If you’re planning on launching an e-commerce business, then let’s start with this: you’re on the right track.
That’s because according to Pew Research Center, a whopping 79% of consumers buy things online. And if you’re in the B2B space, the news is just as inspiring. Research by Frost & Sullivan projects that worldwide B2B e-commerce sales will hit $12 trillion by 2020 — up from $5.5 trillion in 2005.
However, running a successful e-commerce business isn’t a turnkey project. It’s a long-term program that requires careful planning, clear vision, and informed decision-making. To help you tick all of these critical boxes, here are five questions you need to answer before going live:
- What domain name should I choose?
Choosing a domain name shouldn’t be an afterthought — because you might end up with a virtual address that repels rather than attracts traffic. You definitely want to avoid long, clunky URLs with unfamiliar top-level domains.
- What hosting provider will I choose?
Not all hosting providers are created equal. If you’re going to start small, then it might make sense (and it’ll be cheaper) to go with shared hosting. But if you’re planning on aiming for the fences from day one and have plenty of products, then you’ll probably need a dedicated host.
- What payment options will I accept?
You want to offer a range of payment options, such as major credit cards, as well as online payment processors like PayPal. The critical thing to keep in mind here is that security is more important than variety.
- How will I handle shipping and logistics?
From putting stuff in their shopping cart to holding it in their hands, customers want everything to be seamless. Good ecommerce order fulfilment software and policies will help you meet this expectation.
- How do I drive traffic to my site?
There are multiple online, inbound, and social-marketing strategies that should be part of your playbook, and perhaps some offline strategies as well. Make sure that you have the right mix, and be prepared to adjust and optimize based on analytics.
The Bottom Line
Launching an e-commerce business can be very profitable, and the marketplace is only going to get bigger. But to reap the rewards and avoid the pitfalls, you need careful planning, clear vision, and informed decision-making. Answering the five questions above now — not later — will help you head out in the right direction.
