommerce entrepreneurs are not acquainted with accounting. If you are a member of this huge group, make sure to automate the process using accounting platforms. Software such as Fresh Books or Quick Books can handle everything on your behalf, so you can focus on sales and marketing.
What can you expect from these services? According to Mark Hudson, of the thesis writing service, accounting platforms can cover a wide range of operational processes: “If you select the platform that suits your business needs, you can expect it to handle inventory, tax reporting, budgeting, payroll, and many other accounting features.”
Use Business Analytics
The tips we discussed so far should be enough to get you going, but there is still one thing left to explain. Namely, you must use business intelligence tools in order to analyze the functioning of your eCommerce store. Google Analytics is a common solution in this area, but you can find tons of similar platforms online.
The purpose of business intelligence is to give you feedback about your organization: sales results, bounce rates, cart abandonment, new vs recurring shoppers, etc. With all the information at your disposal, you can predict future trends, improve sales, and grow revenue long-term.
Online retail is probably the simplest way to start your own business, but it still requires a fair share of research and analysis before you manage to launch a profitable company. Go make your virtual imprint!