Sincere steps to launch, build and launch a profitable online store
Whether you are considering establishing your e-commerce business as a side job or as a full-time job there are a couple of steps to take into consideration when starting.
From defining which is the product you are selling, to your brand, business name, which platform are you going to use to build your store.
I know, it can be overwhelming. But we are here to make this process much easier and provide the necessary resources and tools to get you started.
Find “The Product” you are going to sell
This is the most important and crucial step. Without a good prduct, you are going to struggle and spend hours for very little or no benefit. I see it constantly, there are a lot of entrepreneurs coming to me saying
“I launched the store, I spent X hours and Y money on ads and still I don’t get sales”.
True, there can be many reasons behind that statement, but what I find as the most common mistake is the little research is done on the product before launching an online shop.
So let’s get started
What can you do to find “your product”?
Let’s start by differentiating 2 types of products you can sell:
- Commodity Products. Those are the products everyone needs such as clothes, toys, makeup, accessories. Now you must be aware that this will be the products that can be easily replaced and have higher competition.
“A commodity product is low in value, easily replaced, and can only compete with a low price. Because of this scary prospect, the goal of nearly every e-commerce marketer is to build a brand that is so valuable that their product can never be a commodity. “ https://bit.ly/2KMRUve, Cara H.
These are products you can buy anywhere, from Amazon to eBay or Walmart — toys, food, sports accessories, etc. That is the reason a lot of e-commerce entrepreneurs are afraid of the high competition behind them and there is a high possibility once the competition starts the product will become obsolete.
2. Niche products. There are a lot of entrepreneurs that design/invent their own version of a product to innovate traditional categories such as food, personal hygiene, jewellery and many others.
Some good ideas of current niche products are food and drinks on the go, buy it for life products, craft drinks or smart backpacks just to name few.
Take a look at LilyBee Wrap for instance. They are selling reusable food wraps with innovative and eco-friendly solutions.
Smart backpacks are an innovative solution for entrepreneurs, digital nomads or business people travelling a lot. They come with a lot of accessories such as chargers, USB, Bluetooth, RFID and other extras that we are not even sure how to use.
Amazon, eBay and Walmart can buy items in large quantities being able to lower the price of a product, therefore your startup will not be able to compete.
However, offering unique products along with commoditized ones and building a great brand and customer experience you can find the perfect formula and not fall behind.
Now it is a matter for you to learn what drives you to sell a certain product.