Is it time to finally set up your eCommerce business but you’re not sure where to start? The world of online retail can be daunting, to say the least, but with the proper guidance, you will be able to step into the eCommerce marketplace with confidence. Typically, first-timers need to learn a lot of information in a very short period of time, and it’s not always obvious what you need to do in order to get your business up and running. But today we’ll show you the six major factors you need to consider in order to set yourself up for success.
#1 – Create a Strong Brand That Will Resonate With Customers
In order to get started on the right foot, you’ll need to do a little research before you decide on your brand. This is a very important step and you need to invest some time figuring out exactly who your target audience is and who your competitors are. Once you have a solid idea of who that audience is and what they’re interested in, focus on the different angles you can use to effectively engage them. Don’t be afraid to put your personality into your brand name. It will help differentiate you from your competitors and help you connect with your audience.
After you’ve decided on a brand name, you’ll want to work on the look of the brand. Take a look at different color schemes and combinations to get an idea of what will make your brand unique. Consider the type of fonts that will look best and get a logo created. And lastly, after you’ve completed these steps you’ll need to create a brand promise. A brand promise is simply an experience that your customers can expect every time they interact with your company.
#2 – Purchase a Domain Name For Your Brand
Now that you’ve created a strong brand for your eCommerce business, it is time to buy a domain. A domain is simply the web address or URL of your website on the internet. Picking a good domain name is important to your future success so choose something that closely matches what you are going to be selling. That way your customer knows what you sell upfront just from the domain name.
Depending on your business, you have the option to use keywords or key phrases in the domain name. By including keywords in your domain name you may be able to increase your rankings in the search engines. Keep in mind while this can be very useful to you and your SEO strategy, it is not mandatory to include keywords. Many major brands do not have keyword-rich domains and they still sit at the top of the rankings. However, this can be very useful if the keyword you choose makes sense and is relevant to what you sell.
Here are five prominent domain providers to consider:
– GoDaddy
– Namecheap
– Dreamhost
– Bluehost
– Hostgator
To ensure you choose the best provider for your eCommerce business, you’ll need to learn how to choose the best domain registrar. By doing so you will gain the valuable information you need regarding domain registrars and hosting companies.
#3 – Make Sure You Choose a Good Hosting Package
After purchasing your domain name, you will soon discover that you need to have hosting in order for customers to find your website online. Web hosting simply means that you have a way to publish files online so that anyone with an internet connection can view your website. To simplify what that means, think of your domain name as a house. The house exists but needs to sit on a plot of land to consider as a permanent address. Web hosting is the land where your house (domain name) will reside and found by internet users. Without the land, nobody will be able to find your house.
Now that you understand this concept, there are two different types of web hosting that you’ll need to evaluate. The first is shared hosting. Shared hosting provides a service that has only one web server that hosts thousands of different websites. This option is the most affordable and has a relatively easy setup process. Your hosting is secured by the provider and you have access to technical support. The biggest possible risk with shared hosting is the slow loading time of your website due to the fact that everyone is using the same server.
Dedicated Hosting:
Your second option is called dedicated hosting. Dedicated Hosting is a service that provides the website with its own server that is not shared with other sites. This option was designed for large websites that have a high amount of traffic. It’s ideal for large businesses with vast amounts of inventory, such as online shopping malls or companies that manage multiple websites. However, it is very expensive to rent these types of hosting packages and it will require a great deal of technical skill.
So, which of these is best for eCommerce? If you’re on a budget and just getting started then shared hosting is the way to go. Usually, your profit margins are tied to the number of products you sell and you’ll need to keep expenses to a minimum. For smaller eCommerce sites this option is ideal because hosting companies constantly fine-tune their servers so websites run faster with little downtime.
For larger eCommerce sites that are maturing and have the budget, dedicated hosting is most likely the best route. Dedicated hosting will provide you with unlimited control on the backend and give you the power to add custom features, increase functionality, and manage your server. With this option, you can implement stricter security features and have unlimited storage space.
