In the digital age, there has never been a better time to start a sustainable eCommerce business. In fact, experts predict that by 2021, the global eCommerce market will be worth around five trillion US dollars.
Today’s consumers have the power to connect with their peers, conduct research, and buy products wherever they are in the world with the click of a button or the swipe of a screen. By embracing the digital age and get your eCommerce business off the ground, you stand to reap great rewards. But, to compete on the digital battlefield, there are certain things you need to consider before launch.
That said, to help you on your path to success, here are three essential tips for starting your eCommerce business.
Choose a profitable niche
To form solid foundations for your online business, it’s important to choose a niche that has the potential to generate profit over time.
The digital world is always changing, as are the shopping habits and behaviors of consumers But, if you sell niche products or services that are in demand, or growing in demand, you’ll ensure your business is sustainable.
To choose a niche that works for you, it’s important to follow your passion before conducting comprehensive research, looking at trending products, topics, and information online.
Google Trends is an invaluable tool for market research as it serves up information as well as metrics on subjects or items that consumers are engaging with across the globe (you can also search for trending content in specific geographical regions).
Write your mission statement
Once you’ve landed on a niche for your eCommerce business, you should define your mission statement.
Your mission statement will become the lifeblood of your eCommerce business, helping to shape the direction of your budding empire from day one. To produce your mission statement, following the ‘Golden Circle’ framework will prove most effective.
Essentially, your Golden Circle is the why, how, and what of your eCommerce business. To define your Golden Circle and produce your mission statement, here are the key questions you should answer in this order:
- Why: At its core, why does your business exist?
- How: How will you help your audience, and how will you achieve your goals?
- What: What products, services or solutions do you propose to offer your audience?
The vast majority of new business owners tend to focus on the ‘what’ their company first and foremost. But, to steer your commercial efforts in the right direction, it’s important to consider ‘why’ you’ve chosen your particular path.
By taking the time to answer this question, the ‘how’ and ‘what’ will naturally follow suit. In turn, your future business decisions will be more informed, more valuable, and destined for success.
Once you’ve produced a solid mission statement, follow the steps and advice in this essential guide for starting an online business to further develop your ideas.
Get your assets in order
Before you even think about launching your online business, you must make sure you have your assets in order (the platforms and touchpoints that will allow you to connect with and sell products to your audience):
- A website or online store, complete with a homepage, contact page, ‘about us’ section, compelling product pages, and a seamless online checkout journey.
- A business blog. Today’s consumers crave engaging, valuable content when looking at products or services, and by updating your blog on a regular basis, you’ll attract new customers while expanding your online reach.
- Social media platforms. At the very least, you should have a functional Facebook, Twitter, and Instagram page for your eCommerce brand.
- Branding tools, including taglines, graphics, and imagery to use consistently across all of your consumer platforms and touchpoints.
By focusing on these steps, you’ll build solid foundations for success.
Before you start promoting and selling your products or services, understanding your niche, defining your mission, and getting your online outlets up and running is essential. And, with your eCommerce set up the right way, you’ll be ready to start promoting, selling, and profiting, one customer at a time.
We wish you the best of luck and for more priceless pearls of wisdom, read about our three business trends to look out for in 2020.