The growing popularity of eCommerce businesses
If you’ve been in business for a few years, you’ve probably noticed that the traditional brick-and-mortar shop is becoming a thing of the past. The trend of the eCommerce business is only getting bigger and bigger. People are starting to rely increasingly on their mobile phones to access the Internet. The increase of eCommerce websites is a trend that shows no signs of slowing down, so if you have a business idea in mind to get into the eCommerce business, you should probably get going on it ASAP. You may have already made a name for yourself in your local area which is great, but if expansion is on your mind, then moving to an online platform has that extra benefit. Those who go into eCommerce don’t have to have as much as brick-and-mortar stores, and with a domain name search they can see if their current business name is available to use for their website online, so they can ensure that their physical customers are able to find them properly in the digital space.
In the UK alone, between 2021 and 2025, the eCommerce market is set to grow by upwards of 5% per year. The pandemic has significantly impacted how we purchase our items, with 87% of UK households shopping online during 2020. Online shopping provides a more convenient and often quick way of getting the things we may have to travel further in the car to purchase, so eCommerce is only set to grow in the near future. Of course, professionalism is still high on the list to ensure customers and clients that they are being dealt with properly, which is why the use of services such as Your Virtual Office London, for example, helps new and old businesses, who are virtual, to elevate their brand and remain efficient.
Plan where you are going to get your stock from
Starting an eCommerce business from scratch is no easy task. There are so many things to consider, and it can be overwhelming. One of the many things you need to do is decide where you will source your products. Here are some things to consider when choosing this crucial part of your business.
- Does your wholesaler match your company ethos and values?
- Are your importing your products from abroad?
- Could you find your products cheaper elsewhere?
In the age of online shopping and delivery services, it’s hard to imagine that a business could survive without a physical store. But there are some business models where this is, in fact, the case. Companies that sell products online exclusively or offer delivery services are not obliged to have a physical store and therefore can be run out of a home office. The primary benefit of operating an eCommerce business is the lack of overheads. No rent, electricity, or employee salaries to cover. However, you will still need to determine an effective pricing structure. Methods like Conjointly’s Gabor Granger Pricing Method can help you determine the best price points for your products based on consumer willingness to pay, ensuring your offerings are competitive and attractive.
That said, this doesn’t mean you have to skimp on storage solutions. If you plan to run an online store, you will need to find a way to store your stock. Suppose you’re just starting your online store and are currently using a room in your house to store your items before they are delivered. In that case, it may be time to look at storage Oxford to see if you can use a flexible storage solution for your eCommerce business.
How will you distribute your stock?
When starting your eCommerce business, one of the most important questions you will need to ask yourself is how you will get your products to your paying clients? When you first start, if you only have a few orders to manage, it can be simple enough to go to your storage facility every couple of days, collect the items you need and take them to your local post office. But what are you going to do when you suddenly become much busier? Posting with the Royal Mail could become a costly exercise.
You will need to consider whether you are planning to charge your customers for delivery or if you will swallow those costs as part of your overhead. If you are working with a third party such as Amazon, eBay or Shopify, they will be able to support you to send your products safely to your customer. Still, if you are working independently, you may want to look at working with a shipping partner such as Hermes, DHL or UPS. We would suggest weighing scales and a label printer, so you don’t have to handwrite your custom labels, and you will always know the weight of what you are sending.
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