In 2016 alone, consumers spent about 1.86 trillion dollars at E-commerce stores that are expected to hit over 4 trillion dollars in another five years. About 67% millennial prefer shopping online as compared to 56% of Gen X. This certainly makes for an enticing business prospect that everyone wants a share of.
When it comes to a physical store, it can cost you some good bucks to launch one. Though it is no different for an online store, there are some peculiar steps that are quite simple to get started with your e-commerce business with a few hundred dollars.
Go with a Popular Product –
To start with, you have to choose a product. It would have been extremely easy if you had millions of dollars to launch your online store by having your pick. However, you don’t have that freedom so be specific.
With thousands of businesses on the web along with some big names like Amazon, you have a huge competition. So, select a product that has an easy to target audience but a small amount of competition to have better chances of success.
Drop Shipping –
Now, you need to learn a few things about drop shipping to decide if you want to drop ship your products or not. Unlike your traditional wholesale retailing, here you don’t get the physical possession of the goods. The manufacturer takes care of it all once the order has been placed.
But make sure you choose the best option by avoiding those suppliers that charge the monthly fee. Also, ensure that you know about their processing time, returns policies and contact number.
Choose a Platform –
Here you make a decision of where and how exactly you want to sell your products. The best place to set up your online shop is the third-party marketplaces.
Amazon doesn’t offer you your own website that means you don’t have to be worried of its downtime or renewal. Moreover, you get an automatic access to its massive audience.
Another great option is Shopify that provides you with your own website that you can customize and have running in no time.
eBay is the pretty easy option that allows you to simply take your picture’s product, post it and start selling it in minutes.
Configure Payment Modes –
There are a number of payment methods available out there such as PayPal, Credit/Debit card, COD etc. Now, it won’t do have just a few options on your store, get the most popular and common methods that can give your audience a wide option to choose from.
A Social Presence –
If you want to create a relationship with your customer then you have to connect with them on a personal level. The best way to achieve that is through social media. Create your business pages on popular social networks like Facebook and Instagram. But it’s not a one-day or one-month effort; it’s a gradual process that will take time.
Money is important but it isn’t that big of a deal when it comes to starting your e-commerce business. You might don’t have to pay until you make a sell. So, get ready to get a share of this trillion-dollar market with your small budget.