The graph below talks a lot about the hold eCommerce has on our lives. We are almost completely dependent on this method of shopping given the present circumstances. And this is only forecasted to be even more consummating. Nowadays having an online eCommerce store is getting considered as a continuous source of income.
However, this is not only about creating your own online store, there are way too many technical, legal, and fulfillment challenges that need to be considered before you launch your own eCommerce store.
In this article, we have briefly defined 9 pointers that you have to consider before you go-live with your marketplace platform.
1. Find Your Niche
Finding the right niches plays a great role in shaping your business. You have to study the market trends and results in order to understand what the current audiences are preferring to invest in.
Only then will you be able to see some marginal profits to your ROIs (Return on Investment). There is no rule that you need to conduct business only in one niche.
You can simultaneously concentrate on multiple niches, however, since you are just starting your business it is always advised to take one step at a time.
Some of the pointers to keep in mind while selecting a niche for your business are:-
- Customer’s point of view
- Observe your competitors
- Evaluate your profit and loss margins
2. Target Audience
These are who give you your bread and butter. Hence you need to be extremely careful in choosing whom you are going to target as your to-be customers.
This can work both ways, meaning- you can choose your audience based on the product you have selected to sell or you can choose your audience first and then choose a suitable niche of product.
Either way, this is one of the most crucial decisions you have to make. So, before you consider the type of audience you want to concentrate on, you need to keep certain pointers in mind. They are as below-
- Their buying preferences
- Their demography
- Their culture
- Age group
- Their buying capacity
and many more.
3. Hosting and Domain
Creating your own online store is not just about developing the application and marketing it, it comprises many layers of minute and detailed procedures and steps that need to be precisely executed for the final product or the outcome to look so effortless.
Before you start developing your application, you need to invest in an efficient domain and hosting platforms. Given you will have a lot of transactions, collect and store sensitive information, you need to choose a dedicated hosting or private cloud hosting.
While choosing a domain as well, choosing an SEO-friendly name is a must. Optimizing your domain name by using keywords that your customers might choose in order to search for the products you sell.
This will help your website to get ranked higher on the search engine’s result page than the others.
4. Website Design
This is going to be the face of your business. Hence you have to develop your website in such a way that it needs to be attractive and user-friendly.
Here are a few tips which will help your online platform gain the appropriate rank on the SERP (Search Engine Result Page) and hence attention of the right audience:-
- Choosing Searching Engine Optimized name
- Simple and user-friendly Application Program Interface
- Providing efficient Call-to-action buttons
- Simple checkout procedure
- A review or feedback system
5. Application Development
On the contrary to multiple beliefs, developing your own online marketplace has become very simple. There are mainly three ways in which you can build your own virtual eCommerce application depending on the money you have at your disposal.
- Building it from scratch- on your own or by hiring a tech team
- Use a SAAS platform (Software as a Service)
- Purchase a readymade turnkey solution
Turnkey solutions are the “in-thing” in the current markets. And there are many software providers in town that sell ready-made marketplace software that is customizable. And Shopygen is one of the forerunners in this field.
6. Checkout Process
The most common issue of low conversion rate is cart abandonment. Studies have shown that about 7 out of 10 shoppers quit just before the checkout process. This might be due to multiple reasons. But mostly because of the below list-
- Additional charges
- Forced registration
- Complex API
- Limited shipment or payment options
- Security concerns
- Application loading time
Make sure you are geared up with all these usual mistakes and think out of the box in order to remedy it.
7. Payment Gateways
There are multiple options regarding payment gateways for an online store. People prefer to pay in many different ways.
Some like to make a direct bank transaction, some through GPay, or some even pay with cash on delivery. Here are some of the top payment gateways that many eCommerce platforms –
- Credit card payment
- CCAvenue and many more.
8. Security Provisions
As all of us are very aware of the fraudulent activities that are on a rise in this world that’s so much dependent on the internet for even grocery shopping. So, you need to be really cautious while creating your own online store.
Similar to the normal brick and mortar business, you should obtain an EIN (Employer Identification Number) to open a business bank account and also to fill up taxation requirements by securing SSN (Social Security Numbers).
And also, since you have lots of customer’s financial and personal information you need to be pretty careful about it all.
9. Promotion Strategies
Launching a new business without marketing or raising awareness about it equal to not having an online business. You need to establish your global presence in order to gain the attention of the right eyes.
Your SERP ranking plays a major role in this part. Hence you need to work towards gaining the highest ranking possible so that you end up right on the first result page and on top of the list of the search results.
And marketing is the only way in which you can achieve your goal. Here are a few marketing strategies that will come in handy-
- Digital advertising
- Content marketing
- Media influencers
- Social media marketing
- SEO technique etc.
These are a few basic things that you need to be concerned about while you are developing your eCommerce store.
Hope you got answers to at least some of your questions and doubts regarding things that should be considered while developing an eCommerce store. If you require any further assistance or need to consult regarding any of the above points, you can contact us. We are just a message/call away.
Jessica Bruce is an eCommerce business expert, Influencer, and business advisor. She has also written several posts related to the eCommerce niche which has attracted readers.
Marketing Consultant at https://shopygen.com/