Setting up a brick-and-mortar shop in today’s times might not be an easy walk in the park for everyone. If we take into account the skyrocketing price of real estate and the infrastructure required to put up a store, online business looks more like a viable option for many!
The availability of multiple platforms where you can showcase your products and services is more than ever. How to sell online is no more among the most widely asked questions. From social media sites where you can promote your products/services, to CMS platforms that let you build a website in just a few minutes, there are a multitude of options to choose from.
Nevertheless, it also adds to the challenges and confusion among budding sellers. Learning the what and how of selling online can be overwhelming to new players. If you too are juggling with similar kinds of thoughts, this blog can offer you some useful insights!
Before we know ‘how’, let’s understand why to sell online?
Setting up an online store can help you reach out to a global audience without spending millions. Besides breaking the geographical barrier, online selling platforms keep your business open 24×7, which means you make money even when you are sleeping! You just need to make sure you have got great products to sell, backed by a solid marketing plan.
If you are selling digital products, no matter if your audience is sitting on the other side of the world, they can still buy them! But before you get started, here are a few ideas on starting an online business in the right way.
How to choose the right product to sell online?
Is it always necessary to have a ground-breaking idea to sell products? Well, the best rule is what works best for you!
It’s true that everyone wants their product to be an instant hit among the customers. But it takes a lot of thinking and planning to ensure the product you want to sell is actually in demand. This is where you need to learn the knack of listening to your potential customers.
To understand this, you can spend time researching the top selling lists, product curation lists, trend reports, etc.
You can also check out online forums where customers share their queries, concerns, and dissatisfaction with any product or service. You can also keep an eye on social media platforms like Instagram and Twitter to see what is trending currently.
When you go through them, you will get more ideas on what can actually work and what might not. This way, you can improve the success rate of your new business.
Aim for healthy margins
How much profit margin is good enough?
When you have got a product to sell, the margin you decide on plays a significant part here. It all boils down to how much money you are making by selling each unit. To ensure the future of your ecommerce business is bright enough, you must set the right price. To maximize the profits, you can bring in more variations in your products. You can even cross-sell them via social media campaigns and churn out profits!
Ideally, it is good to have around 40 percent as your profit margin. While deciding on this percentage, you must analyze the competition too. This will help you figure out how your competitors are performing. If you’ve got a good product to sell, do not shy away from keeping a healthy margin.
Follow in the footsteps of other ecommerce winners
Reinventing the wheel is not always necessary!
Kicking off a profitable online store can get easier by keeping an eye on the ideas that have already become success stories. And, there is nothing bad about it. A close analysis of the market can help you gain useful insights.
The online market is big enough to accommodate a number of players. All you need to do is offer something different to the potential customers, and the sales number might skyrocket in no time!
Find out low-cost ways to set up your online store
Renting a shop in a prime location is no more a prerequisite for raking in good money. The transformation due to the rise in ecommerce is making even the biggies go online. While it’s true that having a website can help you get more customers, there are also other ways to start an online business on a shoestring budget. You don’t need to hire a website designer or a content creator to come up with an ecommerce website for your business.
For example, you can use social media platforms like Facebook, Instagram, and Pinterest to showcase and sell your products online. High-quality images and appealing product descriptions can grab a decent number of eyeballs.
In fact, some apps like Windo can also help you set up an online store for free. All you need to do is download the app and create an online store by uploading your products, their prices, and enticing descriptions.
How to grow your online business?
So, once you have set up your online store, the next logical step is to promote it. Your targeted audience must know about the awesome products you have to offer. This is where you can utilize the benefits of online marketing. Here are a few options you can pick from:
Social media marketing
With over 2 billion users across the globe, social media is undoubtedly the most powerful platform to promote and grow your business. More than 65 percent of small and medium businesses use social media for lead generation. Besides lead generation, you can also use social media to build trust with customers. You can create a loyal customer base by sharing relatable, authentic, engaging, and unique content. It can also put your brand at the forefront of your target customers.
You can run campaigns on social media platforms like Facebook and Instagram. They are a great way to drive organic traffic to your website. The conversion rate on social media is comparatively higher. This can be done by adding a strong CTA, organizing giveaways & contests, offering discounts, etc.
As search engines begin 93 percent of the entire online interaction, you can always count on online ads to grow your business online. With the help of PPC (pay-per-click) ads, you can work on your brand awareness and make your store popular among potential customers. Here, you need to be careful with the allocation of ad budgets and demographics. When you place an ad, you should work on defining your target demographic.
You can collaborate with social media influencers to market your products or services effectively. Their popularity can be leveraged for bringing your products in front of your potential customers. Identify the right influencers to push your product/service among your target audience. Make sure the influencers have an in-depth understanding of your product/service niche. Likewise, choosing the right social media platform is equally important.
SEO (Search Engine Optimization)
SEO-optimized websites perform well when it comes to content marketing. Well-written blogs can be used for bringing relevant audience to your ecommerce website.
Come up with an email marketing strategy to connect with people who might be interested in your products or services. A well-planned cold email campaign can build a decent customer base for your business.
Keep yourself updated
Ecommerce is quite a dynamic platform, and therefore it is vital that you stay updated on the latest trends. One thing we cannot deny is that setting up an online business will stay a lucrative option even in the years to come. If you want to make the most of it, start today!