Are you an experienced retailer looking for a new challenge? If so, then there’s no bigger challenge than starting and running your very own e-commerce store. By taking this type of leap with your career, you will be able to choose what you sell, how you sell it, and when you sell it. What’s more, as 100% of your trading will take place online, you won’t necessarily even need to leave your home every day in order to find success in this venture!
Whether you choose to take on this challenge full-time or whether you embrace it is a side hustle, if you put the advice laid out below into practice, there’s no telling how successful your e-commerce store could go on to be.
Home in on a profitable product line
Deciding what it is you are actually going to sell is the most important decision that you will make when you start your e-commerce store. Your product line is going to be what draws your customers to you so, if you want to make some money from this venture, it’s important that you home in on a profitable one.
Here are five strategies you should consider embracing as you attempt to home in on a profitable product line:
- Try to solve a customer pain point
- Seek to appeal to hobbyists
- Go all-in with a personal passion of yours
- Attempt to capitalise on trends early by keeping tabs on Google Trends
- Research and read customer reviews on your competitors’ product lines
Consider how you are going to store and ship your items
You may run an online business, but not everything that you do to operate your e-commerce store is done via the Internet. Unless you’re selling software that can be transported to customers via the web or you have embraced what is known as dropshipping, you will still have to consider how you are going to store and ship the items that you sell.
First and foremost, in this instance, you have to find a way to store your product line safely. If the items that you sell are constantly turning up at your customers’ doors broken, you’re going to find yourself struggling to make money. It is important, then, that you invest in racking and shelving units that are strong enough to hold all of your stored items. Whether the units that you go for are heavy-duty, reduced-space, or galvanised is completely dependent on the number of items that you plan to sell, the weight of these products, and how much storage space you have to work with.
When it comes to shipping your products, there are a number of best practices that you should be abiding by. Some of these include:
- Assembling or choosing the right delivery team
- Setting clear goals (increasing conversions, expanding your target audience, decreasing costs, improving operation efficiency, etc.)
- Choosing a shipping strategy that suits the distance that your products are going to travel
Take the above advice, and your e-commerce store will be turning over a profit in no time.