So you understand the need to start your business online. Fair enough!
“If your business is not on the internet, then your business will be out of business.” – that’s what Bill Gates said about the business trends.
Today, customers have majorly shifted their attention to the eCommerce business. The UPS study from ComScore states that about 50 percent of people prefer shopping online. It shows an enormous increase in demand for online businesses.
With more than 206 million shoppers invested in an eCommerce business, it is a great time to start your own eCommerce business. And for this, you might need proper business planning and unique ideas to launch your online business.
With this point of consideration, we take this opportunity to share some valid information.
- 1 Checklist On Setting Up Your eCommerce Business
- 1.1 Choose Your Business Name
- 1.2 Register Your Business
- 1.3 Apply For Business License and Permits
- 1.4 Select An Appropriate eCommerce Platform
- 1.5 Create Your Website
- 1.6 Make The Website Mobile-Friendly
- 1.7 Provide Multiple Payment Options
- 1.8 Stock Your Inventory
- 1.9 Manage Catalog
- 1.10 Market Your Business
- 1.11 Storage and Shipping
- 2 Key Takeaway
Checklist On Setting Up Your eCommerce Business
Since you have made the right decision to set up your eCommerce store, we have created an eleven-point checklist that will help you while setting up an eCommerce business.
Here we go.
Choose Your Business Name
A business name defines your business and the type of product you sell. It creates a lasting impression on your customers. Therefore, it should be short, simple, and easily recognizable. Think of top companies like Adidas, McDonald’s, Amazon, and Starbucks. The names help them differentiate themselves from their competitors. So, it is advisable to give extra thought while choosing a business name, as it defines your identity in the long run.
Register Your Business
Next, you need to secure your domain name and register your business. Registering a business includes selecting the business structure that includes Sole Proprietor, Partnership, LLC, or Corporation. If you do not choose one of the business structures, the IRC will automatically consider you as a sole proprietor.
A sole proprietorship offers numerous benefits like lesser legal compliance and lowers costs of documentation. It also enables you to run your eCommerce business from wherever you want.
You can opt for affordable web hosting companies for registering your business name.
Apply For Business License and Permits
You need certain business licenses and permits to operate the business efficiently. Before setting up an eCommerce business, you have to check the type of sales tax licenses applicable in your country, state, or city and get it approved immediately. You can either seek help from the State’s Department of Revenue Services or Chartered Accountant or lawyer.
In addition, you need an Employee Identification Number (EIN) to open your business bank account and file your taxes. It is a social security number that identifies your business and helps you to file all the required paperwork.
Select An Appropriate eCommerce Platform
Now, it is time to select an appropriate eCommerce platform that suits your business needs. eCommerce platform with advanced features helps you to be competitive in your market. It should have a set of people who can help you to start your eCommerce store.
A cloud-based solution is considered to be the best option for business owners operating their stores in multiple countries. It not only offers a substantial advantage over other implementations but also takes appropriate care of the speed your online store might require.
WorksLeader is a popular eCommerce platform that provides you with all the advanced features you are looking for. You can make your selling process smooth and efficient with the help of its leading functionality of managing sales quotes, catalogs, CRM, and much more.
Create Your Website
After you have successfully selected an eCommerce platform, it’s time to put your business ideas into reality and create your online store. It is significant to choose a theme that is in alignment with your target audiences and prices.
It should comprise a logo that fits well with the mission and vision of the business. Moreover, it should be vibrant, creative, and attractive so that it is relatable to the people. It is advisable to take a test run to avoid any kind of broken pathways.
Make The Website Mobile-Friendly
As discussed earlier, after you have successfully created your website, you have to test it and ensure that it is running successfully with multiple browsers like Internet Explorer, Firefox, Chrome, etc.
Apart from the browsers, it is essential to ensure that it is highly responsive with various devices like smartphones, tablets, laptops, and computers. It is because almost every other person today is using one of these devices to make a purchase.
Provide Multiple Payment Options
An online business needs multiple payment options integrated on the website or mobile application, through which you can accept payments. Having sufficient payment options play a key role in the success of your eCommerce business. Lack of adequate payment methods is considered to be the most common reason for cart abandonment.
Therefore, it becomes important to provide trending payment options like UPI, cash on delivery, credit or debit card, etc., so that it will help you improve your conversions, build customer rapport, and improve your brand image positively.
Stock Your Inventory
Customers like having their products being easily obtainable to them. Hence, it is necessary to stock your inventory well before launching your business or making it open for people to place orders. This way, you will be able to deliver the goods on time.
After you have launched your eCommerce store and begin getting orders, you need to make a good impression among customers by providing them with the best services at the right time. Providing all these services will help you to maintain the good reputation of your business.
The catalog is considered the hub of your inventory. Therefore, managing catalogs becomes a critical part of the online business. It should be completely updated, organized, and structured across all online sales channels.
With the help of catalog management, you tend to help the customers find exactly what they are looking for, and increase their comfort levels at the time of purchasing your products. Accurate and complete product information helps them to make purchasing decisions swiftly and efficiently.
Market Your Business
Now that you have completed all the points in the checklist, the last thing left is to make the world aware of your eCommerce business and start selling your products and services. You might require various marketing strategies to promote your business. Think of Google ads, social media ads, and so on.
Further, you might also require to optimize your website with the help of SEO and enjoy all the benefits of online marketing tools integrated with your eCommerce platform. After the business is completely set up, ensure to keep a track of marketing techniques so that you can adjust and make changes as and when required.
Storage and Shipping
Before taking orders it is important to figure out about the storage and delivery of the products. You can store the inventory in a warehouse or you can use the drop shipping method to sell your product directly to the customers. While warehouses mean proper infrastructure, dropshipping lowers your overhead expenses and enables you to sell a wide range of products.
For shipping the products there are two options, postal delivery or delivery service company. If you want to use both for tracking and delivering your order, you will have to take your product’s shipping restrictions into account. Some products are perishable or have expiry dates. So, think wisely before considering any of the methods for storing and shipping your goods.
The journey you go through when you start an eCommerce business is both exciting and challenging. It will be a great learning experience, completing each of the points in this checklist. When you create an exciting and engaging online store, you guarantee a memorable experience to the customer. Therefore, at the end of the day, everything you achieve is worthy of all the efforts you have put into making the store successful.