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There has been a huge rush to the online space with entrepreneurs creating stores to capitalise on the eCommerce boom. As consumers continue to shop online and strengthen brand loyalty through digital visibility, the time is now to define your store. If you are about to open an online store and have not embarked on this venture before, you are in safe hands. Whether you are selling wholesale jewellery in Australia or selling soccer jerseys from Bali – the formula is the same!
Today we are going to look at how you can start and what considerations to look out for.
Understand the scope of your online store
No two online stores are the same, and there is going to be a huge variance in what is possible. Are you planning on offering a small inventory within your online store, or will you be offering a wide breadth of products? Knowing the scope of your business is going to determine where you sell your goods and what kind of strategy you choose.
A smaller inventory store may be best suited to Amazon, with many supports available on the platform and plenty of opportunities to customize your store. Larger stores with specific items and delivery requirements may require a dedicated and independent store platform. This is where Shopify can be a great solution, as well as other retail CMS.
Find wholesale merchandisers
As a store owner, you will be entitled to secure inventory at wholesale prices. These wholesale stores are typically only B2B (business to business) with stock protected behind a client membership, giving you access to stock that is not available to the public. Wholesale providers will typically have a minimum order requirement, so keep that in mind!
Online store maintenance
Just like a physical store, an online store will require upkeep so that your customers can easily access your website and get what they need. If you are proficient in online tools, then you will be able to manage your online store yourself. Amazon can make this very easy, but you will not have the same customisation options afforded by a unique website. If you are working out the cost of running an online store, be sure to factor in maintenance costs from your web developer, hosting fees and any other ongoing changes that may be required.
Brand identity and marketing
You cannot overestimate the importance of marketing and what a solid brand identity can do for your business. An online market is an overcrowded place, and there are many stores vying for the attention and conversions of your customers. Branding your online store will create brand recognition so that you can easily stand out against the rest.
When your store looks on-brand and unified, you can begin marketing. Social media is a free way to get the word out about your store, and you can also contact your customers directly through an email database. Marketing can be a lot of testing and learning initiatives, but before long you will understand what channel and activity get the greatest engagement and then you can double down in those efforts.
Protect yourself
Unlike a physical store, you are entrusting the delivery service to safely and effectively deliver your goods. Explore which delivery partners are going to deliver with the greatest quality, and our some shipping information on your website so that your employees know what to expect when they place an order. You also want to ensure that your online store is protecting your data and the personal information of the customers who shop there. Be sure to put a privacy policy on your website too.
An online store is a great way to connect with more customers, and you can tap into audiences that you never even knew existed. Document all the steps and techniques you put into practice so that you can access what has and has not worked and you can plan for a stronger performance in the future.
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