According to research, COVID-19 pandemic-related business restrictions drove a paradigm shift toward the digital economy in the global business world. While that harmed traditional business models, it paved the way for more opportunities to increase sales through online storefronts.
In 2020, hundreds of businesses turned to e-commerce sales channels to comply with social distancing requirements. The number of online businesses increased by the most in countries like the U.S., Japan, Spain, and Brazil.
However, most online stores kept selling online after the lockdown was over.
eCommerce sales to top $7 trillion globally by 2025. So now’s the perfect moment to start an online business. This is why more entrepreneurs today are opting for setting up an online business to become a millionaire.
But is it so easy to start a million dollar online store?
All you need is a roadmap to setting up a successful online store.
How to Launch a Million-Dollar Store with Less Money and No Ideas.
Starting your ecommerce store is a thrilling adventure. But, there is a lot to overcome. For starters, you must take care of the website design of the store and the payment integration methods. Then, there are taxes and other issues like inventory management and product fulfillment. The pressure is so intense that we often see amateur business owners huffing and puffing as they work on their business plans.
Don’t worry because we have it all covered for you. Here are the most crucial steps to start a successful online store.
Also see List Of Things Needed To Start A Business In 2023 to get a better idea.
Choose a Lucrative Niche and Define Your Market
Don’t just keep thinking about how much do apps make from ads. Start an online store to generate thousands of dollars.
The first step in starting an online store is identifying a niche market. One of new business owners’ most significant mistakes is choosing the wrong products to sell. Remember, you need to select a profitable niche to see a return on your investment. Successful online store owners often recommend avoiding a product that is too expensive to produce or purchase in bulk.
We recommend you choose something that you are passionate about. That’s because it will help you stick to your store, even in harsh and challenging times.
Your target market is equally important. Make sure you research the purchasing patterns and habits of your target audience so you can sell your products to them quickly.
Select Your Product Line
It’s time to choose your product line after choosing your niche and identifying your target market. This step may be the most challenging part of opening your online store. Make sure you’re marketing a product that would be relatively inexpensive to produce.
Think of questions like:
- How will you set your product apart from your competitors if you are selling something already available on the market?
- Are there any value-added services that you can offer with your products?
Identify and Create Your Brand’s Assets
The next step is to choose your brand or business name. You will also need to develop your brand assets. For example, your logo and branding theme. This step may be very simple for some business owners while extremely difficult for others. Generally, businesses use domain name registration services to search for available domains. For example, GoDaddy.
Register Your Online Store
Online store owners need an employer identification number (EIN) for processing payments. You must register your brand as a business in your state to acquire an EIN. While you can register your business as a corporation or as a sole proprietor, you can also register as an LLC. For those who don’t know, LLC stands for Limited Liability Company.
You can consult your tax advisor to determine if setting up an LLC is the best decision for your online store. You will also get notable tax benefits. Contacting your state’s Secretary of State for more information on the registration process is important.
Decide on an E-commerce Platform
How will you promote and sell your products?
The two most common options include setting up a Shopify store or designing your online store. Many people can also run a profitable store by selling their products through third-party marketplaces like Etsy. Remember that these platforms charge a certain amount on every sale. Nonetheless, they are fantastic places for amateurs who can eventually move away from these platforms and open their stores.
However, if you want to make millions of dollars, setting up your store is the best option.
Build Your E-commerce Website
Next, decide on an E-commerce platform and register for an account. Now, start building your online store. No matter what platform you choose, here are some common steps that go into creating an online store:
- Choose an e-commerce platform of your choice and create an account.
- Select a domain name. While that comes with a plan, you may have to buy it separately.
- Choose a theme or a template.
- Add your logo and business name.
- Create your homepage and other web pages.
- Create product listings by adding your products.
- Set up a payment method.
- Configure settings, like shipping or tax calculators.
You may have to complete other steps, such as choosing the best chatbot frameworks for creating a chatbot for your online store.
Optimize Your Online Store
As soon as your online store is running, you should start optimizing it for search engines. That will help your target audience find your store easily. Do this by adding relevant keywords and phrases to your website content so it shows up on search engines like Google. Adding high quality images and video content improves the ranking of your store.
Here are a few more tips on optimizing your website.
Meta descriptions: The text that appears under the title tag in the SERPs. Use exciting and descriptive language to encourage people to click on your product pages.
Title tags: This is the text that shows on the SERPs. Your title tag must be relevant to your product or service.
Images: Don’t forget to add high-resolution and premium-quality pictures on your product pages. Make sure to add the alt text.
H tags: These tags refer to the headings on your page. Remember to keep them descriptive so they can elaborate on what the page is about.
