As Larry Page, co-founder of Google, once said: “Always deliver more than expected.” This quote rings true in e-commerce, as striving to give customers an exceptional experience is one of the best ways to create a loyal following.
But before customers, there’s the idea. As a budding entrepreneur, you want to create something that will fill a gap for your consumers and if things go right, it becomes a successful business. However, success takes careful planning, so how can you do it without wasting money and resources?
This guide is here to help. Read on for a comprehensive checklist that any newcomer to the E-commerce industry will need.
E-commerce Startup Checklist: Launching Your Online Business the Right Way
- Concept and market research
Trying to please everybody pleases no one, so being a jack-of-all-trades makes your store look unfocused and confusing. Every business has a niche that specializes in certain products, and so should you.
Find out your target audience’s problems and try to solve them with your product. For instance, you could sell eco-friendly yoga mats for environmentally-conscious fitness buffs.
While you’re doing research, also investigate your competitors. See what strategies they’re using, what you can use, and what you can improve on. Remember that this is a way to learn more about the market, not just copy what the others are doing.
- Building your foundation
It’s time to start setting up your online store. Lay down your business plan so you have a guide to keep you focused. It should outline your goals, target audience, marketing strategies, cash flow management, and financial projections.
Like any company, you also need to determine your legal structure. You can choose from sole proprietorship, partnership, limited liability company (LLC), or corporation. Each has its own benefits and drawbacks regarding liability, taxes, and management, so thoroughly understand them before committing.
Before selling, have all legal documents, such as your license or sales tax permit. Requirements may depend on your location and the nature of your company, so check your local government’s regulations. Consider having a legal team for your online business to stay compliant.
- Creating your online store
Opening your online store begins with choosing your e-commerce platform. There are plenty to choose from, such as Shopify, Etsy, and Facebook. Each of them gives you different benefits but has other costs for using their site, so research which works best with your goals.
No matter what you sell, focusing on website design and user experience is critical. A clean, user-friendly design, easy navigation, and shopping experience will keep your customers happy and returning.
When you upload your products, don’t just put them up and call it a day. Take the time to make detailed product listings with quality photos. Take care to optimize them for search engines to find.
- Logistics and operations
The customer experience keeps your buyers loyal and becomes brand advocates. To keep them happy, ensure that your payment processes are smooth and quick. Get reliable options like PayPal or Stripe to secure transactions without any hassle.
Depending on the type of products you sell, you need to develop strategies for sourcing, storing, and fulfilling your inventory to avoid over and understocking. These can significantly impact your sales and operating costs, so study the market and when your items sell well to help predict demand.
Lay out all the shipping costs, delivery times, and return procedures so your customers know what to expect. No one likes surprises, especially when it involves hidden fees, and having a customer-first return policy keeps buyers happy.
Launching Your E-Commerce Career
Opening an e-commerce store takes a lot of research and planning. However, by having a business plan and constantly monitoring the market, you can create strategies that will help your business thrive.
Don’t forget to keep your audience happy with a smooth customer experience and stay compliant with the proper licenses and permits. Success takes a lot of work, but you can start seeing the profits once you get everything going.
