It’s no secret that there’s been an increasing shift towards digital buying, which COVID-19 helped further speed up. So if you want to digitize your brick-and-mortar, learn how to open an online store.
Taking it to the Web: Should you do it?
Why do consumers like to shop online? Convenience. If you dabble in the art of online shopping, you know how convenient it can be to place orders whenever and wherever you want.
And if you’ve been keeping up with the latest shopping trends, you know that the predictions are that e-commerce sales will be around $4.5 trillion in 2021.
One consumer report found that online shopping is a rising trend because shoppers can:
Shop 24/7 Compare prices Find better prices Save time Avoid crowds
But before you add an e-commerce store or completely convert your brick-and-mortar to an online platform, there are some things to keep in mind.
You should expect to get a lot of abandoned shopping carts if you open up an online store. One study found that as many as 69% of shopping carts are abandoned. That means nearly three-quarters of selected purchases won’t make it over the finish line.
And if you think you’ll get, say, at least half of website visitors to make an online purchase right then and there, you might be in for a shock. Only 2.86% of e-commerce visits convert into a purchase. Yes—only 2.86%! Which, if you’re getting thousands of visits a month, can turn out to be a good amount. However, understanding that conversions might be low now can help cut out any surprises later on.
Not to mention, opening and managing an online store isn’t free. You must set up and pay for an e-commerce platform so you can process transactions. But if you already have inventory and a website, you can cut down on the costs you need to open an online store.
Long story short, you might consider learning how to open an online shop if you can:
Manage your expectations Spend time opening and operating your online store Foot the bill for an e-commerce platform How to open an online store in 8 basic steps
Ready to learn how to open an online store step by step? Use these eight tips to get started. And depending on the e-commerce platform you choose, you might be able to cut out some of these steps.
1. Get to work on your budget
Adding an online store to business is going to impact your budget. You can expect to increase your expenses and—hopefully—increase profits.
If you haven’t created your business budget for the year, you can simply start from scratch, taking your new online store into account. And if you already planned your brick-and-mortar’s budget, make some tweaks based on your e-commerce expense and income projections.
Set aside room in your budget for expenses, such as:
E-commerce platform Increased marketing spend Merchant account Professional product photos Sales tax software Increased inventory levels
Before you get stressed out about the additional expenses, remember that you should also expect an increase in profits. Begin marketing your online store addition to your current customers to help drive interest and increase income.
2. Figure out what you’ll sell online
Do you plan on selling everything you sell inContinue reading