The interesting prospect of any time shopping has taken the internet by storm. No wonder, the online websites Are dominating by utilizing the power of potential online customers. It’s a boon for many businesses and it can be yours too. Let’s have a look at the potential questions to be answered when launching an online store.
What are you selling?
Of course, before addressing “how to build an eCommerce website?” let us consider what to sell. What you sell becomes the identity of your brand. So, a little market research would do no harm. If your offering is a unique one, chances are you can break the internet much faster than you thought. When you come up with a niche offering, you create a market for yourself and cash in on the opportunity. That is much better than taking the share of an existing market for products.
Whom are you targeting?
A little research on the target audience will help you offer better products across age, gender, geography and other demographics. It helps you zero in on what are the needs of these people. Track your potential customers and their interests in social media to have a better appeal towards them. This is one of the most important aspect to consider while launching an online store.
What are your competitors doing?
Keep track of your competitors and look at what are they offering from time to time. It is good to be aware at all times to make better decisions. Do a competitor analysis and find out the features in his website that appeals to their customers. Find out avenues of improvement in your own website and let that lead the way to prospective customers.
What are your support logistics?
Another aspect to consider before launching an online store, should be support logistics. The cost of creating an eCommerce store is just a small aspect of initial setup. Working out your channel partners is another. Tie up with a shipping company for deliveries and also work out your return/exchange policy. Not always are the customers satisfied with the products and there is no harm in being prepared for the worst.
How are you handling inventory?
There are three ways in this: you make products and you sell them, you buy products from a manufacturer and sell them or you just sell products of another manufacturer. Each mode is tangentially different from one another. Making products on your own and selling them is a huge task, while selling a product of another manufacturer is relatively easy. It all depends on your strategy and decisions.
What about your team?
Build a team of experts in the retail industry, who are well versed in fluctuating market trends and are product analysts. One technical person with his website know-how and marketing tools is a must in the team to take care of the coding required in the process. Test your idea to a sample population to predict the outreach of the website. Just another important point to consider before launching an online store.
What is my marketing strategy?
It is impossible to imagine any product in today’s world without a marketing strategy. Leveraging social media through eye-catching posts, e-mail newsletters for regular visitors, informative blogs on products are some common tools that every eCommerce site uses. Integrating all social media platforms through a unified smartphone application is also a good option to infiltrate the mobile savvy population.
What will be my USP?
Every online seller must have one unique selling proposition that grabs eyeballs. The heavily competed market space for online shopping has forced e-retailers to think different and they come up with huge clearance sale deals on a particular day of the year. Find your ultimate USP or just play it along with the other eCom players effectively.
The above eight questions are just an eye opener and one explores more questions before launching an online store. It is a good opportunity of growth for every entrepreneur.