The U.S. eCommerce market generated $767.7 billion in 2021 and is predicted to grow year on year. As consumers embrace online shopping, eCommerce presents an exciting and lucrative opportunity for entrepreneurs and business owners. If you want to capitalize on the increasing popularity of shopping online, take a look at these five things every eCommerce startup needs:
1. A User-Friendly Website
A website is essential for eCommerce companies but delivering a great user experience (UX) is just as important. Your site should provide users with the information they need, entice consumers to engage with your brand, and incentivize them to make return visits. To achieve this, you’ll need standout web design and optimal functionality, so don’t hesitate to invest time and capital to create a winning site.
2. Secure Payment Facilities
Cybersecurity is a top priority for today’s consumers, and you’ll undoubtedly see your bounce rate increase if you don’t provide secure payment facilities. However, improving customer acquisition isn’t the only benefit associated with enhancing your online payment options. When you use ACH payment solutions from Yodlee, for example, you can carry out real-time account verification checks, mitigate risk, and protect your business, as well as gain your customer’s confidence.
3. Reliable Suppliers
When you’re selling products online, having access to reliable suppliers is critical to your success. Whether you’re dispatching goods yourself or relying on a dropshipping service, you’ll need to ensure that you have reasonable reserves of stock to meet customer demand. It can take time to find the right supplier to partner with, so be sure to scour the market and find supply companies that offer reasonable prices and reliable service.
4. Inventory Management Strategy
Managing your inventory well will mean that your site is always up to date, but it will also reduce order issues and enable you to deliver enhanced customer service. Knowing which products are available and in stock will allow you to implement sales strategies to boost revenue and maximize warehouse space, for example. Most eCommerce firms use specialist software to manage their inventory, and combining this with website updates will streamline data management and online updates too.
5. Regulatory Awareness
All businesses are subject to some form of regulation, and the eCommerce industry is no different in this respect. Before you start trading, it’s vital to review the legislation and regulations that will apply to your business and ensure that you’re not violating any of the rules. Similarly, if you plan to sell goods online to customers in overseas locations, be sure to check the relevant laws and guidelines in your respective jurisdictions.
Are You Ready to Launch an eCommerce Business?
Starting any type of business requires a significant amount of preparation but drafting your business plan, researching the market, and building your brand will give you an opportunity to hone your skills. By the time you’re ready to make your first sale, the knowledge and experience you’ll have gained will only serve to enhance your abilities as an eCommerce entrepreneur!