Ecommerce Business 101: How To Set-Up Your Own Shopify Store?
The Ecommerce business is booming— this is an undeniable fact, especially when we hit the year 2020 and the unexpected pandemic struck. Everyone's online and so are different businesses. We can see different products on social media and a lot of Shopify stores popping out.
It’s of no surprise that you, yourself want to venture into Shopify too, setting up your store and being an entrepreneur in the digital world.
But did you know how to start your Shopify Store? Not only how to mount in on Shopify but tracking back to its conception and planning. And the planning I'm telling here is not just about getting the right products to sell and contacting the right suppliers to work with but also how to market your store.
So do you really know how to set up our Shopify store?
Well, let me help you, my friend!
What is Shopify and a Shopify Store?
First thing’s first, let’s have a unified understanding of what a Shopify store is and what is Shopify.
Shopify is an Ecommerce platform that lets you start, grow, and manage a business by creating and customizing an online store. This is where you sell in multiple places, like on the web, on mobile, on social media, on online marketplaces, on brick-and-mortar locations, and at pop-up shops.
Here, you manage all of your products, inventory, payments, and shipping.
A Shopify store is your store on the platform!
How To Set-up a Shopify Store?
1. Look for good products to sell.
This is where you decide if you are catering to a niche market or not. Are you for trendy products or not? Are you going to sell products which you love? Are you going to sell taboo products?
You will decide what products you think will pave the way to your success.
You have to decide also here if you are going to sell solely online. Are you going to be wholesale or direct-to-the customers?
Before deciding to set up a store, of course, you need to think about what you will sell to the market.
2. Market research and preparation.
Congratulations on having a product idea, now the next concern is: will this product be good for the market you're trying to thrive in? What will be the prospective outcomes of your business?
This is the right time for you to conduct market research. It is the process of determining the prospect reaction from potential customers to a new service or product through in-depth research.
Market research allows you to get opinions and feedback from consumers about their interest in a product or service.
Through market research you'd be able to:
Know your target audience.
Who are the right people for your product? How wide are they? What is their persona? What are their demographics? What social media platforms can most of them be found?
Through knowing your target audience, you'll be able to craft your persona as a business too: how to feature yourself to the target audience to attract them.
Strategies are there to pin down the ways on how you'll reach your goals. They can be compared to a blueprint or a master plan on how you're going to effectively drive the results you wanted for your business.
Prepare your customer service.
Knowing the persona of your target audience will make you a better communicator to them. You will know how they talk, so you know what approach will be apt for them. You will know how to respond to them. So you can tailor your customer service rightly.
As they say, in every business, customers are always right. Treat them well even if they're already in rage with you.
Know the right suppliers for your business.
How to know the right suppliers is pretty tedious. The need to get to know them is important since this is how you'll know if what your selling is worth it, what your selling will click to your target audience, what will be the estimates of your shipping times, and what will be your products' shipping rates—this affects the total costs of your products.
Determining your suppliers' shipping times is pivotal. Always remember that it is you who always face the customers and will answer them if they have concerns about their products or ask for explanations why their orders are late. In dropshipping, you'll always be at the mercy of your suppliers when it comes to deliveries. So, knowing the shipping times of your suppliers will enable you to strategize the marketing of your products.
Strategize your plans which will create win-win situations between you and your customers and you and your suppliers.
3. Build your business.
Decide a name for your Shopify store and build it on the platform. This is important because this will affect your domain name, your website, and the crafting of your logo. And don't forget the fact that a good business name attracts customers so much.
Great logos, on the other hand, also entice and excite customers too. Thus, driving more prospective clients and sales for your Shopify store.
Choosing the right sales channels.
The vital aspect when choosing the right sales channel or channels for your business is knowing what are the preferences of your target markets and where to find most of your target audience. This is ensuring that your business will boom.
These are eBay, Amazon, and others which are popular indirect sales channels.
These are wholesale businesses that specialize in selling to retailers. They are not directly to consumers, since they get the incentive to sell your products for you.
These are distributors that specialize in sales overseas. The main benefit when having these is, the opportunity to gain access to new customer bases around the world.
These are individuals and companies that sell goods on behalf of other businesses. They get commissions on sales for their services.
Outsourcing the sales needs to other businesses rather than handling them in-house. This sales channel is flexible. You can choose what to specifically outsource: lead nurturing, supporting an event, or product launching.
Value Added Reseller purchase a product from your company, then enhance them to resell to customers. Examples of these are Apple or Dell—who purchase processors from Intel but alter them before selling them to their customers.
An old-fashioned approach but still effective today in targeting certain markets. Catalogs offer an attractive, tactile alternative for customers to view products. This is best for traditionally-minded buyers, especially those who can't or are not willing to visit your storefront in person.
4. Set metrics.
Though it is not recommended to set this before the onset of your Shopify store, it pays a lot more direction to pin out this one in the earliest possible way. Know how to measure the traffic to your sites. Create how to find out if your audience is engaging with your ads on social media platforms and if your ads are tapping your target audience. Create how to determine if your email marketing campaigns are working well. In the end, you will not only get the results you want but also save unnecessary costs and time consumption. Meaning, you can put more into other operations of your business.
With good metrics, you can analyze the functionality of your ads and your marketing campaigns. You'll be able to smartly crash out those which are not working well and nurture those which are.
5. Launch your Shopify store.
Finally, market your Shopify store to your target audience. After tedious planning and settings things up, it's time to finally test all your plans and feature your products to your target audience. Always remember that when launching your Shopify store, birth pains are greatly evident. You should have the perseverance and patience to conquer all of these and see worthwhile results.
Evolution is the key!
Ecommerce is a world that integrates changes fast, given the fact that it thrives mainly on the internet. The capability to evolve and adapt to its changes is essential to every entrepreneur running a Shopify store. But always remember, starting right is the best move you can make in the ecommerce world. To attain success, one should have great planning and research, reflected in various operations of the business.
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