The world of e-commerce is a fast-paced industry that is constantly changing. Traditionally, the focus has been on customers viewing merchandise in person, going hands-on with the items, and trying them on.
It’s understandable for a business owner in this field to wonder how much money can be made with an e-commerce website.
According to the market research, it can be safely said that online stores’ sales will see a healthy curve in the coming years. Sectors like fashion, technology, FMCG, pharma, sports etc. have contributed immensely to e-commerce’ success in the recent few years. And, this will continue to be so.
The answer to this question of how much money can be made will depend on several factors. These are dependent on the particular business model you have in place.
However, the more important question may be, how long can an e-commerce survive?
First few things that you need to understand before launching an online store is that you are setting up your e-commerce website for success.
If you aim for higher, you will be able to see the breakeven margin or the profits. BUT, if you think that your e-commerce website is just to support you as a second earning source, then you would probably just keep it struggling to survive.
Businesses where owners have shown tremendous focus and hard work, it has always worked.
Your company’s success as an e-commerce website relies heavily on your launch and continuing operations.
You can improve your chances of e-commerce success tremendously by following these steps:
1. Conduct your market research.
This is a no-brainer, whether operating online or offline. Be sure that there is a strong market for your product before even beginning to invest resources into your online presence.
Test the market and make any necessary tweaks to your product before putting time and money into trying to launch your site.
2. Drive traffic to your site.
It’s absolutely crucial that you don’t sit back and wait for the traffic to come to you. Any successful commercial website must be optimized for both customers and search engines, be full of rich and engaging content, and use appropriate social media channels to interact organically with customers.
3. Have a strong foundation.
Before launch, you should have processes in place to streamline much of your operations. Your model should be as organized and automated as possible, and of course, should have the clear ability to turn a profit.
4. Budget wisely.
A major killer of online businesses is a poor allocation of funds. Make sure that your business plan is sustainable in the long term and that you have allocated plenty of resources to market research and development.
Funds for your operations, website management, employee salary, workspaces, etc. should all be efficiently managed to get the best profits.
5. Get customer feedback.
This concept applies just as it would with a brick and mortar shop, except your online feedback be almost instantaneous.
Above all the important things to focus on when launching, listen to your customers!
They will provide you with ideas that you and your team may have never thought of, and without them, your cause is lost.
Once you’re on board with these steps, you’ll want to find the very best e-commerce platform to make your launch as smooth as possible. Reaping the most profits from their online store is the dream of many.
However, it is only with the use of necessary steps that one reaches that spot.
Now, which platform to choose for your e-commerce store? See, every platform has some of the other unique features, however, my favorite ones are Shopify, Bigcommerce, Volusion, and Magento. Let’s have a look at the later one.
How to Increase website sales with Magento?
Whether you are launching an eCommerce website for the first time or looking to switch your site to a new platform, nothing out there beats Magento.
Among the features, what Magento can do for your sales are:
- Collecting and organizing customer information for your marketing needs
- Complete control over all your eCommerce stores from a single administrative panel
- Search engine optimization to ensure your site ranks highly in Google and other search results
- Complete access to easy-to-use site management tools
As a business owner, you’ve made a wise decision by either starting or improving upon your company’s online sales.
Once you’ve conducted your market research and are confident in your business plan, you’re ready to start developing successful eCommerce launch.