The future of e-commerce is settingup new horizon, however it is not an easy task to set up an ecommerce business, it may require lots of plugins, procedures and timely follow ups.
To help, we have compiled a comprehensive business plan based on the best content strategy particularly for wordpress, ecommerce and Shopify. This blog guide is compiled according to the most important tasks you will face as you research, start, and when you mark your growrate as a profitable e-commerce business.
Before starting an online store, there are five things to consider the most. Let’s go through.
What product are you selling?
One of the most important decisions is to determine which products you will sell in your hybrid online store. It’s a tricky business and needs proper market research and guidance. The prime technique is to start and invest small and choose some products based on a specific niche, namely childcare products, driving accessories, hiking and travel products, traveling essentials, sports and clothing are the most demanding products all the time. Start with a few products in this niche. As the store grows, you can add more products to the store at any time. Keep an eye on your competitors; see who your opponents are and how they market their products.
When deciding which niche products to sell, check whether there are industry’s hot favourites? Having websites, or magazines. If so, follow and subscribe to them for product updates. In addition, if there are product trade shows around your product niche, register yourself to attend these trade shows and discover new products, talk directly with manufacturer representatives, and learn more about the industry in general. Usually, at a trade show, you will be able to negotiate better prices or direct shipping deals.
#1 Need WooCommerce Extension
The first thing is to integrate a wholesale related extension to control your online store pricing related plan and manage wholesale rates that are visible to your customers.
Wholesale For Woocommerce is one of the prime examples of this extension as you can register your wholesale customers through the wholesale registration form and pricing control. Browse different levels of multi-user role function, you can not only create multiple wholesale roles for your users, but also define discounts for each role, supporting simple and variable products. By using Wholesale For Woocommerce extension, you can boost process for B2B, B2C, and retails customers
#2 Consider Better LEI Option ( Licenses, Entities, And Insurance)
Before starting any business, consult with lawyers, accountants, and insurance agents, and find out what types of legal business strategies you should adopt to protect yourself. Ask three questions for better understanding of your company’s legal status.
Do you need to create a limited liability company?
Do you require product liability insurance (if you sell any products, you may need it)?
Does your state require you to register a company name and obtain a business license?
Answers to these questions will ultimately lead you towards the better policy and legacy of your business.
#3 Drop Shipping and Product Inventory
Next, you need to choose whether you need to work with the Drop Shipping company that ships the products directly to the consumers after receiving the order or whether you prefer to buy inventory instantly from the manufacturer at wholesale prices. Stock products and then ship products/orders directly to your customers. Each of these decisions has aces and ploys, and many times you need to combine some delivery and some items to keep inventory. You will need to store your product inventory at home or in leased space.
#4 Big Commerce Drop Shipping Companies
Find a great place for direct shipping of products. For products you have in stock and will ship directly from your location, you need to buy shipping boxes, packaging tape, shipping labels, scales, , FedEx, USPS or an account on UPS. Again, you need to keep track of all these expenses and costs to understand how much money you make from each item.
#5 Return Policy
A firm return policy is a necessary condition for any online store. A clear return policy is beneficial to your team and essential to gaining the trust of customers. For example, if a customer returns an order, do you still reimburse the shipping cost? Will they get a full refund, or will they charge you a “restock” fee? In addition, please consider whether you can resell the product after returning it. For example, many manufacturers ship sealed boxes, so reselling these items is difficult because customers often open and break the seal and damage the product box. You may need to sell these returned items as “out of the box” at a discounted price.
#6 Credit card processing
One of the expenses of doing e-commerce is credit card processing costs. Fortunately, in the past 15years, collecting money online has been more accessible than ever. Big giants like PayPal, Apple Pay, Amazon Pay, Square, Stripe, and other e-commerce methods such as WooCommerce (a WordPress plugin) and Shopify make it perfect for including an “add to cart” button and credit card processing on the site.
You want to add the cost of credit card transaction fees to the spreadsheet for each product as the cost of each item you sell. Most credit card processing companies charge transaction fees and then set a certain percentage of the cost of the goods sold. Find the best rates and credit card/shopping cart processing tools that are easiest to integrate with your website.
Building your own e-commerce business is both exciting and challenging. Soon, you will learn a lot about choosing products, evaluating their feasibility, figuring out how to produce them, creating e-commerce stores, and marketing and selling to new customers. This process may seem like solving a complex problem, but it is still beneficial. We hope that following this resource summary will help provide you with a more precise roadmap. As always, the best information anyone can give is to start and have fun along the way.