Statista estimates that e-commerce sales accounted for 14.1% of all retail transactions in 2019. This upward trend is unlikely to reverse soon as COVID-19 transforms our global economy. According to some estimates, over 95% of all sales will be made online by 2040. If you don’t have an online store, you’re missing out on a huge opportunity to grow your business.
Enriching your existing site with an online store may be easier than you think. The specific steps will vary depending on your products and tools, but here are some general guidelines for creating an online store:
- Choose an ecommerce platform based on your CMS
- Gather inventory data for ecommerce
- Determine the billing processes and policies for ecommerce
- Determine shipping options for online store purchases
- Promote your e-store
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Choose an ecommerce platform based on your CMS
Before you can start selling online, you must first decide which ecommerce platform best suits your needs. This may depend on your current content management system (CMS).
Whilst WordPress has easy integration with plugins like WooCommerce, Squarespace and Wix have limited integration but come pre-loaded with powerful ecommerce tools. If you want to completely revamp your website, consider moving it to an ecommerce-focused CMS like Shopify or Square.
Regardless of which option you choose, you should focus on creating a mobile-friendly online store. Customers shop on smartphones more than PCs, so an online store that doesn’t cater to their needs is only doing half the job.
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Gather inventory data for ecommerce
You probably already have a system for managing your inventory. Because your customers won’t be able to physically touch the items you sell online, you’ll need to develop some extra assets before you can accept online orders.
Along with the SKU and quantity, you’ll need to describe the item’s materials, dimensions, and care instructions. They not only help customers make purchases, but they can also help your website’s SEO. Include relevant keywords in the description.
Take multiple photos of each item to give your customers a clear picture. Include all appropriate angles and details that may be missed in full-product shots. Photos or videos of your product in use can help customers distinguish your product from competitors.
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Determine the billing processes and policies for ecommerce
In-store transactions require less preparation, but most ecommerce platforms require your business details before processing payments on your behalf. This includes your business’s banking and routing information, as well as your sales tax permit. From there, you can enter inventory pricing and consider promotional codes. Your in-store prices and promotions may be identical, but it may benefit your online profit margin by advertising special promotions to drive traffic to your online store.
Depending on the product, you may need to research international/state sales restrictions and tax requirements. Your company may have a home office in Tennessee, a warehouse in Georgia, and a customer in Virginia. By having nexus (legitimate business presence) in each state, you are subject to their tax obligations. Alaska, Delaware, Montana, New Hampshire, and Oregon do not collect sales tax, but they may have restrictions on what you can ship to customers there.
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Determine shipping options for online store purchases
Another set of questions about your online store: how will you ship your goods? If your items are uniform in size or weight, flat rate shipping may be more economical. If not, weight-based shipping may be more cost-effective and convenient for both parties. A 2019 study found that 68 percent of consumers didn’t complete their purchase if free shipping wasn’t available.
Whatever shipping options you offer your customers, you’ll need to choose the best shipping carrier for your needs. UPS, USPS, and FedEx are popular domestic and international carriers. Shipping speed is important to some carriers, while others may offer lower costs or more flexibility.
You’ll also need to budget for the type and quantity of shipping materials you’ll need to ensure your customers’ orders arrive safely. If you’re shipping fragile items, don’t forget bubble wrap or packing peanuts. If you have odd-shaped items, you may need to find containers with custom dimensions. You can even brand your shipping materials for a truly unique touch.
Pick-up or same-day delivery options also attract local customers. Local pick-up and delivery adds a new level of convenience without adding a significant cost to your shopping experience.
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Promote your e-store
You should have a fully functional ecommerce website once you’ve identified your ecommerce platform, gathered your inventory, determined your billing processes, and chosen your shipping options. It’s time to globalize your online store!
A dedicated social media or email marketing campaign is a good place to start. You can use these channels to inform current customers about your new online store and to attract new customers from other areas. Consider setting up a Google Merchant account and connecting your inventory so users can find your products in their search results.
You’ll also want to capitalize on existing site and store traffic. Your CMS may allow you to create a pop-up banner, or you can find a plugin that will direct site visitors to your new online store. You could also use low-cost printing to promote your ecommerce options to in-store customers.
In Conclusion
While ecommerce may appear daunting, it will likely boost your existing business model’s success. You will not only increase your sales volume and revenue, but also open up new marketing and advertising opportunities beyond your physical location. You’ll be able to reach new customers globally and avoid being left behind as the retail industry shifts to online sales.