5 Questions to Ask Yourself before Launching an eCommerce Startup
Ecommerce has witnessed the massive growth in the past few years. Accordingly, it has attracted budding entrepreneurs from around the world.
Even though there are millions of eCommerce stores around, only a few make it big. But unlike what many think, starting an eCommerce business isn’t such a daunting task. Entrepreneurs will have to especially take care of the initial rolling out phase because that’s what decides what course your online eCommerce store will take.
However, to make sure that you are putting the best foot forward, ask yourself the following 10 questions before you take your business live.
- What kind of audiences will our projects cater to?
Before you set your foot in the market, a little research about your target audience is important.
For instance, individuals between the age of 30 to 35 that drive a Bentley can be considered as a niche audience. Considering this example, understand whether you want to target your product towards a tiny, niche segment or a larger segment.
- How will we reach out to potential clients?
After you have segmented your audience, it is time to formulate a plan to reach out to them. Do you want to gather your audience instantly or do you wish to take a slow and organic process to increase your visibility?
Ask yourself whether you wish to focus on marketing the product first or you want to start by building the brand name and then increasing your interaction with the audience.
Ultimately, the tools and the strategy you use will be based on these questions. For instance, if you want to take an organic path, then you will have to focus in-depth on SEO.
- How will we measure the success of this online venture?
Now that you have a fair understanding of the kind of audience you want to target and how to reach out to them, you will have to find a way to measure your performance.
Some of the elements you can use to measure your online success include understanding sales revenue, transaction count, average ticket value (AVT), new customers, and more.
You can hire an eCommerce development company that can help you out with all these tasks. When you translate your original goals into quantifiable targets, you will easily be able to track your eCommerce progress and make the required changes.
- How will a customer pay for our product?
The process of online payment can be either very simple or extremely complex. It all depends on you.
And because there are a variety of online payment services available at your disposal, choosing a single channel can become difficult at times.
You can research about which financial payment system your audience is comfortable with. If you are opting for a custom solution, then make sure security is your number one priority.
Also, by adding the currency that your target audience generally prefers, you will be able to gain trust in your customers’ subconscious minds. Since it is the world of eCommerce, trust is everything.
- How user-friendly is our store?
First and foremost, a user-friendly website should have a quick loading time. If your website takes more than 3 seconds to load, chances are users will bounce to the competitor’s site.
Principally, a user-friendly, well-designed online store indorses effortless navigation to the audience from the start to the end.
Nowhere should a customer feel confused about what to do next. If your website’s path from purchase to payment is confusing, then your conversion rate might seriously get affected.
Ask yourself these five questions before setting out your online store and you should not face any critical problems as you go ahead.
Although very basic, this simple set of questions can have group discussions going on for hours. And while this isn’t the complete list of questions, we can say that they are pretty much the core you need to deal with.