If you are thinking about starting your e-commerce business, this is probably the right time. The e-commerce industry is growing from just under 13% of retail sales in 2017 to 17% by 2022. This will likely put many traditional retailers out of business which can create new opportunities for people like you.
If you want to make complete sense of this boom, here are a few tips for you to get the right start. If you follow them well, these steps can assure initial success with your store.
1. Choose the right E-Commerce Solution to build your website:
When it comes to setting up an e-commerce website, entrepreneurs have a wide range of platforms to choose from. With over 100 platforms available, each offering different features and functionalities, it's important to select one that aligns with your business goals and requirements.
Choosing the right platform depends on various factors such as budget, technical expertise, scalability requirements, and desired features. It is advisable to seek the assistance of an experienced e-commerce development company or professionals with expertise in the chosen platform. These experts can provide guidance in selecting the most suitable platform and assist in the development and customization process to ensure a successful e-commerce website launch.
Here are some notable platforms commonly used in the e-commerce industry:
# WooCommerce
WooCommerce, as an extension of WordPress, has gained immense popularity and is widely regarded as the leading e-commerce platform on the web. It boasts an impressive market share, with 36% of the top 1 million e-commerce sites worldwide utilizing WooCommerce, according to Alexa data.
Originally developed to cater to the needs of bloggers, WordPress expanded its capabilities to include static and dynamic websites, eventually leading to the introduction of WooCommerce as a dedicated e-commerce solution. This seamless integration with WordPress is one of the key reasons behind WooCommerce's success and widespread adoption.
Entrepreneurs and e-commerce enthusiasts favour WooCommerce for several reasons. Firstly, it leverages the robustness and versatility of WordPress, providing a familiar and user-friendly interface.
Moreover, WooCommerce benefits from the vast WordPress community, which contributes to its continuous development and improvement. The community offers extensive documentation, forums, and online resources, enabling users to seek assistance, exchange knowledge, and stay up to date with the latest industry trends.
Advantage
- It is a free powered with over 900 free e-commerce templates, ready to use.
- It is totally flexible in terms of coding and you can virtually make any changes on this platform according to your needs.
- Since it is the most widely used platform, there are already enough plugins available for almost every use either free or with negligible fees.
- It is the most SEO-friendly platform simply because it was made for SEO-driven bloggers and retains those optimized traits.
Disadvantage
WordPress was not originally built for an e-commerce platform. As a result:
- For complex e-commerce sites with thousands and millions of products and categories, WooCommerce is not the right platform.
- Security-wise too, it is not the first choice for large e-commerce websites.
- Site speed gets slower as the site expands.
# Shopify
Shopify, a prominent Canadian company, has revolutionized the landscape of e-commerce, making it accessible to individuals from all walks of life. With its user-friendly interface and comprehensive tools, Shopify has become the go-to choice for students and part-time professionals looking to establish their online presence through an e-commerce site. The platform's simplicity and versatility have propelled it to become the second most popular e-commerce platform on the web, catering to a wide range of businesses and entrepreneurs worldwide.
By seamlessly integrating various features and functionalities, Shopify empowers users with the ability to create, customize, and manage their online stores effortlessly. Its intuitive design and drag-and-drop interface enable users with little to no technical expertise to establish a professional-looking website in a matter of minutes. This ease of use eliminates the need for extensive coding or web development knowledge, democratizing the e-commerce space and allowing individuals to focus on their products and business strategies instead.
Shopify's extensive app marketplace further enhances its capabilities, offering a vast array of plugins and extensions to extend the platform's functionality. These apps enable users to optimize their online stores with additional features such as:
- Inventory management
- Order tracking
- Customer support
- Marketing tools
As a result, Shopify provides a comprehensive solution that meets the diverse needs of e-commerce businesses, regardless of their size or industry.
Furthermore, Shopify prioritizes a seamless and secure online shopping experience for both merchants and customers. The platform ensures that e-commerce websites built on its infrastructure are equipped with robust security measures, protecting sensitive customer information and facilitating secure transactions. With integrated payment gateways and SSL certification, Shopify ensures that online businesses can offer a trusted and reliable shopping environment to their customers.
In addition to its user-centric approach, Shopify offers extensive resources and support to help entrepreneurs succeed in the competitive e-commerce landscape. The company provides comprehensive documentation, tutorials, and a vibrant community forum where users can seek guidance, exchange ideas, and share best practices. Moreover, Shopify offers educational materials, webinars, and events to empower users with knowledge on marketing strategies, SEO optimization, and business growth, further solidifying its commitment to the success of its users.
Advantage
The following are some of the other benefits of Shopify:
- Extremely easy to set up.
- Thousands of sales-enhancing apps are available either freely or as a paid subscription drastically helping you to achieve sales.
- Light and ease of use and navigation with the optimized template.
- Free hosting along with the normal package and an SSL certificate in case you are using the subdomain for your site name further reducing your domain cost.
Disadvantage
- It charges a monthly subscription of $29 + 2.9%+ $0.30 as transaction fees for its lowest package.
