So, you want to start your own business? That’s great! If you are like most people starting a business, you don’t have an unlimited budget, so you will have to find ways to make your business work without breaking the bank. One great way to save money is by using e-commerce for your business, which can save you lots of money and allow you to focus on other things that matter more, like managing your customers and expanding your product line. Keep reading to learn how e-commerce can be used in your business.
What is E-Commerce?
The e-commerce industry allows retailers, both big and small, to market and sell their products globally through a network of interconnected computers known as the Internet. By selling products online, you open up your business—and your products—to people around the world. Additionally, e-commerce businesses are capable of greater profit margins than traditional brick-and-mortar stores, because they don’t have all those expenses like rent, utilities or inventory costs.
Advantages of E-Commerce over Brick and Mortar
There are many advantages of using e-commerce when running a business. One main advantage is that e-commerce provides a window into what your competitors are selling and charging. This type of information can be very valuable if you are starting a business or if you have been running one for awhile. Another great advantage of using e-commerce is that your customers will be able to search through different items easily; even if you have tons of products in your store, it will be easy for them to find exactly what they want.
Make Money with an Online Store
If you sell a product or service that can be delivered electronically, you’ve got a few options. If you already have an online presence, then setting up an e-store could be as simple as linking your domain and shopping cart. Don’t have any? You can build a website from scratch with various platforms, such as Shopify (previously known as osCommerce), Magento, BigCommerce and more.
Get the Best Products at the Best Prices
Doing business on a shoestring budget? Most entrepreneurs are, so it’s important to know how to get started with little capital. While many people focus on getting customers and worry about products later, if you don’t buy high-quality items at competitive prices, you won’t be able to keep your customers coming back. Make sure you pay attention to product sourcing and pricing as soon as possible.
What Do You Sell?
The first step in developing your e-commerce strategy is deciding what you want to sell. Most likely, there are a number of items that you’ve been selling face-to-face that could be offered online as well. If you don’t have any ideas, start by researching popular products within your industry and seeing which one is most profitable.
Setting Up Shop on a Platform – Three Choices
The most popular e-commerce platforms are Amazon, eBay and Etsy. In general, eBay is ideal if you’re looking to sell used or secondhand goods; Amazon if you’re only selling new items; and Etsy is best for handcrafted or vintage items. If you plan on selling your products on multiple platforms, each has their own fee structure, so it’s a good idea to calculate your costs beforehand by checking out each site’s page on its transaction fees .
Choosing Payment Methods
When setting up an e-commerce site, you have several choices as to how you will accept payments from customers. The three most common are PayPal, bank transfers and credit cards. While there is no best payment method, if your business accepts only cash or personal checks, then it’s likely you’ll see fewer sales than a company that accepts all types of payment methods. Depending on your business goals and niche market, you may want to look into different options.
Choosing Shipping Methods
When choosing your shipping methods, it’s important to keep in mind what you need, what you want and what will be best for your customers. Here are a few things to think about: -Shipping Costs: You need to decide whether or not you’ll offer free shipping; many retailers do because it encourages customers to make larger purchases. However, if you choose not to offer free shipping and your competitors do, there’s a chance that your clients will go elsewhere.
Think About Your Customer Experience
The faster your site loads, and makes it easy for customers to browse and find what they want—and then buy it in a single click, as many now expect—the more successful you’ll be. A growing number of consumers also expect free shipping; even if you can’t afford it, at least offer free shipping within 24 hours on items that are light enough not to incur extra cost from expedited shipping.