- 7 strategies to start your own online store.
- What is the best way to start an online store for beginners?.
- Ecommerce solutions, business tools, data analysis techniques.
- Essential tips and strategies every online store owner must and should know.
Highly Recommended Related Post – How To Start An Online Store With No Money & Without Inventory In USA & WorldWide Legally? Free Ways In 2022 [No Skill Required]
Today, thousands of online stores are running on the internet. You might be afraid to open your own online store, right? But the situation is different.
According to the most of the online marketing specialists, running your own “online store” is one of the best ideas for making money from the Internet. It gives high and instant profit. This is because you are selling your goods directly to your customers and you are receiving money from the customers as soon as the goods or the product delivered.
In America and Europe, online shopping sales contribute 40% of total sales of general items. You can see Amazon’s income for an idea of how big this market is! It’s growing exponentially!
Well, in reality, Amazon was actually losing money every year. Recently, it achieved a positive net profit, 14 years after its launch. Big losses were seen and its expenses also increased, but its stock market has been continually getting a high price for shares and its founder’s, Jeff Bezos’, net income is growing very fast. These results have been seen because Amazon increasing its customer base as well as retaining old customers with an increasing revenue per customer. This is because Amazon adopted aggressive marketing, so it is investing more money in promoting its brand. That’s the reason it lost money every year – but increasing customers without actually increasing the business’ profitability is not a bad thing for investors. Jeff Bezos’ net worth has been increasing ever since the beginning of Amazon..!
However, you shouldn’t think that your competitors are Amazon, eBay, etc. You can’t compete with those type of big companies. Here is a guide to get success with your online store without much investment and advertising…!!
NOW KEEP CALM AND READ SLOWLY.
In an online shopping market, Amazon accounts for only 5% to 7% in the world. Are you shocked? (Don’t believe that Amazon took 33% of the market share, because that was calculated for the USA only). There are thousands of online shops which are competing with one another.
For example, Alibaba, Flipkart, SnapDeal and other such Chinese & Indian companies already beat Amazon in their respective countries. So, no one can take all of the markets.
I was interested in making my own online shop. I searched a lot of stuff about online shopping businesses and I met a few online store owners. But, once I got my dream job, I dropped all my ideas. I worked in the online shopping business strategies department.
I share information very honestly. If you have any problems, doubts or you want some more information, feel free to ask us and comment on our posts. If you want to start your own online store, you can take our free guidance from our services page. The NirusBook team will guide you on how to start a business with minimum investment.
If you don’t have the money to invest, then you must read this: 6 Ways to Start an Online Store with No Money (Verified Ways)
Strategy no. #1
SELL NICHE PRODUCTS.
- My first rule is “don’t sell everything in your online store at the beginning”.
- Make a simple online shopping website and sell certain niche products.
Do you understand what I mean?
For example, websites such as Amazon, EBay, and Flipkart are selling all types of products. There is a huge number of varieties of products which are available. People can get all types of products like electronics, clothes, shoes, books, lenses, etc… But sometimes, people can’t find exactly what they want. These websites have more types of products, but within types, the variety is less. They are managing a large number of products which means that they can’t manage large varieties within a product. So, sometimes people can’t match their needs perfectly.
And so, they will buy similar products and compromise with the shopping websites. Ha-ha… Now we’ve got the idea. Are you getting my concept?
Sell only one type of product with a large number of varieties of that product. Make sure that your shopping website is special for that product only.
For example, If you want to buy a pair of sunglasses, then you might try a search on Amazon but find that there are a limited number of sunglasses, but if you go sunglasshut.com or lenskart.com you will find a large number of varieties of different shades within the sunglasses niche.
When you get a large number of varieties, you will become successful with your store. For example, they are calling their company the world’s no.1 destination for sunglasses. So, when people want to buy sunglass, they will go sunglasshut.com and not to Amazon. If people want electronics and clothes then surely they are all likely to be going to Amazon, EBay, BestBuy, etc. But we don’t want a complicated and high-risk business; we want something that will be successful and reliable instead.
