A short guide about starting an e-commerce business – Part 1: The Concept

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What do I need to set up my own online store? How does the online store work? What are the legal requirements that need to be met? How do I attract customers to my online store? Here are some questions you must ask yourself if you are considering starting or have started your own online ecommerce store. This is a quick guide that will help you understand this topic.

Part 1 – The Concept

Sticking to what works is an underlining basis of any ecommerce business, but of course the problem appears when your customers are finding less time to come down to your stores and would rather take advantage of online shopping during their lunch breaks. Did you know that £764 billion of business to client ecommerce sales are expected this year, with over 3.5 billion online shoppers. Online Shopping is here to stay and is going to be a new sales channel for existing traditional stores. There’s never been a more perfect time to take advantage of this new platform by moving your ecommerce store online.

It is worth considering possible perspectives offered by the sector in which you would like to operate. For example, if your market are laptops, and more recently the number of shops offering such computers has increased, you may want to consider selling laptop accessories such as bags, external drives, additional memory, for which the demand will increase together with the increasing popularity of laptops. On the other hand, if you have adequate resources for advertising, the best strategy might be to quickly acquire a dominant position in the growing market.

When you have found your niche, you know exactly what you want to sell, and to which customer, try to analyse your market even further. Determine what the needs of your future customers are and your strengths and weaknesses. Think about what might be your best chance of getting sales, and the biggest threat. Think carefully about what your competitors’ online shops are offering and try to take advantage by offering something that is not offered by them such as faster order realisation, direct telephone contact with the customer, free delivery, special offers, competitions, etc.

Nowadays, having just a great idea or a website is not enough to be successful. Many companies operating online shops do not realise their errors, which can have a negative impact on sales and performance. You have to remember that any decision taken at this stage will have an impact on your future store and may cause your failure. The right strategy and planning can eliminate these errors right from the start.

That it why it is important to prepare a plan of action before you start any work.

In part 2, we will talk about the “Ecommerce Software & Ecommerce Platform Solutions” needed to run an online store.

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