How To Build An eCommerce Empire From Home
How To Build An eCommerce Empire From Home
Do you believe in entrepreneurship and being your own boss but don’t know how to go forward given the times we are in? Your concerns are valid. 2020 showed us how hard it is to run a brick-and-mortar business during a pandemic. You need to open, and you need people to physically visit your store. But when the world is hit with a virus that forces everyone to stay indoors, there’s only so much you can do to prevent low sales if you don’t find an alternative. In this article we will be discussing proven ways to build your eCommerce empire from the comfort of your home.
That’s one of the reasons why eCommerce gained more players in the last year. The dynamics of running eCommerce businesses and brick-and-mortar businesses are different. This gives eCommerce businesses an edge in a world that is burdened with a virus. However, eCommerce is not a walk in the park. You need to prepare yourself, learn new skills, be ready to make smart decisions, and lastly, do things right.
We will give you the necessary information and expert hacks that will help you build your eCommerce empire from home without any prior knowledge.
Start With Research
Even if you have launched an eCommerce business before where you learned all the necessary information you need on how to start an eCommerce business, you need to research everything down to the minor details. You may still need to update your knowledge on how to start your eCommerce business in 2021.
For complete beginners, you should research web hosting, domain registration, the eCommerce platform to use, software tools to use, and other essential nitty-gritty. When working towards launching your e-commerce business, make sure you’re always ready to research anything you don’t know much about.
Find a Niche
You can’t run an eCommerce business that meets all kinds of consumer needs. That’s why you need to find a niche and meet the needs of the buyers in that niche. Some niches are broad. If you try to meet all the consumer needs in that market, you will realize that your e-commerce business is juggling more than it can handle. So, when choosing a niche, it also helps to streamline the niche.
Choosing a niche is important these days when consumers find “salesy” businesses that don’t have a human feel unworthy of their attention and patronage. They want businesses that connect to them, that are passionate about a cause, and just generally treat buyers as human beings and not merely as purchase bots. When you choose a niche that is passionate to you, you will be able to present your brand to your customer base in a relatable way. Everything from your web design, messaging, marketing, etc., will connect to buyers.
Before choosing a niche, make sure you test it to find out if it is a market fit. You can do this by doing surveys, testing with family and friends, and launching a demo version on Shopify (free trial). How people respond to your idea will tell you whether it is profitable or not.
Choose Your Business Model
You can’t build a business on vibes, you need structure, and you need to do it by the book. Let’s say you decide to create a dropshipping store, you won’t have to keep an inventory. But you must find manufacturers or wholesalers who will supply and ship ordered products to buyers. You have to do this before you launch your business, and make sure you partner with reliable manufacturers/wholesalers.
On the other hand, if you want a traditional buy and sell model where you keep stock of your product listings, you have to think about a bunch of things such as storage and initial capital. Are you keeping an inventory in your house or a warehouse? Do you have the initial capital to stock up before launch?
Of course, you will register your business according to your country’s laws. Is your business a sole proprietorship or a partnership? If you choose partnership, you need to find a reliable and honest partner. You also need to draft a contract with well-defined terms.
Use Social Media Marketing
For any type of eCommerce business you launch, you need awareness. Your target audience needs to know that your business exists. There are many ways to go about this, but one of the most effective ways to create awareness is by using social media marketing. Social media create the quickest avenue for you to reach millions of people around the world.
Learn how to optimize PPC, creative hashtags, fun trends on social media, and consistently post pictures, videos, texts, and whatnot. You should join relevant conversations where you might find your target audience, engage them, and follow up. You can also use social media influencers but that will cost you money. Don’t go above your budget, you can find result-oriented influencers who charge within your budget.
Keep in mind that each social media platform is dynamic. You shouldn’t use Facebook the same way you use Twitter, otherwise, you won’t be getting your desired results. The key to getting the best out of social media is to understand each platform and the consumer culture on each platform.
While using social media, there’s a thin line between posting content that connects and spamming your target audience. You have to be mindful of that. Don’t be desperate. Instead, post valuable content (entertaining or/and informative) that your customer base will connect with.
Prepare for The Future
One of the best decisions you can make when working on a project is to have a contingency plan. Even when you’re so sure of success, anything can happen. So, to mitigate unwanted results, prepare for the worst.
Sign up for an insurance package that will come to your aid should something terrible happen to your business. You should always strive to satisfy your clients/customer base. You may have the best business idea but doesn’t turn out so fine when you execute it. So, make sure you’re willing to make a switch and try another vertical. The important thing is to run a successful e-commerce business.
Keep in mind that your eCommerce business, no matter how small it is, should look and feel professional to you, your competitors, and your customer base.
If you enjoyed this read, please consider checking out our other blogs!