What is e-commerce? E-commerce is an umbrella term that refers to buying or selling online products or services over the internet. Online stores such as eBay, Amazon, or Shopify are some examples of E-commerce sites. Since the pandemic, many stores have closed their doors permanently and online businesses have started to thrive. Shopping has changed entirely since things have shifted to electronic transactions. If you are thinking of starting your own E-commerce business, here are some tips that can help you on your journey.
Research
The first step to starting an e-commerce business is to do your research. Whenever starting a new venture it is always important to know the market in which you are trying to sell. In addition to researching your market, you also need to research what type of business model you will use. That means deciding if you will be handling (stocking and shipping) all of the products that you’re selling or using dropshipping. Dropshipping is when a third party stores and ships the products that you’re selling. This has become increasingly popular because it has lower investment costs and risks.
Online Tools
After researching and coming up with a business model that works for you, the next step is to choose your online store. It is important to decide if you will either build your own website from scratch or use an e-commerce site that allows you to create an online store. Using an e-commerce site can provide a lot of templates that can make it easier for you to get started.
Brand Name & Licenses
When starting a business it is important to choose a name that reflects your brand. Once you have chosen the name you should also register your business. Registering your business includes getting your business license, Employer Identification Number to open a business bank account, and any sales tax or business permits that may be required.
Marketing
Marketing is very important for your online store. If you do not have the funds for heavy online marketing, make sure that you come up with a plan to attract customers to your website. Social media, sponsored content, and pay-per-click ads can help to drive traffic to your products. Also, keep in mind that Search Engine Optimization (SEO) is important as well.
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