Step-by-Step Guide to Starting a Successful eCommerce Store
As more and more consumers shift their shopping habits online, now is the perfect time for aspiring entrepreneurs and business owners to try e-commerce. But how do you break into an industry that is exploding and see success? In truth, shopping online used to be a convenience and a luxury – now it’s a necessity. The key to bringing true value to the market is to have a long-term vision and a clear plan. Here are a few steps that will help you get started:
- Choose an ecommerce business model
Starting and growing any business is an investment. It’s incredibly important to make sure you choose the right ecommerce business model; there is no one-size-fits-all. Just a few examples include service-based business, digital product sales, software, etc.
- Select the right ecommerce niche
It’s tempting to try to offer something for everyone. However, unless you have a massive budget, this simply isn’t realistic or profitable. The secret is to identify a competitive area where you feel you can add value and solve a real problem or challenge for consumers. Just be sure you don’t pick an overly crowded niche.
- Zero in on a target market
The next step is to start hunting for products to sell, right? Actually, the next priority should be to validate your target market. It’s hard to know if you’re selling the right products and services if you are unsure of your audience’s needs, habits, preferences and behaviors. Find out exactly who they are, what they value and what they need most.
- Pick your brand’s name
Now the exciting part begins. To ensure you start a successful business, you need to make sure your brand connects with your persona – focus on authenticity. The next step is to register your business, get your business licenses, get your employer identification number (EIN), and find the right vendors.
- Secure payment processing
Before launching your online store, there’s one more important step: securing payment processing. To avoid customers leaving your shop to purchase products/services elsewhere, you need to make sure you offer them the payment processing options they prefer: fast, simple and convenient. Because online stores are often considered “high-risk” due to high chargeback rates (one of the most common reasons), you will likely need to seek out a high risk provider.
If you need additional help getting started, use a resource like Best Payment Providers. You can find the latest information on ecommerce, industry updates and compare merchant account providers to find one that best suits your unique needs.
Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant account providers. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.
