An eCommerce website is a fantastic way for a brick-and-mortar business or new startup to create their online presence and make their ideas a reality. But when is the right time to start your business? As the global economy is experiencing economic unrest and consumer preferences are evolving, the time to create an eCommerce website is now.
2018 is an excellent time to start an eCommerce business
If you’re considering starting an eCommerce business, you’re in the right place. The internet offers many opportunities for small businesses to increase their revenue. However, the logistics involved in launching a successful business can be intimidating. As a result, many people give up on their entrepreneurial dreams.
Starting a business online is much easier than it used to be a few years ago. For example, today, several easy-to-use online store platforms will help you launch your online store and grow your business. These include Shopify, Magento, and BigCommerce.
Getting traction from potential customers
The key to building an audience is getting traction from potential customers. There are various ways to do this. Whether you’re working with a product with a high price tag or enterprise software, some methods will help you attract customers. For example, viral marketing encourages users to share their creations with others. You can also promote your business through traditional media channels.
You can also build viral mechanics into your products. For example, Dropbox offers a referral program in which users can send emails to their friends and receive extra free space if they also refer a friend. While social media platforms and email are the most common viral distribution mechanisms, new ones are constantly popping up. Experimenting with different tools is essential to determine which works best for you.
If you’re a new brand or have minimal experience, getting traction from potential customers is essential to your success. You must be prepared to invest time and resources to get your brand name and product noticed by a large audience. During the traction phase, you should focus on generating quality leads, signing up new customers for an app, and getting email subscribers.
You should monitor the performance of all your channels to gauge their performance. You can track your visitors with essential analytics tools like Google Analytics or by paying for advanced products like Kissmetrics and Mixpanel. Try to measure and chart your traction as much as you do your product so that you can make changes that will increase your chances of success.
It would help if you also considered paying for local print advertisements. These include newspaper ads, directories, and calendars. Advertising locally can be inexpensive and has the added benefit of making your business known to potential customers. Another effective strategy for getting traction is to hang out a few flyers in areas where potential customers frequent.
Market research
Market research is one of the most critical aspects of your go-to-market strategy if you start a new eCommerce business. Although it may not yield immediate results, it will pay off in the long run. There is stiff competition in online retail, and failing to conduct market research before you launch your business can be disastrous. Fortunately, there are many ways to conduct market research before you start an eCommerce business.
The first thing you need to do is identify who your target market is. This means conducting surveys of past buyers, current customers, and those who purposely did not make a purchase. You’ll also need to interview a small group of people from your target demographic. It would help if you aimed to recruit ten participants per buyer persona, but it’s better to use separate sample groups for each persona.
In addition, you should perform market research to determine what your target market wants. You’ll need to find out how many people are searching for a product or service similar to yours and then create a product that addresses that need. Market research can also provide you with insights into potential competitors.
During the early stages of business planning, market research can help you decide if your idea is worth pursuing. It can also help you pivot your concept if necessary. In addition to helping you create a better business plan, market research enables you to learn more about your ideal customer.
There are many ways to conduct market research, including surveying consumers and gathering data on sales trends. You may also conduct exploratory market research, which is less concerned with measuring customer trends and is more focused on identifying potential problems. This type of research can be achieved through various methods, including surveys or open-ended interviews.
Creating a spreadsheet to compare eCommerce platforms
When starting an eCommerce business, choosing the best platform for your needs is essential. Different platforms have different features and costs. Some are free, while others charge monthly fees. When choosing an eCommerce platform, you must consider initial and ongoing expenses. While low costs are appealing, you don’t want to sacrifice features to get the lowest price. It would help if you also compared the pros and cons of each platform to decide which one best suits your needs.
