How to Start an E-commerce Business in 2020
Of all of the different types of business that you could start in 2020, an e-commerce business is probably one of the best options that you could choose. E-commerce is short for electronic commerce and is also sometimes known as internet commerce. E-commerce has been a growing sector for many years now, but the current pandemic has led to an even steeper increase in its profitability and viability as a business model. Since many people are unable to safely (or legally, in some cases and parts of the world with stricter lockdown restrictions) leave the house to go to physical stores to buy products, online shopping is on the rise.
The pandemic and resulting economic recession have made many businesses unviable, however the e-commerce sector is one that has actually grown rapidly to take the business of physical stores that are unable to operate or draw the same crowds as they could previously. Starting an e-commerce business in 2020 is almost certainly one of the more lucrative business options at the moment. So, what do you need to do to start your own online store in 2020? In this guide, we will take you through the basics so that you can get your business up and running!
Choose Your Products
It is almost always best to choose products that you have experience and knowledge of, or even experience selling previously. This will vary depending on who you are and what your background is.
You do not necessarily have to manufacture the products or even import stock – a business model called dropshipping enables you to sell products that you do not keep in stock. When using a dropshipping model, the online store owner arranges a business partnership with a supplier. The store owner handles the running of the site, the admin tasks, and the marketing of the products, and the supplier simply ships the product straight from the warehouse to the customer when the store owner records that a sale has been made.
Design and Launch the Website
Before you can design a website, you will need to find a web hosting solution and purchase a domain name. Purchasing a domain name can be tricky, as in many cases obvious and desirable domains have already been bought up. However, there are plenty of guides to finding a good domain name. Some web hosting services also include domain names as part of their subscription services.
Market Your Store
Marketing is vital for drawing in customers. SEO (Search Engine Optimization) techniques are commonly used for online marketing, and e-commerce platforms like Magento include some handy SEO features. You can either learn the complex art of SEO yourself or use Magento SEO services to design and implement a successful marketing strategy.
Other online marketing tools include PPC (pay-per-click) advertising and social media campaigns. If you want to keep an eye on the results of your campaign, you can use analytics tools to see which strategies are working best and which aren’t hitting the mark. Always keep your marketing plan flexible and adaptable to changing trends and circumstances.
Disclosure: This is a collaborative post and the author’s views here do not necessarily reflect those of the blog owner.