Is It Still Possible to Build a Profitable Ecommerce Store Online?
Absolutely!
But read on, because there are some key strategies you’ll want to know
Starting an ecommerce business is an attractive way to earn money in today’s digital age. According to Ryan BeMiller, CEO of shopping cart review site ShoppingSignals, “Ecommerce is a fast-growing industry and is still growing at double-digit rates.” But with so many ecommerce stores already, is it still possible to build a profitable ecommerce store?
Is it still possible or are there too many ecommerce stores already? Is the space too crowded?
With over 24 million ecommerce websites globally, it’s understandable to wonder if the market is oversaturated. However, with more people shopping online than ever before, there is still plenty of room for new profitable ecommerce stores. It’s crucial to choose a specific niche to target and learn how to find your customers online, so you can communicate with them and convince them of your value. Also important is to differentiate your store from competitors – by offering unique products, excellent customer service, and smart marketing strategies.
What you can do: Research your market thoroughly and find a specific niche that you can target. Differentiate yourself from competitors by offering unique products, excellent customer service, and using solid marketing strategies.
What kind of ecommerce store is easiest to make profitable?
While eBay is a popular platform for starting an ecommerce store, there are many other opportunities to build a profitable online business. It’s essential to choose an ecommerce store that aligns with your skills and interests. Platforms like Amazon and Etsy cater to specific niches, while Shopify offers a more customizable approach to building an ecommerce website.
What you can do: Choose an ecommerce store that aligns with your skills and interests. Consider platforms like Amazon and Etsy for specific niches or Shopify for a more customizable approach.
Do I need a standalone website if I’m selling on eBay, Amazon or Etsy?
You do not! This is a major bonus to selling on those platforms. They allow you to post all your products and product categories and Terms of Service and give users a way to contact you, etc. You won’t have to build an external store, like a Shopify store or a WordPress WooCommerce store, etc.
Of course those three platforms take a percentage of your sale, which is the tradeoff. Selling on your own stand-alone website allows you to keep more of the profit – BUT – you’ll be responsible for driving the traffic to your website, which is hard work. There’s always a trade off!
How do I choose an ecommerce platform?
Choosing an ecommerce platform is a critical decision when building your online store. Factors to consider include ease of use, payment options, fees, and customization options. Shopify is a popular choice among ecommerce store owners due to its ease of use and extensive customization options. Amazon and Etsy are also popular choices, but they come with more restrictive selling guidelines and fees.
What you can do: Research ecommerce platforms thoroughly and consider factors such as ease of use, payment options, fees, and customization options. Shopify is a popular choice among ecommerce store owners due to its ease of use and extensive customization options.
How much time should I expect to work on my new ecommerce store each week to get it functioning and profitable?
The amount of time you should expect to work on your ecommerce store depends on the size of your store, the complexity of your products, and your marketing strategy. In the beginning, it’s common to spend 20-30 hours per week on your store, but as it grows and becomes more profitable, you can scale back your time.
What you can do: Be prepared to spend at least 20-30 hours per week in the beginning, but aim to scale back as your store grows and becomes more profitable.
Do I need a lot of special skills to run a profitable ecommerce store? If so, what are they?
While it helps to have a background in business or marketing, you don’t need to be an expert in either to run a profitable ecommerce store. However, skills like social media marketing, content creation, customer service, and basic accounting will be beneficial in building and growing your ecommerce store.
What you can do: Develop skills in social media marketing, content creation, customer service, and basic accounting to help build and grow your ecommerce store.
Do I need to be a computer whiz to sell online?
You don’t need to be a computer whiz to sell online, but you should be comfortable with technology and willing to learn. Most ecommerce platforms are user-friendly and don’t require a lot of technical knowledge to set up and maintain.
If you’re not familiar with ecommerce or online selling, take the time to learn the basics, such as how to set up an online store, manage inventory, and process orders. There are many resources available to help you get started, including online courses, tutorials, and support forums.
Remember, the more you know about ecommerce and online selling, the easier it will be to run a successful online business.
Next steps you can take: Familiarize yourself with ecommerce basics by taking an online course, reading tutorials, and seeking out support forums.
What are the 6 most important steps I should take now to begin selling online or building an ecommerce store?
If you’re ready to start building your profitable ecommerce store, here are six steps to get you started:
1. Choose Your Niche and Your Products or Services
First things first, choose a niche for your store. It’s important to choose a niche that you’re passionate about and knowledgeable in, but also has potential for profitability. Conduct market research to see what products are currently in demand and which have low competition. You can use tools like Google Trends, Amazon Best Sellers, and social media to help you identify a profitable niche.
2. Define Your Target Market and Customer
Once you’ve chosen your niche, it’s important to define your target market. Who are your ideal customers? What are their pain points, and how can your products or services help solve their problems? Defining your target market will help you tailor your marketing messages and product offerings to appeal to the right people.
3. Choose Your Ecommerce Platform
Choosing the right ecommerce platform is crucial to the success of your online store. You want a platform that is easy to use, offers the features and functionality you need, and is scalable as your business grows. Shopify is a popular choice, but you can also consider other platforms like WooCommerce, BigCommerce, and Magento. Also, remember, Etsy, eBay and Amazon are choices that don’t require a stand-alone website.
4. Design Your Online Store
Once you’ve chosen your ecommerce platform, it’s time to design your online store. Your store should have a clean, professional design that’s easy to navigate and visually appealing. You may need help with this step!
Use high-quality product images, and make sure your site is optimized for fast load times and mobile devices. Don’t forget to include all the necessary pages, such as an About Us page, Contact Us page, and Return Policy page.
5. Build, Upload Your Product Catalog
Your product catalog is the heart of your ecommerce store. Build out your product offerings by selecting items that are both profitable and fit within your niche. Take high-quality photos and write detailed product descriptions that highlight the benefits of your products. Make sure your prices are competitive, but also allow for a healthy profit margin.
6. Launch and Market Your Store
Finally, it’s time to launch and market your store. Use social media, content marketing, and paid advertising to reach your target market and drive traffic to your store. Don’t forget to optimize your site for search engines by using relevant keywords, creating high-quality content, and building backlinks to your site.
Wrapping It Up
So, so, so… building a profitable ecommerce store is definitely still possible in today’s crowded marketplace. With the right niche, target market, ecommerce platform, design, product catalog, and marketing strategy, you can create a successful online business. Just remember to stay focused, be persistent, and continue to learn and adapt as you grow your store.
This is a path and a journey. It doesn’t happen overnight, but if you learn and stick with it, and keep learning, you’ll figure it out!