How to Launch a Profitable Online Store

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If you’re reading this, the chances are that you want to try your luck in ecommerce. However, you’re not the only one seeing potential in this niche. Studies estimate that the ecommerce market will keep rising and reach $27 trillion by 2020.  So, how to launch an authentic online store and survive in such a competitive landscape?

How to Launch a Profitable Online Store
Photo by Štefan Štefančík on Unsplash

Let’s see.

1.     It’s All about Inventory

Inventory is the nerve center of any ecommerce business. This is why you need to get it right. First, you need to decide what products to sell. Would you like to design them on your own or source the ones made by other manufacturers? Second, you need to determine how you will manage your inventory. Will you store it somewhere or go with dropshipping? Finally, look for the right supplier by attending trade shows or checking out online directories and trade group sites.

2.     Do your Research

Now that you’ve decided what products to sell, you need to ask yourself why people should buy them. In other words, you need to conduct a thorough retail market research. Gather data on your niche, create buyer personas, and spy on your competitors to determine what their strengths and weaknesses are. This will help you deliver a personalized approach, avoid the most common mistakes your competition makes, and, therefore, gain a competitive edge.

3.     Give your Site a Boost

The next stop in your ecommerce journey is creating a killer website and optimizing to boost user experience. Here are several most important steps you need to take.

Choose a domain name

Go with a domain name that makes sense for your brand. Make it short, easy to remember, and authentic. If you’re struggling to find the right one, you can always consult domain naming tools like HostGator or Bluehost.

Select the right ecommerce platform

There are two most common types of ecommerce platforms. Self-hosted platforms help you use advanced features and personalize the feel of your store. On the other hand, hosted platforms take care of your hosting and server maintenance for you, which makes them a perfect solution for non-technical users.

Optimize your UX design

User experience is critical for your conversion rates. According to web design experts at Quikclicks, to deliver an outstanding shopping experience and boost conversion rates, you need to pay attention to a wide range of UX design elements, including:

  • page load speed
  • simple navigation
  • visible shopping carts
  • product filter options
  • cross-browser compatibility
  • the omnichannel shopping experience
  • an easy-to-locate search bar
  • visually appealing design and uncluttered pages
  • a simple and safe checkout process

4.     Market your Ecommerce

Once you find the best ecommerce platform and built a perfectly optimized website, it’s time to promote your online store through numerous channels. Here is how.

SEO

Even though digital marketing trends have significantly changed over the past few years, search engines have remained the main source of website traffic. Namely, researchers show that 93% of online experiences begin with a search engine. So, to drive better website traffic and increase conversion rates, you need to boost your rankings in the SERP. That’s exactly when SEO shines. There are five pillars of every successful SEO strategy- keyword research, on-page SEO, technical SEO, content marketing, and link building. To give your Google ranking a boost, you need to pay special attention to each of these elements.

Social media marketing

Once you create relevant content, you need to promote it via social networks. Do a bit of research on your competitors to figure out what media they use and see where you can find your target audience. For instance, with over a billion monthly users, Facebook will help you build an extensive online community.  It has numerous features essential for ecommerce sites, like CTA buttons and links, chatbots, and carousels. Additionally, Twitter, Pinterest, and Instagram may also be valuable assets for your website promotion.

Email marketing

Even though social networks are awesome, the visibility of your content there is managed by their algorithms. So, if a social network decides to change the way it displays your posts, this might heavily affect your visibility. That’s why it’s always good to have some additional marketing tactics, such as email marketing. By getting your users to sign up for your emails, you will be able to inform them about your new website features and blog updates, as well as send them the links to the specific landing pages. Just make sure that your emails aren’t spammy.

5.     Measure your Site’s Performance

Now, we’re approaching our final station for today- assessing your online business’ performance. So, how do you carry out this analysis? Logically, by choosing the right digital marketing tools and estimating numerous metrics, such as site traffic, conversion rates, the bounce rate, cost per acquisition, and average order value. This will help you determine what works and what not and make the adjustments necessary.

To Wrap it Up

With the right tips to back you, you will not only manage to launch a profitable ecommerce site but also drive more traffic to it and boost customer conversions. Hopefully, the steps listed above will help you do so.


My name is Alex Williams. I am a journalism graduate and a rookie blogger trying to find my luck. Blogs are the perfect opportunity for presenting yourself to a wider audience, getting the chance to showcase my expertise and receiving recognition. I am a regular contributor to Bizzmark Blog.

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How to Launch a Profitable Online Store

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