5 Steps for Creating an eCommerce Empire

Getting involved in eCommerce seems like common sense; it’s growing at incredible rates and can be incredibly lucrative if you get it right. However, it’s also an incredibly crowded marketplace, so it can be difficult to actually create a successful empire online. Doing so involves tenacity, luck, but also the following steps.

  • Flesh Out the Idea

Your business model needs to be excellent to truly succeed online. You don’t have to settle on one forever. A healthy business often pivots a lot before finding the niche that it’s truly comfortable in, but you do need to seriously think about your business. Start lean, ignore aesthetics, and branding, and decide how you’re going to give people what they truly want. Once you have found a unique way of giving somebody the bare minimum product that they want, you need to confirm that the market is big enough for it to be profitable before you jump in.

  • Build a Site

You need a platform to sell your products, which means you need to build an eCommerce site. This can be done on various platforms, but you need a site that can handle scalability if you intend to expand. You should focus on just having the core functionality that you need; it can be tempting to include frivolous extras but avoid that and stay lean. Once you’ve built a site, go public and audit it immediately to see what basics you need to improve (if you use Magento, you can get a free audit through these Magento agency Los Angeles developers).

  • Branding

You can do this before step 2, but a crucial element of branding is research. You need to know your customers inside and out, and many people find this easier if they have an existing customer base. You should know everything about your customers — what they want, what they need, and how they normally get it. Then you can start developing a brand that caters not just to their wants, but also to their emotional needs. You can always choose an archetype first and pivot later. Make sure every action you make falls in line with your brand and with your original mission; after all, incongruity can kill a business.

  • Marketing

If you have a great niche, a great site and a great brand, customers won’t just start buying. Once you’ve set everything up, you should spend a great deal of your time on marketing. This means using a combination of organic and non-organic digital marketing, and be as creative as possible not just with your marketing content, but your strategies. A good idea is to find a physical location where you have data on your target market and then concentrate your efforts on making your brand well known in that particular area. You can do this both digitally and physically, and you should be able to make enough money from customers in a small area to then expand.

  • Scaling

Scaling is crucial for digital companies — you need to know that your company can handle higher demand — and you don’t want your servers to crash when you need them most. Make sure you have enough inventory to support your projected business growth, as well as the marketing budget to make that growth possible. It’s a good idea to start small but be consistent. If you grow your company by 1% a month, you will have grown substantially within 5 years.

 

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