Conclusion: You don’t need all the businesses. If you try to specialize in everything, it is very difficult to get success. Start with something short and sweet so that you can maintain a risk-free and clean business.
- Low Investment.
- Low risk
- Management is easy
- High market potential
- More attraction
- More profit
Strategy no. #2
MAKE A BRAND NAME.
When people want to buy sunglasses, they will remember the sunglass hut because this website is specially made for selling sunglasses. In reality, Amazon probably does stock more sunglasses, but people think that Sunglass Hut would have more sunglasses because it has branded itself as a sunglasses-specialist business.
Sunglass Hut, Lens kart etc. are concentrating on selling sunglasses only. If they were also concentrating on selling all things, they would never get success.
You need to show people what the difference is between your site and Amazon, eBay etc. If you are selling all things like Amazon, people think that you are just copying Amazon. No one would ever come to your site because Amazon gives the best service, they have more items than you have, and they will manage these products very well. People will believe Amazon and trust its reputation more than for your site.
Show people that your online store is especially for your niche’s (e.g.: sunglasses) product only. Take a related domain name for your site with brandable words.
(Latest tricks for naming your business?” – This exclusive guide is coming soon. Like us or Stay connected with us so you don’t miss out!)
For example, if I wanted to make an online store, I would sell watches. I’m interested in watches. I will take a domain name like watchbox.com. Imagine it is not available, then I would continue my domain name hunting until I find one that is relevant and available: I might try infinitewatch.xyz, shopperswatch.net, gowatch.shop, watchX.store. etc.
Don’t always think of .com, as there are many extensions out there. Recently, Google itself even rebranded as Alphabet.xyz. It is not.com – it is .xyz. Make a brand name for your website.
Tips: If your surname is popular in your area or so many people are there with your surname, then take advantage of that and turn that into your revenue. Include your surname in your company brand name. This will help as people who share your surname category will be encouraged to purchase from your site. I’m not saying all people will buy, but certainly, it will help in the beginning.
For example, if your name was John Smith, (the Smith surname is popular in the USA), you could see popular surname (America) and take advantage. You take the company name as smithwatches.us, smithwatchers.co.uk, smithwatchrocks.london, smithwatchbox.com etc.
But your brand name should be catchy words, easy to pronounce, short and stylish. It will also help you to grow your business.
For example, if I didn’t find the right watch on Amazon, then I would search for top online watch stores or I might search for different keywords related to finding watch shops that are specially made for watches only. As a customer, I would be thinking: maybe I will get the right watch from that shop. The human mind works like that. So, when I search for watches, your website result needs to come up – but first, you need to do SEO for your site. Read the next strategy for SEO.
When you are selling certain niche items, people will get attracted to your site. They share your site on social media. If you are really working honestly in this field, I’m damn sure you will meet your goals within no time at all – maybe even become a millionaire!
Conclusion: Your brand name gives you extra power.
- Brand means trustable. It creates psychological trust by people towards your company.
- Quick SMO/SEO (Search Media/Search Engine Optimization)
- Online marketing is easy.
Strategy no. #3
BUDGET AND TARGET
- Plan your budget and analyze your target
- Set your target.
You may say this is common sense. But I’m not saying that it’s common sense. I want to tell you that you should use your common sense genuinely. The target depends on your budget and vice versa. Your brand’s budget and target are like two faces of a coin. So, you need to balance your budget and target.
If you had so much money, then you could even make the whole of the USA as your market – but in my opinion, it is better to start a small business in the beginning. Get some experience in this field. Big things will always start from small things.
First, invest less, but you need to maintain the quality of the product in the minds of your customers. Nowadays, trends are changing. People are not interested in cheap products. People want good and comfortable products. Make a budget carefully and finish within your budget.
