Guide to Building a Profitable eCommerce Website
The e-Commerce industry is constantly developing and growing. Thus, starting a new e-Commerce website seems like an experiment. Launching a website does not guarantee success to your e-Commerce store. Rather, you need to exert some effort and employ some techniques in building a profitable eCommerce website. The primary aim of opening an online store is to sell your products or services to potential customers anywhere in the world. Thus, it makes sense to create a website that will drive traffic to your online store. So, let us consider a really helpful guide that you can follow to make this happen.
A Comprehensive Guide on Creating a Profitable e-Commerce Website
1. Identify the products to sell and where to source the merchandise
In every e-Commerce business, inventory plays a significant role. That’s why it is important to identify the products you want to sell and where to get the merchandise. In determining the products to sell, consider your interests or hobbies. The key is to do market research about the products that you can sell online. Choose products that have higher demand, and can be explored from popular listings such as Amazon and eBay. After determining the products to sell, the next thing to do is to find the right supplier. You can search from online directories or trade group websites.
You should also assess potential suppliers by communicating with them or reading reviews. This way, you can ensure finding reputable suppliers. You need to know the communication skills of the supplier, payment terms, and minimum order requirements, certificate of liability insurance policies, and total costs.
2. Plan the e-Commerce solutions and technology
Another important part of creating a profitable eCommerce website is planning the technical side of it. The good news is that user-friendly platforms and solutions can help you start and run your online store, even with little technical knowledge. The first thing to plan is the domain name of your business. Choose a name that conveys what you want to offer, and it should be easy to memorize. Next is choosing the eCommerce solution or the platform that will help to run your online store. You can select from a hosted or self-hosted eCommerce solution.
Keep in mind that the eCommerce platform can make or break your online business. That’s why you need to be smart in making your choice. You should think about the features of your website and the costs. Before getting an eCommerce solution, you should first take a free demo so that you can familiarize it and determine if it will work best for your eCommerce website.
3. Set up payment gateway
Setting up a payment gateway is an integral part of eCommerce, and it should work well with your chosen platform. The payment gateway processes credit card payments for both offline and online retailers so that you can accept credit card payments on your website. Choices include PayPal, Stripe, 2Checkout, Authorize.net, WorldPay, and Payline. In choosing a payment gateway, consider several factors such as the fees and percentage, and payment types. It is also essential that the payment gateway should integrate with the eCommerce platform. This way, it would be easier to complete the purchases and experience a much smoother checkout.
4. Market your online business
After completing those three steps mentioned above, the next step is to drive traffic to your eCommerce store. You should invest in SEO so that your site will be visible in Google search results. In implementing an SEO strategy, research is the key. You should optimize the search terms so that you can easily drive traffic through competitor research and keyword research. The next step is to optimize your website by creating unique content. However, it’s not enough just to integrate the keywords, but also take into consideration the usability, mobile-friendliness, and speed of the site. Keep in mind that most people are using mobile devices in shopping. That’s why make sure that your website will load quickly on all devices.
5. Measure the performance of your business
In measuring the performance of your website, you should look at the site traffic, the conversion rate, cost per acquisition, and average order value.
Running an eCommerce business takes a lot of hard work. But, by implementing those steps listed above, you can expect to reap the rewards, particularly the return on investments. You should not make rushed decisions. Instead, you must always think about profitable ideas. It’s difficult to make people draw into your website, but as long as you’re doing it right, you can easily grow your eCommerce business.
Consider, too, social media platforms, as these will help you to engage with your customers and so help increase traffic to your website.