Top Tips For Starting an Online Ecommerce Business

ba-blog-7

Here are a few of the less obvious tips when starting an online ecommerce business

Sacrifice profit early

It's very easy to generate a business concept, setup an ecommerce Webster using quick online tools such as shopify. You may then rush into investing into vast amounts of product you believe will be a huge success online. This is where mistakes can be easily made. In the early days, early plans on paper don't necessarily turn into reality. Sacrifice profit early on (if you can afford to). This doesn't mean selling your product at a loss. Purchase product in smaller volumes, your cost price may not be the lowest it could be but this will enable you to be flexible. Target your retail price at the price you have planned, this will result in smaller profits as you have not benefited from economies of scale. You won't have the burden of holding 1,000's of stock if all doesn't go to plan. Buy small volumes and test your strategy and test the market. If the product sells and your strategy is working then go ahead and buy in larger volumes and thus increase your profit.

If all does not go to plan and your strategy hasn't worked then you won't be stuck with huge amounts of stock that you can't sell. This could be game over so early on and the small capital you have to start a business is stuck ins stock you were certain was going to be a winner.

Price

Price is crucial in today's market, with the likes of Amazon and eBay your retail price can make or break your online store. Ensure to well research the product you are planning to sell. Be careful, searching just the product name on Amazon might not be enough. Sellers on Amazon often don't list products using the correct or exact model name. Use an online Amazon search tool, search the EAN or barcode's number of your product (if you have one) to try locate the exact item on Amazon.

You may be surprised, although Amazon is a huge hit in many countries. The retail price of products isn't always at its lowest. So don't be afraid to try and seek out hot products on Amazon to retail on your own website.

Search engines

Search engines are your best friend and worst enemy all in one. This is your high street, and as the best position on a high street can mean huge amounts of foot fall and sales, this works the same with search engines. You do not want your new online store located on page 20, this will be the same as opening a Tesco super store in the countryside with a 30 mile radius of farm land surrounding it. You need to reach to the highest on search results to increase 'foot fall' to your store. However, don't rely purely on search engine traffic, google algorithms change like the wind. One week you may be page 1, the next you may be page 3.

Social Media

Social Media is still a great source of traffic for you online. Start your social media pages and make your content engaging, create a story and engage with your customers. Social media shares and engagement also now contribute to your search engine rankings. Keep your posts to a maximum of 1 a day, don't bombarded customers with content and focus on quality over quantity.

James Smith is a freelance online market exec for ecommerce SME's in the European market, with a focus on gym wear and fitness apparel.

 

 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Saturday, 26 May 2018
If you'd like to register, please fill in the username, password and name fields.

Member Login

Upcoming Events

Agile for Business Leaders | Dublin |
  1.   General
  2.   21st May, 2018
CIPD Ireland Annual Conference 2018
  1.   General
  2.   22nd May, 2018
Enterprise Excellence Ireland
  1.   General
  2.   23rd May, 2018
Shellfish Regional Information Events - Molluscan Shellfish Safety Updates
  1.   Start-up
  2.   23rd May, 2018
Amplify Digital Marketing Conference 2018
  1.   General
  2.   24th May, 2018