Analyze your target market. If you are selling sunglasses, then observe which type of people are frequently buying this product. Research which type of product is more searched for in the search engines. I recommend that you get data from Google trend. You should also learn to analyze using Google Analytics and Google keyword planner for the best results.
Use the Google Trends app and see which topic or products are searched for the most. With Google Analytics and Google Keyword Planner, you can see which keywords are searched most within a topic or product. Analyze how many products are selling in your targeted area. Estimate how much you can sell. After all this work done, it is easy to set your target while also balancing your budget. You should do this before starting your business. Otherwise, so many problems could happen.
If your target market is large and you don’t know how many products will sell per month or year.
You will just buy some products according to your capacity. If you have no money to buy sufficient products according to the demand of your selected area and targeted customers, then problems will come. People will come to your site. If their wanted product is not available, they will think that your site is not good and they will never return to your site. Why would they when there are so many other online stores flying on the internet. So, if you study the data, you can select the right place for your business or target the area as your capacity.
If you have sufficient money and you will buy more products without any calculation or estimation. This might be because you think all customers can get all products at any time. But what will happen, do you know?
- Sometimes, your product will not sell fast, and so you will lose your money from interest.
- You have large products. It needs to sell for a long time. During this period, sometimes technology will change. So your product will lose its role in the market and fall in value.
- Sometimes, the trends will change so your product may not be attractive to your customer.
Budget and target are important to start any business. Analyze both using the above mentioned tools. Otherwise, your business may get on the fail list. If you have no money then you should just concentrate on your local area. No need to worry. Grow your business slowly. Patience is needed for every business.
- Clean and definite business
- Low risk
- No confusion
- Clear idea
Strategy no. #4
SEO (If You Do All Strategies, Then That Is The SEO..!)
I consider this is the necessary evil. Many people think that SEO is a difficult job, but in reality, only 10% of the online businesses depend on SEO. It is the most important part of your business. It is a necessary work you need to do, even if you want to start a business in your local area.
What is SEO?
It means, to get your website links higher in search engines results like Google. It can be done by speeding up your website, backlinks & some white hat techniques which certainly help for good SEO.
For Better SEO, one thing is very important and that is the speed of the website. Your Website should load faster. If users feel that it is very slow loading pages on your website, then you will get double trouble! First of all is the decrease in sales and, secondly you will experience a decrease in SEO also..! Google always gives preference to faster-loading websites. If your website is speedy enough, they automatically Google & all search engines give more rank over slower websites. See how to make your Wix Site load super fast (7 Easy Tasks)
If your web hosting is good enough, then you no need to worry much about the speed. I recommend the following web hosting for website speed (because their servers are maintained with the latest technologies to boost your website loading speed)!
- Siteground eCommerce hosting (recommended) – $3.95/month
- Bluehost Unlimited plan
- A2 Hosting Unlimited plan
Related: How To Speed Up WordPress Website Hugely Faster Than The Normal?
I gave this simple SEO definition, but you should be aware that SEO is the toughest job for making your website. It needs high knowledge and skill. Google considers 43 major factors and more than 200 minor factors for SEO. So, we need to maintain all these things. It also considers website codes, structure, Metadata, etc. But speed, authorship, user experience, and link building are the most important factors.
SEO is a teamwork. One cannot make perfect SEO on their own. It needs the following individuals to be done right:
Link building team, Web analysts, PHP level Programmers, Designers, Online Marketing Specialist, Tool management department etc.
You can learn basic SEO within a week, but professional SEO is entirely different from basic SEO. It is also the most confusing work. But don’t worry. You just give this work to SEO companies. Search for some Indian companies, as there you will get the best deal for the cheapest price. This is because, in India, labor salary is easily 50 times lesser than for US workers!
CONCLUSION: SEO is one of the major factors for growing an online business. This work needs technically skilled people. So, give your SEO work to some companies. Get Indian companies if you want to save a lot of money and relax.
