secrets to e-commerce success

11 SECRETSTo E-commerce Business

Success

Over the past 10 years,

e-commerce sales in the U.S. have

grown at an average annual

rate of 13%, reaching over $281 billion in

annual revenues.

Low start-up costs have facilitated strong growth, with the number of

ecommerce sites anticipated to rise 18.4% per year in the coming years.

Below are the 11 key steps to start a

successful e-commerce business.

Need Help with your E-commerce Business

Plan?

Product SelectionChoosing the right products to sell online can have a huge impact on whether or not your e-commerce website is successful. Factors that need to be considered include:• Market Size• Price Point • Margins• Local Availability• Shipping Size/Cost

Have a (Business) Plan

A business plan will be your road map that helps bring your ideas

and thoughts together. A business plan is vital so that you can determine how to best move forward and most effectively

compete.

Setting up the BusinessTo set-up your business, you will need to complete the following tasks: Select the business

structure- sole proprietor, LLC, Corporation or partnership

Register your business with the IRS and Secretary of State.

Obtain an Employer Identification Number (EIN)

Open a business bank account and file your business taxes.

Secure the DomainIdeally, you’ll get your

business name as your domain name, but if it’s not available, choose a URL that’s easy to say

and spell, and relates to your business.

Design an Easy-to-Use Website

The design of your e-commerce site may be the biggest business

expense you have. You want to ensure that it’s

not only visually appealing, but also

functional. Remember to keep it simple.

Identify VendorsYou must find the best quality and best prices for

the products you sell or materials you use to create your products, and negotiate the best prices

and terms with your vendors.

Choose an e-commerce platform

The e-commerce platform manages all the aspects of the website’s functionality, including products, categories and checkout process. Factors to consider when selecting your platform include:• Number of SKUs• Payment methods desired• Self-hosted or third-party hosted

Your website is your online storefront, so make it customer-

friendly. Write captivating product

descriptions, shoot beautiful product photography, and

optimize this content.

Build Your Store

Stock your InventoryMake sure you have enough product to launch.

It’s better to have too much inventory than not enough. Pay attention to how your sales increase so you can be smart with future orders.

Have a plan to get traffic to your site in a very direct way. Utilize Search Engine Optimization efforts and back links to drive traffic to your site. Other effective tactics include:• Email marketing• Social media• Search Engine Marketing• Testimonials and referrals

Drive Traffic

Metrics are used to drive improvements and help businesses focus on what’s important. It’s important to identify your Key Performance Indicators (KPIs). Some key e-commerce KPIs include:• Cost Per Customer Acquisition • Average Order Value• Conversion Rate• Bounce Rate• Shopping Cart Abandonment Rate• Website Traffic• Gross Profit per Sale• Customer Lifetime Value

Tracking Your Metrics

Key Steps to Starting an E-Commerce Site1. Product Selection2. Create a Business Plan3. Setting up the Business4. Secure the Domain Name and Website5. Design an easy-to-use website6. Identify Vendors7. Choose an E-commerce Platform8. Build Your Store9. Stock Your Inventory10.Drive Traffic11.Track Your Metrics

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plans to grow their organizations.

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