How To Start An Ecommerce Business

If you’ve found this article, you’re likely considering launching an ecommerce business but are looking for a little guidance on how to get started. With the global ecommerce market expecting to total $6.3 trillion in 2023, you’re not wrong to think that this segment of the retail market is one with a lot of potentials. But before diving headfirst into your new online business, there are a number of key elements to get in order.

 

What is an ecommerce business?

 

Let’s start with the basics. What exactly is an ecommerce business, and why is it advantageous over other forms of retail businesses? The word “ecommerce” is a shortening of the term “electronic commerce” and represents all commercial transactions conducted via the internet. From Amazon, to Etsy, to eBay, to social media clickthrough ads, and more, ecommerce includes all sales made online for businesses that operate solely via the internet as well as businesses that offer online products/services in addition to products/services via brick-and-mortar storefronts. Perhaps you have a brick-and-mortar shop but want to expand your reach. Ecommerce could be a great way for you to do so.

 

This brings us to the primary advantage of having an ecommerce retail business: its global reach. Ecommerce retail businesses have the potential to sell to anyone in the world with access to the internet. You might say that’s a slightly bigger reach than businesses operating solely out of a brick-and-mortar store.

 

79% of shoppers shop online at least once a month, and 57% of online shoppers make international purchases. With statistics like that, ecommerce might sound like a dream retail business structure. But like any business, there are a number of things to consider to set your business up for success before launching.

 

5 steps to take before launching your ecommerce business

 

1. Identify what you want to sell and how you want to sell it.

It sounds obvious, but having a clear understanding of the types of products you want to offer in your online store and why is vital in establishing a brand with focus and direction. Once you know the products you want to sell, you’ll be able to clearly identify your target audience, research your competitors, research what products sell well in your field, and pinpoint what business model suits you best. This step will also make branding and marketing your business easier down the line (see item #4).

 

2. Choose a supplier and products you can trust.

We all know marketing and branding are important for ecommerce businesses to stand out (hello, influencers). But what matters even more when it comes to establishing an online retail business that will last and grow is selling quality products you believe in. That’s what’s going to have your customers authentically recommending your products to friends, family, and coworkers. That’s what’s going to turn new customers into repeat customers. Source products you love from a supplier you can trust. TVCMALL is a supplier that not only provides thousands of quality, trusted, customizable products, but also offers sourcing services to help entrepreneurs obtain products that are a little harder to find, and dropshipping services for entrepreneurs who don’t have the space or budget to keep inventory. Make sure the supplier you choose is reliable and has your best interests at heart. For more guidance on choosing a wholesale supplier, check out 7 Qualities of a Great Wholesale Supplier.

 

3. Identify your desired fulfillment process.

Now that you’ve decided on your products and supplier, it’s time to identify your method for fulfilling orders. Will you purchase an inventory of products and mail out orders yourself as they come in? Will you have an order fulfillment staff? What shipping methods will you offer? If you don’t have the space or budget for inventory, would dropshipping best suit your business? As mentioned above, TVCMALL offers dropshipping services for entrepreneurs in this exact situation. For more on dropshipping, how it works, and its associated benefits, check out What Is Dropshipping And Is It Right For Your Business? Take time to consider what the best fulfillment method is for your business so that when orders start coming in, you’ll be ready to hit the ground running.

 

4. Decide how you will brand and market your products.

For the creative entrepreneurs out there, this stage will be a fun one. Those who are less drawn to the creative side of retail may consider bringing on a marketing consultant or partner for this step. It’s time to build a brand around your business! That includes carefully choosing a brand name, logo, and slogan. Thoroughly consider what your approach to marketing will be. What is your brand’s voice and archetype? What story will you be telling with your brand? What will be your channels for advertisement? Once you have these elements in place, you can consider branding the products you sell with your logo, slogan, and more. The majority of TVCMALL’s products are customizable, meaning you can put your company’s unique stamp on just about any of the products you source through TVCMALL. For more about product customization, check out 5 Benefits of Offering Branded Merchandise and How to Customize Products for Your Brand.

 

5. Set up your online store and sales channels.

Finally, it’s time to put the pieces together. Carefully craft your ecommerce business’s website and social media accounts, identify/establish any additional sales channels other than your main website (Amazon, Etsy, social media clickthrough ads, etc.). This is also the time to ensure you have a business checking account, EIN, and business license if desired or necessary where you’re located. Order your inventory (unless you’re using dropshipping fulfillment methods), get active on social media, form brand partnerships, and start placing ads. It’s time to sell.

 

The world of ecommerce offers great potential for retail entrepreneurs as well as businesses looking to expand beyond the reach of their brick-and-mortar shops. Like any business endeavor, there’s no singular path to success, but with these 5 steps, you can be well on your way to establishing and growing your new ecommerce retail business.

 

 

Statistics References:

Baluch, Anna. “38 E-Commerce Statistics Of 2023.” Forbes Advisor, 8 February 2023, https://www.forbes.com/advisor/business/ecommerce-statistics/