Did you know that worldwide e-commerce sales are worth $25.6 trillion? Not only that, but sales are steadily increasing every year. If you want to start an e-commerce business, there's never been a better time to do it.
ContentsHow Long Does It Take To Start An Ecommerce BusinessFinding StorageSupply ProductsHow To Build An Ecommerce WebsiteDon't Forget SEOHow To Build An Ecommerce BusinessBut running a successful online retail brand involves more than just putting together a great website. You need to consider many aspects of traditional retail, such as product sourcing, supply chain management, merchandising, and customer service.
So where do you even start to break into the industry?
Here's how to start an e-commerce business.
A question many people entering the industry will ask is “how long will it take to set up an e-commerce business?” This will largely depend on your initial investment capital, as well as the number of SKUs you plan to sell.
One of the biggest benefits of running an e-commerce business is that you don't have to worry about store overhead such as rent. However, you will still need to find storage space and hire a crew to pick up and pack your orders.
The first step will be to find warehouse space large enough to accommodate a growing e-commerce business. Be sure and consider how big you will be a few years from now as well as how much stock you will need to keep during seasonal peaks such as Christmas.
If you need to change warehouses in the first few years, it can be expensive, so planning ahead is essential.
Once you have warehouse space, you can source products. Think about the lead times you'll need to order these in-stock items and try to gauge their popularity by doing a competitive analysis.
You can choose to go directly to a manufacturer and remove the suppliers. If you choose to do so, you will need to establish a relationship with the manufacturer and agree to terms such as what can be refunded for credit.
While you are researching products and securing your warehouse space, you can ask a designer to create an e-commerce site. Many businesses use WooCommerce or Shopify platforms on which to build their online store.
Don't try to reinvent the wheel when it comes to your online store design, keep it clean and functional.
Once your website is up and running, you will need to invest in search engine optimization (SEO). Using SEO will help ensure that your site ranks well in search engine results pages. Click here for more information on how an SEO company can help you get more results.
Building an e-commerce site is only part of the process involved in starting an online retail business. Knowing how to start an e-commerce business will require research into all aspects of retail management, such as inventory control and purchasing.
For more tips on running your own business, head to the business section of this site.
