Starting your own retail store, whether brick and mortar or online, is a smart investment that can weather economic ups and downs. This became evident during lockdowns when customers sought products from the comfort of their homes. Companies with both physical and online stores fared better. However, launching an ecommerce business can be complex. In this article, we’ll address common questions about starting an ecommerce venture.
Where to Begin?
Starting an ecommerce business involves numerous considerations. Here are key steps to guide you:
1. Choose Your Niche: Decide what products you want to sell and define your target audience. Avoid heavily saturated markets dominated by big brands. Use tools like Google Trends to identify trending or in-demand products.
2. Select Your Platform: Choose an e-commerce platform that suits your needs. Ensure it’s user-friendly, integrates well with social media, CRM, and marketing tools. Explore available plugins and extensions to enhance functionality.
3. Decide on Your Supply Chain: Opt for dropshipping or holding your inventory based on your capacity and preferences. Dropshipping involves forwarding customer orders to suppliers who ship products directly to customers.
4. Create a Website: Use website builders with customizable templates to establish your online presence. Invest in product descriptions and images to boost conversions.
Which Platforms Are Available?
Choosing the right e-commerce platform is vital. Here are some popular options:
1. Shopify: Ideal for beginners, Shopify offers user-friendly setup but has API call limitations. Costs start at $29/month, or you can hire an outsourcing company for about $5,000/month.
2. Magento: Known for versatility and mobile-friendliness. Offers numerous extensions ranging from $10 to $500. Initial setup might cost around $30,000.
https://business.adobe.com/products/magento/magento-commerce.html
3. Volusion: Suited for newcomers, Volusion assists with SEO and design. Plans range from $29 to $299/month with sales limits.
4. WooCommerce: Beginner-friendly and used by bloggers transitioning into e-commerce. It’s free, but you’ll need to buy a domain name (around $12).
5. 3dcart: Offers multilingual support and advanced shipping but lacks a CDN. Plans range from $19.99 to $129.99/month.
https://www.shift4shop.com/index2.html
Online Store vs. Marketplace: Which Is Better?
Decide between running an online store or a marketplace. An online store is simpler and cost-effective initially, while marketplaces are more complex and costly to set up due to custom solutions.
How Much Does It Cost to Launch an Online Platform?
The cost depends on your business’s size and needs. Here’s a rough breakdown:
- Micro e-commerce stores (up to 100 items):
- Approximately 40,000 PHP.
- Monthly cost of 4,000 PHP/month.
- Small e-commerce stores (up to 1000 items):
- Approximately 285,000 PHP
- Monthly cost of 28,500 PHP/month
- Medium-sized e-commerce stores (10,000 items) with custom design:
- Initial approximate cost of 855,000 PHP.
- Monthly maintenance cost of 10% upfront becomes 85,500 PHP/month.
- Internet store with complete customization and integrations:
- Initial approximate cost 1,710,000 PHP.
- Monthly maintenance cost of 10% upfront becomes 171,000 PHP/month.
*prices may vary depending on your developer and needs.
How Many People Are Needed to Run Your Online Store?
The number of staff required depends on your business’s size and complexity. Typically, 1-4 people handle various tasks like accounting, customer inquiries, and tech support, which may cost between Php 20,000- Php 200,000 per Month
How to Attract Customers to Your Online Store?
Use email marketing, social media promotion, and SEO to attract customers:
- Email Marketing: Set up email drip campaigns to notify potential buyers of promotions.
- Social Media: Promote your business through platforms like Facebook.
- SEO: Optimize your site to rank higher in search engine results.
Expect to spend around Php 15,000 per month on SEO.
Need Help Setting Up Your Online Store?
E-commerce platforms can be complex, so consider hiring a developers like Zyiam Dev . Their expertise in retail software solutions can help you set up your online store efficiently and attract more customers, ultimately increasing your revenue.
In conclusion, starting an online retail business is a promising investment, but it requires careful planning and consideration of various factors to succeed in today’s competitive e-commerce landscape.
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