The eCommerce industry is on a perpetual upward trajectory, with the market expected to reach 4.88 trillion US dollars in 2021. If it seems to you that becoming an eCommerce entrepreneur is something of a lucrative career move, you would not be wrong. In fact, the ever-growing value of the eCommerce industry only tells us that there is plenty of room for new business ventures to build their own success in their niche and pave the road to long-term affluence and recognition.
However, it’s important to note that building a truly successful online store is no walk in the park, as the oversaturated marketplace begs the need to create a brand and a story that will differentiate your company from the rest of the competition, and attract prospective customers. With that in mind, let’s take a look at the five primary considerations when starting your own eCommerce store.
It all starts with market research
Much like any new business venture. Pinpointing your ideal marketplace and the demographic that goes with it should be your first goal. However, unlike in the traditional business industry, things get a bit more complicated than that when you’re planning on making it big in a market such as eCommerce.
Given the fact that the online trading arena is oversaturated with competitors and multi-million demographics, building long-term success becomes a delicate issue. Instead of focusing on an industry per se, such as tech or clothing, you need to delve deeper and figure out your ideal niche. An ideal niche is that little crevice in the chosen industry that has just enough potential customers for you to make it big, and just enough competition so that you don’t get stomped on from the get-go.
This means that you will need to tend to thorough market research in order to find the market that will allow you to grow. However, even the ideal circumstances won’t be able to compensate for poor website design.
Build an amazing online store
Online stores are getting better by the minute in every possible way. From offering a clean, decluttered interface, to bringing stellar storytelling to every product description, simplifying the product-checkout process, and optimizing for mobile, the eCommerce game is constantly setting the proverbial ladder higher for newcomers.
Needless to say, you do need to learn from the best brands in the industry and try to improve upon their solutions by driving innovation, offering better customer experience and service, and building a unique brand people will love. Remember, long-term success comes to those whose name echoes throughout the industry, regardless of what they’re selling or the price tag they put on their products. If you build a brand that connects with your demographic on an emotional level, you will be able to win over their hearts and minds, and turn them into loyal customers.
Offer secure payments and stellar data security
It should go without saying that none of the above (or what comes next, for that matter) will mean anything if you don’t incentivize the customer to trust in your brand, to put their information into your hands and trust you to keep it safe. This is why you need to offer secure payments and unparalleled data security across the board if you wish to retain and build your reputation.
It is, therefore, crucial to run your payment processing through agencies such as IPSI that specialize in data security, in order to protect your store from cyber-attacks and bring your cybersecurity game to the next level. You also want to display your level of security at key locations throughout your store, especially on the checkout page in order to incentivize the customer to finish the purchase and become your loyal brand follower.
Use social media marketing to your advantage
In a social-media-driven world where more than three billion people use some form of social media on a daily basis, it would be a terrible waste if your eCommerce brand didn’t try to tap into this wealthy pool of opportunities. And in fact, if you don’t, you rest assured that your competitors will, by which time it will be game over.
Just like everyone else, you need to be in the race for social media dominance, and you want to use your meticulously-crafted brand identity to leverage the odds in your favor. By sharing relevant content and positioning your ads across all relevant platforms, you can reach the expansive online audience and invite them to your online store. Be wary though, the modern customer needs to be wooed with creative storytelling and values they can relate to, so plan your copy carefully.
Stay on top of the latest trends and KPIs
Finally, only the brands that push for innovation and adapt to the changing trends in the industry can hope to survive in the long run. If you allow your brand to become tedious in any way, or if you fail to bring new and exciting products to your customers, they will soon forget about you and take their business elsewhere. And you can bet that your competition will swoop in to take your customers away for good.
To avoid this, you want to monitor your KPIs in order to gather relevant insights about your brand, and what your audience likes so that you can craft a data-driven innovation strategy that will keep you one step ahead of the competition. Plus, it will keep your customers coming back in search of new shopping adventures.
The eCommerce industry is set to reach new heights in the near future, but even though the money cake is big enough for everyone to take a hefty slice for themselves, that doesn’t mean that success will come easy for start-ups. With that in mind, be sure to follow these essential steps in order to build a trustworthy brand, and pave the road to a long-term success in your niche.