If you are considering launching an e-Commerce business, know that you are entering a highly lucrative market. So lucrative that in 2019, e-Commerce sales were expected to hit $3.45 trillion worldwide.
Online retail has its perks. Customers are drawn to the convenience and the sheer number of products available that are simply impossible to find in brick and mortar stores. Entrepreneurs looking for a new venture will be attracted to being their own boss, low startup costs, and even creating passive income streams.
However, those looking to launch an e-Commerce store should know that, although online businesses may seem ubiquitous these days, it’s certainly not an easy endeavor to take on. As many online businesses launch, sadly many of them fail.
Things To Know Before Launching An e-Commerce Business
In order to set yourself up for enduring success with your e-Commerce business, you must take the following information into consideration.
- It Will Fail – You may have done all the “right” things but were unable to make a sustainable profit. You may have launched the “right” product but the market just wasn’t there to take on that product. Your pricing may have been off or things simply went awry with your profit margins. The greatest benefit to entrepreneurship is that all your mistakes make for valuable lessons to learn so accept failure and continue moving forward.
- Multiple Streams of Income – Although your e-Commerce store can be the main source of your income, it is best to not put all your eggs in one basket. Your online store will have times of feast and famine so be prepared to create other streams of income to support you during lean times.
Some of the ways you can create different streams of income is promoting yourself as an expert and offering consultations for your expertise. You can also launch a blog on your e-Commerce site, offering valuable content to build trust and draw in new customers. After you build your blog audience, you can sell branded products.
- Design Matters – Your website is the “face” of your company. What kind of first impression do you want to make for your potential customers? A beautiful, well-designed website communicates to your audience that you mean business and that you are a solid company that plans to stick around. Do not take any shortcuts. Every single image, word, and color matters. Invest in a good designer to make this a priority.
- Mobile Shopping Is The Future – Instead of focusing on current buying behavior, research what is going to be popular in the very near future. Mobile shopping will become increasingly important for e-Commerce businesses. Focus on creating a way for mobile shopping to be easier and more efficient. Again, don’t forget about the design and ensure that your website loads quickly on mobile devices. Otherwise, customers will turn away.
- Get A Mentor – As mentioned before, many intrepid and successful online entrepreneurs have launched businesses that have failed. Since you have already prepared yourself for possible failure, what you will need is to seek the advice of an experienced entrepreneur who can guide you through the difficult patches that you are sure to encounter. They will offer you a different perspective, show you where you currently are, and offer tips on where you’d like to be.
Launching An e-Commerce Store Doesn’t Have To Be A Mystery
It is important to dispel any myths that launching an e-Commerce business is easy to do. On the contrary, it can be wrought with many challenges. The best start you can give your business is to educate yourself as much as possible. When you are well-prepared for what awaits, you ensure that you have a fighting chance to be successful well into the future.