- Though it is SEO optimized, it cannot match the fluidity of WooCommerce or Magento in terms of site customization or SEO optimization.
- Limited customisation options as the templates are ready to be used according to the needs.
- Additional upsells are generally higher in this case as a tradeoff to the ease of use.
# Magento
Magento, owned by eBay, is a powerful e-commerce platform that caters to entrepreneurs seeking scalability and advanced features for their online businesses. With its robust architecture and flexible framework, Magento empowers businesses to grow and expand their operations effectively. Magento is favoured by entrepreneurs who require robust and flexible solutions. It is highly suitable for large-scale e-commerce operations that demand complex product catalogues, multiple storefronts, and extensive integrations.
Advantage
- It is easily the most scalable platform, considering ease of use.
- Security and structure-wise, it hosts thousands of products, yet keeps the site optimized by search.
- Though it ranks third largest in Alexa's top 1 million websites overall, it is the market leader at 29.1% for overall all e-commerce sites.
- Customization options are far more sophisticated than the WooCommerce of Shopify.
- Extremely professional look and feel.
- It is highly Search Engine Optimized, given it can handle large volumes of products and traffics other platforms cannot.
Disadvantage
Following are some of the disadvantages of Magento that you might face:
- It is not a beginner’s user-friendly platform, but perfect for tech-savvy starters.
- Though the community edition for small and mid-sized businesses is free, the add-one and hosting will be incurring monthly costs.
- Enterprise edition depends on the size of your business. To find out the specific price for your store, you have to contact with Magento specialists to request for a quote.
2. Research your niche well
Researching your niche thoroughly is essential when starting an e-commerce business. Understanding the market landscape and competition can greatly impact your success. Here are some key points to consider when conducting niche research:
# Identifying untapped niches
Many entrepreneurs seek untapped niches with minimal competition. These niches offer opportunities for differentiation and capturing a specific target audience. Researching market trends, consumer behaviour, and competitor analysis can help you identify underserved or emerging niches. By focusing on these untapped areas, you can position yourself as a unique player in the market.
# Marketing costs and market testing
It's important to recognize that entering a low-competition niche may require additional marketing efforts and costs. Since there is less existing awareness about the niche, you may need to invest in raising awareness among your target audience. Market testing becomes crucial to gauge the viability and demand for your products or services in the niche. Conducting thorough market research and customer surveys can provide valuable insights into consumer preferences and help tailor your marketing strategies accordingly.
# First-mover advantage
Being the first mover in an untapped niche can offer significant advantages. By establishing yourself as the pioneer in the niche, you have the opportunity to capture a loyal customer base and build a strong brand presence. However, it's important to ensure that there is genuine potential and demand in the niche before committing resources and efforts.
# Understanding the target audience and influencing factors
Thorough niche research allows you to gain insights into your target audience. Understanding their demographics, preferences, pain points, and purchasing behaviours is crucial for effective marketing and customer engagement. By identifying where and how to reach your customers, you can tailor your marketing efforts to effectively influence their decision-making process. This knowledge positions you as a niche leader who understands the unique needs of your target audience.
# Overlooked positioning opportunities
Even in highly competitive niches, there may be positioning opportunities that competitors have overlooked. Niche research helps you identify gaps and unmet needs within the market. By leveraging these overlooked positioning opportunities, you can differentiate your brand and stand out from the competition. This strategic positioning can lead to competitive advantage and make you the preferred choice among your target audience.
By leveraging niche research insights, you can position yourself as a niche leader, whether in an untapped niche or within a highly competitive market.
3. Decide on your marketing strategy
One should be clear about the marketing strategy he/ she wants to give you. Given social media is a requisite, which social media exactly one wants to stress on will again alter the site design.
- Instagram for example is a very visual platform. If you decide to drive your traffic through Instagram, you need to design your site with similar layouts and a visual narrative so that the visitors do not feel an environment shock when they land on your site, similar to YouTube etc.
- Facebook does not allow affiliates, sexual or any other sensitive ads, if you are in one of the sensitive categories, you might as well plan it out early.
- Finding complaining people in your niche is a very easy way to find buyers and influencers. Basically, those people who are actually not present with the present options in the market now can be your first targets.
- SEO is a long-term means of driving traffic. It is free but powerful. Blackhat methods can be profitable but not sustainable therefore should be avoided.
Conclusion
Starting an e-commerce business requires careful planning and strategic execution. By following the top three steps outlined above, you can set yourself up for success in the competitive online marketplace.
Simtekway, a trusted technology partner, can support you throughout the process of starting your e-commerce business. Their experienced team specializes in e-commerce development services and can guide you in selecting the right platform, customizing your website, and implementing effective marketing strategies to drive growth and success.
With the right e-commerce solution, niche research, and marketing strategy, you can position yourself for success in the booming e-commerce industry. Take the first step towards your e-commerce journey and hire Simtekway developers to turn your vision into a thriving online business.
Call us at 484-892-5713 or Contact Us today to know more details about top 3 steps to take before starting your E-Commerce business.
