Launching your first eCommerce store can be a nerve-racking process. You don’t know who’s going to gravitate towards your store and why they’re going to buy from you over the competition, and this can be a difficult position. However, with the right knowledge base, you’ll not only have a successful launch but be able to push forward in having a great online store overall. Here’s how:
Come Up With A Standout Brand
If you’re going to be tackling the eCommerce market, then one of the first things you need to do is come up with a standout brand. While that might sound like a tall task, it’s also going to be one of the most beneficial avenues you have to ensure your success. After all, as eCommerce is an incredibly competitive field, being able to set yourself from the crowd will be crucial, and something you should consider for your launch.
To begin, look at what type of inventory you’re trying to have, as well as what type of culture that represents. For example, as noted by Curatti, color increases brand recognition by 80 percent, which goes to show why specific colors are not only physical reminders but also represent a certain ethos as well (i.e., the earth tones of Whole Foods). Brainstorm which type of personality and aesthetic you believe will best serve your brand, as this will be crucial to attracting customers to your base.
Develop A Niche Inventory
Once you’ve established what type of brand you’re going to have, it’s time to start deciphering through which type of inventory you’re going to have. This is by-and-large going to be a reflection of your brand, using it as the catalyst to what should be your primary and secondary items. For example, if you were to go to a place like Best Buy for a TV, then the primary item would be the TV, while secondary items would be cables, TV stands, or speakers. Establishing your inventory can be much more demanding of a task than you might assume because as noted by Fundera, with 42 percent of businesses failing due to no market need, it’s essential you get this core element right the first time.
When developing your inventory, try to hone in on what the trending products for your industry, then branch out from there. The goal should be that you’re able to advertise the items that are not only going to be desirable to your customer base but additionally at a price point that will return an ROI. Furthermore, coming up with the secondary items mentioned above will be crucial to generating revenue, as a lot of your big-ticket items will be sold close to retail. The science of inventory is one that takes quite a bit to get used to, so take your time in really honing in on what you need to get together to ensure a solid launch.
Stay Up With Social
As one of the best primary channels for advertising product, social media will be clutch in getting your eCommerce store off the ground. As the goal with social is to not only showcase your inventory but develop a community, going after how you can gain customers from day one will be crucial. And no matter if you feel like you’re a natural at this or not, it’s always important to study up on your demographic to know you have a customer base.
With social, the biggest part of targeting is knowing your demographic and how to reach them. For example, as noted by Pew Research, 71 percent of Americans between the age of 18 to 24 are on Instagram, which if you were after a youth-centric audience, would be a great first place to start. Granted, the other half of this is focusing in on engagement as well, which is essentially the interactions you have with your customer base on the platform. As social is something that could potentially lead to a lot of direct buying, take the time to get this right, as the benefits could be tremendous.
Be Consistent With Development
Finally, as you finish rounding out your foundation, being consistent with the development of your brand and outreach will be crucial to tackling more of the market. As noted by Shopify, with eCommerce clocking in at around a $340 billion industry in the US alone, this is a field that even if you’re able to capture a fraction of that, you’ll be off to the races. However, the hardest part is breaking into that and staying there.
Create a calendar to keep track of when you’re releasing new goods, as well as having a schedule for promotion on social and other mediums. Additionally, make it a habit to have customers as your top priority, no matter if it’s via social media, in-person, or even in random forums. The more success stories you can create, the better of your company will be, so make that a central focus in your online store’s development. Who knows? With the right effort, you could potentially be smooth sailing in no time.
What successful ecommerce idea are you trying to launch? Let us know in the comments.
