A Roadmap for Creating a Successful E-Commerce Store
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E-commerce is the new trend, the new reality of the world connected via internet.
After Covid-19 pandemic interrupted our day-to-day routine, people all over the world were saved by thousands of different kinds of e-commerce stores catering to each and every kind of needs of customers from personal to social. This pandemic has reflected the ever growing need for e-commerce stores.
As per one estimate, e-commerce will make up 22% of global retail sales by 2023, that’s something big and exciting!
The inclination of customers towards e-commerce stores is a result of comfort, convenience and choices it provides hence it would be wise to assume that this trend is only going to upscale with time. For someone, who is looking to start a new business, an e-commerce is a wise and the most optimal option given the multidimensional benefits it offers.
Benefits of E-commerce store
- Imagine expanding your customer base uninterrupted by physical boundaries! E-commerce store not just offers this but much more.
- E-commerce stores are a great way to enhance profit margins as lot of middle men work and services can be eliminated.
- E-commerce stores offers diversified demand channels within a short span of time.
- E-commerce platforms are lucrative because they provide 24\7 services.
- Customized and personalized experience is what makes an e-commerce store more suitable for the audience.
- E-commerce stores are quick to pick up the current trend eliminating the risk of big loss.
Now the obvious question would be how to create a brand new e-commerce store and that too from scratch? Read on to get familiar with the working of e-commerce store with all the relevant details, resources, options. Before proceeding further, it is necessary to know what exactly is an e-commerce store?
E-Commerce Store Platforms
Stores that sell their products and services online, through digital platforms either with the help of standalone websites, or via a host are known as e-commerce store. For example, Amazon is the biggest and most famous online store. An e-commerce store can sell anything and everything from physical goods to digital downloads and services.
Before you move further in setting up an e-commerce store, it is important to know which e-commerce platform is the most suitable for ones needs. Now, there are different kinds of e-commerce platforms each with their pros and cons.
- Hosted e-commerce platform
This one is the most popular kind of e-commerce platform, which provide different kinds of tools, features, templates and options to set up your own store including payment and shipping features. However, they are not preferred for customizable stores as hosted platform have only limited features. Shopify and Big Commerce are the most well-known hosted platforms.
- Self-hosted e-commerce platform
These are the ones you go for if you are creative enough and want your customers to have first-hand personalized experience in your e-commerce store. This flexibility comes with the need to handle the technicalities of the platform. Woo Commerce and Adobe Commerce are examples of self-hosted platforms.
- Hybrid e-commerce platform
As the name suggests, they are the hybrid of hosted and self- hosted platforms offering the best features of both types. Shopify is an example of hybrid e-commerce platform.
The kind of platform to base your e-commerce store depends on the requirement of the business. For example, if you do not want to deal with complexities of technical knowledge then hosted platforms are the best choice.
Types of E-commerce Stores
After deciding the kind of e-commerce platform, you can move ahead with the kind of e-commerce store you would like to open.
Individual Brand E-commerce Stores
These are great for creating the indigenous shopping experience for customers. All the ownership from data to profits remains in your hands. These kind of stores are a great tool in establishing the brand identity. However, they demand thick human and monetary resources as well.
Online retailers sell their products directly to customers. For example, Amazon. They work on commission basis and if your business is new and is not ready to scale up, this is the most suitable option.
A third party marketplace is the quickest hassle free option to sell your products online, without having to maintain any shop. The only downside to online marketplaces is that customers do not have direct relationship with you and all the data of your customers will remain under third party marketplaces.
So, considering all points mentioned above, you can have a successful e-commerce store.