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The e-commerce industry has seen significant growth in recent years, driven by advancements in technology and the increasing adoption of online shopping by consumers. According to Statista, global e-commerce sales are projected to reach $8.1 trillion by 2026. In the U.S. alone, e-commerce sales reached $794 billion in 2022, accounting for 16% of total retail sales.
Additionally, mobile commerce (m-commerce) has also seen significant growth. In 2023, m-commerce sales are expected to reach up to $477.5 billion.
There are also many different product categories that are seeing growth in e-commerce. For example, the fashion and beauty industry has been one of the fastest-growing e-commerce categories, with online sales expected to reach $194 billion by 2023.
The COVID-19 pandemic has also accelerated the adoption of e-commerce, as consumers have been forced to shop online due to lockdowns and physical store closures. According to a report by McKinsey, e-commerce sector increased by 5-10 years in just 3 months during the pandemic.
Overall, the e-commerce industry is expected to continue to grow in the coming years, driven by advancements in technology, increasing consumer adoption, and the ongoing trend towards online shopping.
Setting an online store can be a great way to sell products or services and reach a wider audience. However, it can also be a daunting task to set up and manage. Here are some ways to help you get started.
09 ways to start selling products or services on your online store:
- Identify your target market: Before you start building your store, it's important to know who your target market is and what they are looking for. This will help you choose the right products or services to sell and market them effectively.
- Choose a platform: There are many e-commerce platforms available, such as Shopify, BigCommerce, and WooCommerce. Each one has its own set of features, so it's important to choose the one that best fits your needs.
- Register your business: Once you have chosen a platform, you will need to register your business and set up your store. This includes creating a business name, getting a tax ID number, and setting up a payment gateway.
- Design your store: Your store's design is important as it's the first thing your customers will see. Make sure it's easy to navigate, visually pleasing, and represents your brand.
- Add products or services: Once your store is set up, you can start adding products or services. Be sure to include high-quality images, detailed descriptions, and accurate pricing information.
- Optimize for SEO: Search engine optimization (SEO) is the process of improving your store's visibility on search engines like Google. Make sure you're using relevant keywords in your product titles and descriptions and that your store is mobile-friendly.
- Set up shipping and payment: Once you've added your products, you'll need to set up shipping and payment options. Choose a shipping carrier and set up shipping rates based on weight or destination. You may also need to select a payment gateway, like as PayPal.
- Start marketing your store: Now that your store is set up, it's time to start promoting it. Use social media, email marketing, and other online marketing techniques to drive traffic to your store.
- Analyze and optimize: Once your store is up and running, it's important to track your store's performance and make adjustments as needed. Use analytics tools like Google Analytics to track your sales and customer behavior.
Starting an online store can be a lot of work, but it can also be very rewarding. By following this process, you will be well on your way to making a successful online store.
Why is it easier now to create an online store than before?
There are several reasons why it's easier now to start an online store than it was before:
- E-commerce platforms: There are now many e-commerce platforms available, such as Shopify, BigCommerce, and WooCommerce, that make it easy to set up and manage an online store. These platforms offer a wide range of features, such as customizable templates, inventory management, and payment processing, that make it easy for even someone with little technical expertise to set up an online store.
- Lower costs: The cost of setting up an online store has also dropped significantly in recent years. Many e-commerce platforms offer a free or low-cost basic plan, and hosting and domain registration costs have also become more affordable.
- Online marketplaces: Online marketplaces like Amazon, Etsy, and Ebay have made it easier for small and medium-sized businesses to sell their products online by providing them with a ready-made customer base and handling logistics like warehousing, shipping, and payments.
- Mobile-friendly design: The rise of smartphones and mobile devices has made it easier for customers to shop online, and many e-commerce platforms now offer mobile-friendly designs and responsive templates, making it easier for customers to browse and purchase products on their mobile devices.
- Ease of payment: With the rise of mobile payments and digital wallets, it's now easier for customers to make payments online, reducing the friction of online shopping, and increasing the conversion rate.
- Advances in logistics and shipping: Advances in technology and automation have made it easier to track and manage shipping, making it easier for small businesses to offer fast and reliable delivery to customers.
All these factors have contributed to making it easier for businesses to start an online store and reach a wider audience, increasing the chances of success.
There are also people nowadays who are interested in selling online but not with the hassle of storage and shipping of the products, so here are some tips for:
How to create an online store without inventory?
First of all, the people can select the type of products which do not need inventory. The first and the foremost choice are print on demand products like books, mugs, t-shirts, etc. Second are digital products and services. These types of products do not need any storage or inventory.
If some other products who need logistics are chosen. Third party logistic companies can be outsourced for flexibility.
Dropshipping is also an excellent method to start an online store without inventory.
An eCommerce development company like Lucent Innovation can also help you in various ways when creating your online store. Here are a few examples:
- Custom development: We can create a custom e-commerce platform tailored to your specific needs, ensuring that your store is unique and stands out from the competition. There are various best free eCommerce website builders in the market too.
- Design and branding: Online store builders can help you with the design and branding of your store, ensuring that it is visually appealing and represents your brand.
- Integration: We can integrate your store with other tools and platforms, such as payment gateways, shipping providers, and analytics tools, to make it more efficient.
- Security: Lucent Innovation can ensure that your store is secure, protecting both you and your customers from potential security threats.
- Optimization: We can help you optimize your store for search engines and improve its loading speed, making it more accessible to customers.
- Maintenance and support: A web development company can provide ongoing maintenance and support to ensure that your store runs smoothly and any issues are resolved quickly.
- Marketing: Lucent Innovation can help you with marketing your store, such as creating ads, landing pages, email campaigns and analytics to track the performance of your store. By working with an eCommerce development company like Lucent Innovation, merchants can save time and effort by leaving the technical aspects of building an online store to the experts. We can also provide valuable insight and guidance to help make the most of the online store.
Also read: How do store credit programs add value to your customer’s buying experience?