Are you ready for an eCommerce website?
Just Google “eCommerce success stories” and in less than half a second you can view half a million websites that have to do with successful eCommerce business. We have all heard the story about the company that took their product online and made buckets and buckets of money, all while sitting at home fulfilling orders in their pajamas. Yes, you can be successful by selling products online, but it’s not as easy as buying a domain, getting a shopping cart, and shipping out products. It takes work, hard work, and a lot of it!
The great thing about having your products or business online is that consumers can purchase your product or service 24/7/365, anywhere in the world. That is what makes eCommerce business so attractive! It offers avenues that print, TV, and radio cannot, and that’s buying a product quick and simple!
Now that you have heard the good, let us get down to the “work, hard work, and a lot of it” part. Here are a few things you need to think about and research before you start the next Amazon.com.
Think you have the greatest website in the world with the best product that everyone MUST have? Try walking out in the middle of the desert, opening up shop, and selling your product. Even if you’re selling water in the middle of the desert, you’re likely not going to have any customers coming by. If you have a website that has a great design, no bugs but nobody ever finds it, you’re going to be very disappointed. Invest in yourself, find some avenues to market your website.
Google Adwords, Social Media, an SEO Firm, Print, Radio, TV advertisements; if you don’t know what these are, you need to take a step back before launching your website.
So you want to take your business online to expand your customer base outside of your city, state, and country?? That’s great! You have also now expanded your competition. Have you researched your competition online yet? What separates you from the other online stores selling similar products? More importantly, why are online customers going to purchase products from you?
Your website costs more than the initial payment and then some marketing dollars to improve its ranking. You also have to look into your shopping cart expenses. Shopping carts charge differently, so make sure you know the cost that you will absorb. Setup fees, per transaction fees (a set rate or percentage, and sometimes both) and monthly fees are pretty standard. Make sure you take these into account when pricing your products.
Now that you have seen the good and bad of eCommerce business it’s now up to you to decide which direction you would take. You can be profitable with an online store, but remember, just as some businesses don’t make a profit for a year or so, your web store might be the same. It is hard work with great rewards, just make sure you do your research before you enter the market.