Many Australian entrepreneurs are in the e-commerce sector, as they strive to create a business that has long-term potential. Much like any other industry, creating a successful online store involves a lot of planning, constant hard work and a little bit of good fortune. In this short article, we offer valuable information to help you set up and develop an online store.
Choosing a product line
Obviously, this is a critical decision and you need to be sure that there is an adequate demand for your chosen products. Commerce is all about supply and demand; considerable research needs to be carried out and when you have come to a decision, you need to find out what your rivals are currently offering. Choose something that you are knowledgeable about; it might be a smoke shop that sells all things smoking-related, or perhaps you would like to set up a store and sell models in kit form.
Cost the operation
You need to find out how much it costs you to present a particular product and see how much of a margin there is. After crunching the numbers, if you feel there is an adequate profit margin, then it is time to compile a comprehensive business plan.
Write a business plan
Every business should have a plan of action, which would include the following:
- Overview of the business
- Start-up cost
- Running cost
- Marketing plan
- Organisation flowchart
- List of company assets
- Type of business to register
- Sales forecast for the first 5 years
Once you feel your business plan is complete, ask a local business coach to take a look and if there are any weaknesses or issues, he/she will find them.
Design & build a shopping cart website
Ideally, you should connect with a leading Australian web designer and they can turn your concept into a working e-commerce platform. You will need to hire a product photographer to take images of all items you are selling, along with a sales copy that describes each product. The first thing to do is secure a web address, a domain name that is not currently in use, then you need to find a web hosting provider and a web developer to build the platform.
Digital marketing
Don’t make the mistake of thinking that digital marketing is optional, it most certainly is not. You need to connect with a leading digital marketing agency and they can put together an aggressive online marketing plan that will drive traffic to your store. Set aside a monthly budget for SEO and Social Media Marketing, which should help you to secure a share of the market.
Logistics
The best way to handle order fulfilment is to engage the services of a third-party logistics provider; all you need to do is deliver your products and packaging to their warehouse, then simply forward all orders and they will handle picking, packing and delivery.
Like any other business, you need to apply yourself totally to the task at hand and hopefully, the business will grow and become a success.