Did you know that global e-Commerce sales are worth $25.6 trillion? Not only that, but sales are steadily growing each year. If you want to start an e-commerce business, there has never been a better time to do so.
But running a successful online retail brand involves a lot more than just setting up a great website. You’ve got to factor in many of the aspects of traditional retail such as product sourcing, supply chain management, merchandising, as well as customer service.
So, where do you even start breaking into the industry?
Here’s how to build an e-Commerce business.
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How Long Does It Take to Build an e-Commerce Business?
One question that many people entering the industry will ask is ‘how long will take to set up an e-Commerce business?’ This will largely depend on your initial investment capital, as well as the number of SKUs you plan to sell.
Finding Warehousing Space
One of the biggest advantages of running an e-commerce business is that you don’t need to worry about store overheads such as rent. You will, however, still need to find warehousing space and hire a team to pick and pack your orders.
The first step will be to find a warehouse space big enough to accommodate a growing e-Commerce business. Do make sure and factor in how big you’ll be a couple of years down the line as well as the volume of stock you’ll need to hold during seasonal peaks such as Christmas
If you need to change warehouse premises within the first few years, this could prove to be expensive, so planning ahead is vital.
Sourcing Products
Once you have a warehouse space, you can source products. Think about lead times you’ll need to order in these items of stock and try and estimate their popularity by doing a competitor analysis.
You may choose to go directly to a manufacturer and cut out the suppliers. If you’re choosing to do this, you will need to build up a relationship with the manufacturer and agree on terms such as what can be returned for credit.
How to Build an e-Commerce Website
While you’re sourcing products and securing your warehouse space, you can have a designer build an e-commerce site. Many companies use the WooCommerce or Shopify platforms on which to build their online store.
Don’t try to reinvent the wheel when it comes to your online store design, keep it clean and functional.
Don’t Forget About SEO
Once your website is up and running, you’ll need to invest in search engine optimization (SEO). Using SEO will help ensure your site ranks high in the search engine results pages. Click here for more information on how an SEO company can help you achieve more hits.
How to Build an e-Commerce Business
Putting together an e-commerce site is only part of the process involved in starting an online retail business. Knowing how to build an e-commerce business will take research into every aspect of retail management such as inventory control, and purchasing.
For more tips on running your own company, head to the business section of this site.
