Who wouldn’t love to take their retail store online and bring in some additional income? The need for eCommerce stores is constantly in the rise, especially after the breakout of the deadly coronavirus which has halted our daily lives. Ecommerce sales are expected to make up to 17.5% of retail sales around the globe by the end of 2021!
Despite this stunning statistic, nearly half of the world’s retail owners still don’t have a website or an eCommerce app. This shows why this is the perfect time to sit down, power up, and get building your online store.
But building your eCommerce store may not be an easy process if not done in the right way. You may be a brick-and-mortar store owner, but expanding your retail business online is not an easy step. Let’s have a look at how to build an eCommerce store from scratch.
- Business Plan
- Choose The Business Structure
- Choose Your Products
- Building Inventory
- The Online Retail Store
Dare to open a brick and mortar retail store without a proper business plan? The same applies to open an online store. A business plan is critical in developing the roadmap and framework which is necessary to successfully establish a business. A business plan for your online retail store should include the approaches that will be taken to manage the financing, marketing, and advertising sectors of the business. The plan should showcase a clear idea of how the business will succeed. To get venture capitalists on board with your ideas and fund your business, a detailed plan should be rolled out.
Choose The Business Structure
Once you establish a plan for your online business, you need to choose an appropriate business structure. If you are unsure what structure is best suited for your company, consider the tax benefits and the requirements of each. The IRS website can help you with this decision, post which you will be able to file all of the documentation to make your business legal.
Choose Your Products
While your business plan outlines the general category of what your products are, you should be choosy in listing the products you are offering. You should include different products, their unique colours, sizes, or other distinct features. In addition to the type of products, you need to figure out about the manufacturing or the supplier of the particular products.
To establish the online presence of your retail store and attract customers, you need a good inventory of products. Whether you operate with only an eCommerce store or having a physical shopfront too, inventory management is a must. In addition to establishing your inventory, the management should be done wisely. Getting in contact with logistics partners would be helpful in this phase.
The Online Retail Store
Now, here comes the key part. Setting up the online retail store. Let’s break down the steps to build a store. First, you need a domain name which suits your brand name as well as a hosting provider. Once, that section is done, it comes down to building your eCommerce store. First, design your store, which includes the theme, headers, product categories, and more. Add the necessary information regarding your brand on the website. Create a shopping cart, set up the payment gateway and make sure you take the cybersecurity measures for your eCommerce store. Contact a good eCommerce website design and development company.
Once your eCommerce website or mobile app is ready and deployed, it doesn’t mean you will earn a lot of traffic. You need to market your store in proper ways. Deploy the best eCommerce marketing and advertising strategies.
Your online store is now ready to go. However, don’t forget to maintain your store regularly and have periodic updates. Updates keep your store fresh and relevant. Need to know more about how your eCommerce store can benefit your retail shop? Say hi for free consulting.