#4 – Compare the Different eCommerce Platforms In Your Niche
There are three different forms of eCommerce platforms that you will need to consider. Your budget and the individual needs of your business will help determine which kind of platform will be best for your business. Before choosing an option, be sure to think about the number of products you will keep in inventory and what the demand for those products will be.
Here are the 3 different types of platforms:
– Bespoke – The bespoke solution is the perfect fit for an e-tailer. It will give you exactly what you’re looking for in an eCommerce platform. However, this option requires a significant investment and is not the most affordable if you are on a budget. While this is the most expensive option, you will be able to optimize your website to your requirements without any added extras typically included in an all-in-one platform.
– Off-the-shelf software – The next level down from Bespoke is the off-the-shelf solutions. These solutions include platforms such as Magento, Kentico, and WooCommerce. Typically these platforms require a higher level of technical ability and will need someone with technical knowledge to set up properly. With these particular options, it’s difficult to make your site stand out from the competition, and often there are unnecessary options that many businesses do not need.
– Software as a Service (SaaS) – This option is for those businesses that are looking for the least expensive route to getting their products online. With this option, you can set up your eCommerce business relatively quickly for a small monthly fee. Platforms such as Bigcommerce.com and Shopify.com offer templates that build front-end presentations and are easy to configure. You can build a professional-looking website that functions well, but you will not be able to make any major customizations.
#5 – Choose a Payment Service Provider
So far we’ve covered several important factors that will help you get your business up and running successfully. Now it’s time to address the money. As a website owner, you need your payments to come in consistently without any issues or unexpected problems. Fortunately, you can have as many payment providers as you choose.
To determine which is best suited for your business, consider what types of payments you plan on receiving from your customers and the location they’ll be sending those payments from. Do you plan to sell your goods locally in your home country or do you plan to sell globally? Providers such as PayPal, Stripe, 2 Checkout, and Authorize.net give you the ability to accept payments from anywhere in the world. These providers handle everything from collecting payments to sending those payments directly to your bank.
Top 5 Providers for Digital Payments
- PayPal
- PayPal Payments Pro
- Stripe
- Authorize.net
- Amazon Payments
If you’re planning to receive digital checks online in addition to credit cards, you’ll need to consider a check processing company that will allow you to accept both types of payments. Look for companies that will offer you a variety of products that are tailored to your specific needs. No matter what industry you’re in, there’s a payment processing solution for you that is affordable.
#6 – Setup Marketing Tools To Make The Payment Process Seamless
As an eCommerce store owner you want to make sure you provide good customer service that is ready to resolve any issues immediately. The best way to do this is to set up a CRM system. CRM simply stands for customer relationship management. These types of systems help you manage all of the interactions you have with current and potential customers. You’ll have the ability to store and track customer data, as well as, current and future interactions to facilitate growth and overall profitability.
To maximize your ROI, you need to know why building a custom CRM is always a good idea. As your business continues to grow you’ll need solutions that will save you time and money along the way. By nurturing your customers throughout the process, you’ll be positioning yourself for success.
Secure way to Communicate
Lastly, as a forward-thinking e-tailer or eCommerce store owner, you’ll need to provide a private, secure, and easy way to communicate with your customers. Therefore, the messaging service you choose will be critical to your business. Customers expect prompt responses to their issues and you’ll need to provide a way to provide simple and hassle-free solutions to improve their overall experience. We suggest using WhatsApp. By reviewing the retail and eCommerce WhatsApp uses cases, you’ll learn all of the benefits of this service and ultimately gain an edge over your competition.
Plan Early
The effort you put into addressing these six major factors upfront will save you an immeasurable amount of time and effort. Compared to ten years ago, it’s much easier to set up an eCommerce website. Today’s modern platforms have simplified just about every aspect of this process and made it possible for you to be up and running in less than a day. So, now is the time for you to jump in with both feet. With the information we’ve covered, you’re now ready to test the eCommerce waters. Good Luck!