Perform a complete on-page and off-page SEO audit of your online store. That involves taking care of broken links, adding tags and descriptions, and checking everything at the back end to improve rankings organically.
Create a Marketing Strategy
Your store has a higher chance of achieving success with a well planned marketing strategy. You can’t just rely on word-of-mouth to keep you afloat in the highly competitive e-commerce landscape.
That means you must have a marketing strategy that includes email marketing and affiliate marketing. Another proven way of getting more traffic is by creating a solid presence on social media. In addition, paid advertisements also result in a quick traffic boost.
Let’s find out about some of the most popular ways to market your online store.
- Register your store on Google My Business.
- Add your online store to online directories.
- Collaborate with influencers to promote your store.
- Invest in online advertising, such as Facebook Ads and Google Ads.
- Use content marketing so users can find your website through organic search.
- Post frequently on your social media channels to maintain user engagement.
- Come up with loyalty and referral programs.
- Explore affiliate marketing.
The highest-grossing channels for promoting an e-commerce website rely on what you’re selling. Such as, for instance, you possess a shop promoting beauty items/make-up on Instagram and Facebook can earn money. However in the case of B2B products ,online marketplaces like Alibaba and Amazon can help in driving customers to your store .
Now that I have shown you the way, we will look at some of the best eCommerce platforms available for you to launch your online retailing platform.
Best E-commerce Platforms
No doubt, Shopify takes the cake in the eCommerce world. It is the leading SaaS platform for eCommerce and has become our preferred solution.This robust platform is loaded with complementary tools and features for drop shipping and multichannel selling. Which means you can sell your products online — directly on your website, in-store, through third-party marketplaces, or even on social media. Users have the option to choose between hundred of free & paid themes and build their Store in a couple of clicks.. You can hire remote Shopify developers after checking out their portfolio. .
Pros and Cons
- Helpful customer support
- Built-in abandoned cart recovery
- Fraud analysis
- No email hosting
- Additional transaction fees
This SaaS product has a solid reputation for scalability. BigCommerce provides exceptional customer support for large accounts. There are many integrated features. Multiple layers of security ensure complete data protection. Store owners can increase their audience reach by listing their products on Facebook, Amazon, and Google Shopping. BigCommerce will import the data and reflect changes across all connected channels.
- Excellent commerce support
- No transaction fees
- Multi-channel selling
- Personalized shopping experience
- Annual sales limit
- Steep learning curve
WooCommerce, a well-known open-source e-commerce program, ranks among the most popular eCommerce platforms in the world. More than 12% of all online stores use this platform. This plugin makes it easier to integrate important online store features on your WordPress website.
Following installation and activation, you can manage your online store directly from the WordPress dashboard. Choose from an impressive selection of themes to build your store quickly with accessible customization features.
Pricing: Free, premium extensions available
- Additional eCommerce features
- A good variety of WordPress themes
- Extensive online community
- Flexible and customizable
- The learning curve is very steep
Magento is one of the best options for creating medium- to large-scale online stores. Many well-known companies trust this platform, including P&G, Nike, and Cisco. It offers extensive cross-marketing and up-selling features to help store owners provide relevant and targeted customer features.
Hire remote Magneto developers who are qualified to work on this platform because coding is an important aspect of this platform.
Pricing: Free (Magento Open Source, Custom rate (Adobe Commerce)
Pros and Cons
- Customer personalization
- A wide variety of payment processors
- Limited customer support
- Steep learning curve
Intelvue offers top-notch ecommerce development services. We make an online store for any platform you choose. Our team has a deep expertise in e-commerce. Reach out to us to discuss your online shop needs.Our team will start working immediately after finalizing the details.
How to make 1 million dollars fast?
Building your own business is the key to becoming a real one-millionaire. If people like buying almost everything they need online (which the trend tells us they do), having an online store will only increase your chances of hitting millionaire status before you hit thirty.
How Can I Order a Product to Sell Online?
Use tools like Google Adwords Keyword Planner and Google Trends to identify the market potential and best-selling items in your niche. You could also check product listings from renowned online Marketplace, such as eBay, Amazon, Alibaba, Etsy, and Walmart.
What’s the best platform for an e-commerce site?
Some of the most popular e-commerce platforms include: WooCommerce, Shopify, Magento, and BigCommerce.
What can I do to improve my ecommerce store’s visibility?
SEO is one investment that could enhance the visibility of your eCommerce store.Creating engaging and educational blog posts, articles, and guides about your industry through content marketing is also beneficial. PPC advertising, for example, Google Ads and Facebook Ads, is a further effective way to increase traffic to your store.