- Higher rank in search engine results.
- You will get more visitors to your website.
- This completes the main goal of the business.
Strategy no. #5
USE DDD STRATEGY. (DISPLAY, DESCRIPTION, DISCOUNTS)
Display high quality photos. Give “enlarged photo” options. Display all products in a standard manner. Observe the methods used by rival big company websites.
The description is very important. Give all of the descriptions of the product that your customers might want to know about. First, give an important feature. Then, you can give a link for the full description. List out every feature. People will see so many features and think that this is the most affordable price for this product. According to psychology, this will increase the sales rate.
If you write larger and more detailed descriptions, then Google will also give you more importance.
Discounts will sell old stocks but if you give a discount to new stock, you’ll be a millionaire. But be careful. Write one product at double rate and then post 50% discount. This is the trick. Buy products then remove the original rate (though be aware that this trick is not possible for all products). Print your own rate. Stick that stamp above the original rate.
First, you need to check whether price can be removable. Otherwise, it is risky if any customer complains.
With an Online store, displaying the product well is very important. Give all product descriptions in a systematic manner. Use discount tricks to get more sales.
- Customer Satisfaction
- More reputation
- Automatic SEO (In some sense only)
Strategy no. #6
Make payment options secure and easy.
This is not your job. Web Design Companies know all these, even though you need to be aware of these things so that the company will think that you are aware of this type of technical work. They will give more importance to your work if this is the case.
Give all types of payment options like Credit card, Debit card, Visa, internet banking, PayPal, etc. Make a separate business bank account for your company. Do all your transactions from this account so you can save some money during tax payments and also, there is no risk.
Conclusion: Payment options are also very important for e-commerce websites like online stores. Give all available payment options.
- The customer feels the payment is easy.
- Your website draws customers from other online stores whose payment systems are not as good.
Strategy no. #7
My 7th and final rule – deliver the product faster than expected. People always think that faster delivery times will mean the company is good. If you success to deliver fast, then your customer will attract at your company and again they will come to your site.
That’s why I said with my previous strategy that, if your budget is low, then don’t try to get all the business. If you try like that then you won’t get success. Concentrate on a small area so that you can deliver fast and do what you do really well!
Conclusion: Fast delivery shows company capacity.
- Company status.
- Customer satisfaction.
- Point out some niche products.
- Make an online shopping website.
- Make a brand name for your company.
- Use marketing strategies.
- SEO-Take help from companies.
- Balance budget and targets.
- Grow slowly, but perfectly. Obtain a share of the market with every step.
- Learn DDD strategies.
- Customer satisfaction is important.
- Sell products fast, get profit quickly.
NOW KEEP CALM AND START AN ONLINE STORE!
If you are interested in this idea, then you need to know all about online shopping businesses. Now, let’s assume you made an online shopping website so that you are the owner of an online shop – but now, do you know how to do business on the website? What are the tricks and how can you get more profit by sitting at home?
“Online shopping business overview for Beginners.”
This article will come soon. Stay connected! Like us on our social media so that you can get early access to our upcoming articles.
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Highly Recommended Related Post – How To Start An Online Store With No Money & Without Inventory In USA & WorldWide Legally? Free Ways In 2022 [No Skill Required]
Jack is the Co-founder of WebsitebuilderLy, a Software Engineer from Standford University, An entrepreneur with 12 years of Website Creation, Management, Marketing Automation & App Development Experience. Worked for the world’s leading companies such as Roblox, HTC, etc.
I find your blog on, “How to start an on-line store with no money or without inventory ” very interesting. I like how you explain everything step by step and break it down. It’s easy to follow and understand. I’m going to try to setup on own online store today. Although, I do have one question, it doesn’t state how I will get my profits and how do I set it up to where the profits go straight to my bank account.
Great stuff! It’s almost cover all of the topics of how to start an online business. which will helps me to start my new online store. Thank you so much.