Introduction
The emergence of ecommerce has completely transformed the way businesses operate, especially in the digital age. Today, entrepreneurs have the opportunity to create an online store and sell products around the world. Ecommerce is expected to hit over $4.2 trillion in sales by 2021 and the opportunity to participate in this growth is tremendous. However, starting an online store can be a daunting task for those who are not familiar with the process. This article guides you through steps essential to creating a successful online store.
Understanding the Process of Building an Online Store
Building an online store involves a lot of steps, from selecting products to creating a payment gateway. It can seem overwhelming, but it’s much easier than you think! Here’s a step-by-step guide to building a successful online store:
- Choose your products or services
- Choose a domain name and host
- Select an ecommerce platform
- Design your online store with an attractive layout and user-friendly interface
- Create and set up a payment gateway with secure transactions
- Start selling and marketing your online store
Success Stories of Entrepreneurs Who Have Built Successful Online Stores
Many entrepreneurs have taken up ecommerce and have built stellar online stores. Some of the most famous success stories include Amazon, eBay and Alibaba. However, there are many others who were able to grow a successful business from scratch. It’s an inspiring journey for many entrepreneurs. Here are some examples of success stories and strategies they have used to achieve their goals:
- Stuart Weitzman: After struggling with physical stores for quite some time, Stuart Weitzman realized the potential of ecommerce. Today, his online store sells world-class shoes to customers all around the world.
- Jane Lu: The founder of ShowPo built a multi-million dollar ecommerce business by providing Australian girls with the latest fashion trends at an economical price point.
- Chewy: An online store for pet lovers, Chewy has grown over the years from $100 million sales in 2014 to over $3.5 billion in 2019.
Tips and Best Practices of Building an Online Store
Here are some tips you can follow to build a successful online store:
Selecting an ecommerce platform
Choosing the right ecommerce platform can make all the difference in the world for your online store. Here are some of the most popular options:
- Shopify: One of the most popular ecommerce platforms that offers user-friendly features and great customer support.
- WooCommerce: Known for its integration with WordPress, this ecommerce platform is a great option for those who have a WordPress site already up and running.
- Magento: A powerful ecommerce platform with extensive customization options, ideal for large enterprises and high-volume businesses.
Designing an attractive website
Your online store’s website is the backbone of your operation and the first point of contact with your potential customers. A well-designed website with an easy-to-use interface and appealing colors can make all the difference.
Optimizing the user experience to increase conversion rates
Customers who have a seamless shopping experience are more likely to convert into paying customers. Here are some areas of your website you should focus on to make a great user experience:
- Faster mobile navigation
- Higher quality product images
- Easy checkout process
- A clickable and easy-to-use shopping cart function
- Customer reviews and feedback of products
Securely Processing Customer Transactions and Creating Payment Gateways
Creating an online payment gateway is crucial to an online store’s success. Here’s how you can create one securely:
- Choose a payment provider that is secure and functional. Here are some options you can start with:
- Stripe
- PayPal
- Authorize.net
- Amazon Pay
- Create your payment gateway with the provider’s step-by-step instructions
- Ensure that the payment gateway is integrated into your website and functions correctly
Highlight secure payment options
Your customers should feel safe and secure while shopping in your online store. Highlighting secure payment options can instill confidence in your customers and encourage them to buy from your store.
Marketing Strategies for Promoting an Online Store
Here are some marketing strategies for promoting an online store:
Social media marketing
Placing your online store on social media platforms can help you connect with potential customers. Comprehensive networks such as Facebook, Instagram, and Twitter can also help you create and build a brand following.
Email marketing
Regular newsletters can help you keep your customers informed about your online store and the new products or promotions that are available.
Search engine optimization
Proper SEO can make a huge difference in driving traffic to your store. To attract more potential customers, focus on creating unique and targeted content that users in your niche would be searching for.
Common Pitfalls and Mistakes to Avoid
Building an online store isn’t always easy – it’s a complicated process. Here are some common pitfalls and mistakes that it’s best to avoid:
Choosing the wrong domain name
Your domain name is an essential part of your online presence. It should be catchy and easily-remembered. Avoid using difficult spellings or phrases as they can hurt your online store’s discoverability.
Failing to optimize for mobile devices
Customers use their mobile phones more frequently to browse and purchase products online. As a result, it’s important to ensure that your website is mobile-optimized.
Not following marketing best practices
It is crucial to follow marketing best practices when promoting your online store. You should also be directly involved in monitoring your site’s reviews, especially about customer service.
Optimizing an Online Store’s Operations
Ensuring that your online store operations run smoothly will help you provide excellent service and keep your customers happy.
Inventory management
Efficient inventory management helps prevent overstocking and stockouts. This helps maintain optimal inventory levels, which in turn means better cash flow and a healthy bottom line.
Pricing strategies
Pricing strategies such as bundling and real-time discounts can help improve your online store’s sales. You can also use some pricing apps that can help you do this.
Customer service
Responding promptly to customer queries or complaints helps maintain customer satisfaction and retention. You should also be involved in monitoring your site’s reviews.
Conclusion
Building a successful online store requires a lot of effort and dedication. However, if you follow the tips and strategies we have shared above, you too can build a profitable online store. Remember that success requires continuous improvement and recalibration. With consistency and hard work, you’ll soon see your online store grow and achieve success.
