5 Steps to Set up an Ecommerce Business
The internet brings together people from all over the world fast and easily, creating new opportunities every day. This is why most people have embraced the concept of conducting commercial transactions electronically on the internet. This has made E-commerce a booming business. Even so, it’s still a relatively young concept that has seen several E-commerce businesses struggle to get traction. So, are you ready to finally join the fast-growing E-commerce industry, well, here are 5 steps to getting you started:
With all the opportunities that E-commerce business offers, there’s bound to be some incredible competition, which makes market research quite essential. Use your SWOT analysis findings to determine how the E-commerce business you set up will operate. There are several ways you can do research, for instance: search Google, AHREFS, and even SpyFu; browse through successful E-commerce business such as Amazon and eBay, get expert advice, and most importantly, get customer reaction through traditional customer surveys or via crowdsourcing websites.
Pick up a Platform
With a new E-commerce business, you may not have enough resources to create your own website from scratch. We recommend looking for a platform to help you set up your business in no time. There are several slick subscriptions services you can use such as Shopify, Magento, BigCommerce, etc. Also, if you are short on budget, there are free platforms like WordPress eCommerce even though they offer slightly fewer features. These popular platforms will save you time and money as most developers are familiar with them, which make it easier to integrate plugins, payment processing, and much more.
After building your E-commerce business site, the next step is to have it seen. First, you need search engine optimization (SEO) as this is what will get you visible on search engines like Google. However, your site is not the only thing you want to drive traffic to, as your mission is to sell products. You’ll have to think beyond your site, therefore, you can try running a giveaway or providing your customers with coupons and content via email. This will keep your brand on their minds, getting you traffic and subscribers in no time. You can also look into affiliate marketing or partner with an E-commerce marketing expert to help you boost your online platform.
Take note that once the business starts stabilizing, you need to insure it, therefore, read more on business insurance, including cheap van insurance below.
Learn the Legislation
It’s important to learn laws governing online businesses before setting up one. There are quite a number of key UK laws meant to protect consumers that you’ll have to adhere to in any online trading you do. Other legislation you’ll have to learn include VAT rates, The Consumer Rights Act 2015, The 2013 Consumer Contracts Regulations, The 2009 Provision of Services Regulations, ICO Cookie Law, Upcoming GDPR enforcement, and much more.
Insure Your Business
Just like any other business, your E-commerce business faces several risks every single day. As a small E-commerce business owner, you can start looking into insurance by first reviewing your current personal lines of coverage such as home, health, life, and auto insurance. After which, you have to protect your assets by keeping your personal liability separate from your business liability. This will require you to purchase separate business insurance policies such as general liability, workers compensation, and professional liability to prevent large lawsuits from rendering you bankrupt.