Things You Need To Start Your E-Commerce Business
Starting an eCommerce business is the dream of many people. However, to make that dream a reality, you need a few key things to start an e-commerce business. You'll need a great product and a well-designed website.
Also, you must have a clear understanding of your target market, the ability to reach and engage that market, a solid payment processing system, and a solid logistics and fulfillment network. With those pieces in place, you can focus on driving traffic to your site and converting visitors into customers. Here are some essential things you need to get your e-commerce business off the ground.
1) Research your niche
Have you found a problem statement that you have figured out to solve quickly in your daily life? Many entrepreneurs have turned their hobbies into flourishing online businesses.
It can be an online boutique store, a wholesaler or manufacturer of women's clothing, ethnic western wear, bespoke jewellery, bespoke clothing label, premium jewellery, shoe labels, dry nuts, etc.
Here is how you can research your ecommerce niche?
- Find a business idea with a great solution.
- Check if it is feasible to launch an online product.
- Check if the product can cater to global customers.
- Know about its market demand
- Know about your competition.
- If all is good, then you can launch products online
Fynd Platform, one of the SaaS ecommerce market leaders in the industry, has helped numerous brands find their niche and launch an ecommerce business. These well-known brands are Manaat, Marcia, Shivom Jewels, Nine Ombre, Tillottama, Abhushnam etc.
2) A product with a good USP
A Unique Selling Proposition (USP) differentiates your online store from the competition and explains why shoppers should choose your ecommerce business over the competition.
A USP should be:
- unique, memorable, and distinguishable from anyone else.
- It should be valuable and appealing to your target audience.
- Something that you can deliver consistently.
Once it is formulated, you can use your e-commerce brand's USP to focus on all of your strategies, including marketing, pricing, order fulfillment, and customer service. A product's USP should be common and visible across all strategies of an ecommerce brand.
For example, the USP of ameallyours is to run a socially conscious business that curbs overproduction, minimizes waste, and strictly uses vegan materials. Its collection focuses on curating timeless pieces, where modern minimalism takes center stage with sleek designs, heavenly comfort and redefined details. Its collection is for fashionably sensible women with a sense of individuality and impeccable taste.
3) A brand name in sync with the product
A brand needs to have a name in line with the products it sells because the two are always associated in the consumer's mind. If a company has a high-quality product, but its name does not reflect that, people may not be as likely to trust it. A strong name can also help a business expand into new markets and attract new customers. When shoppers see a familiar name associated with new products, they are more likely to be interested in trying them out.
For example, when we think of Ruosh, we know we are talking about Ruosh shoes. Spykar reflects on denim and wearable, superior quality jeans, while Body Café reflects on premium body care products.
4) A great brand story to engage the audience
A solid and compelling brand story is essential for engaging an organization's audiences. It provides a humanized window into the company, helps to build trust, and communicates the values that the business holds dear.
For a brand story to be effective, it must be genuine, concise, and relevant to the target audience. By taking the time to develop and share a well-crafted story, businesses can create a connection with their customers and inspire action in support of their goals. Check out the brand story of Parishri Jewellery – Proudly built on Fynd Platform.
5) Do not miss the EIN, GST, and PAN card essentials
Essentials one should not miss when starting an e-commerce business.
EIN: EIN is a unique identifier assigned to a business entity for easy identification by the revenue department. In India, it is an 11-digit number better known as Taxpayer Identification Number (TIN). Once the TIN is allotted to your business, you will be a registered dealer and allowed to go ahead with your business involved in the sale of goods.
GST: As per Section 24 of the CGST Act, all e-commerce companies must obtain GST registration mandatorily. GST is an indirect destination-based tax applied on goods and services at the endpoint of consumption. Moreover, it is collected at every stage of sale or purchase. Hence, it is a multistage, comprehensive, destination-based tax.
PAN Card: If all your business transactions are only in your name, your current PAN card will do the job. But if you are starting a company with its bank account and a transaction record different from your own, you need a separate PAN number for starting that new company.
6) A performance optimized brand website
Your website is your business's online introduction to the world, and it is where customers learn about who you are, what you do, and how they can get in touch with you. A well-designed website updated regularly with fresh content will help build trust with customers, increase traffic, and improve your search engine ranking.
Every aspiring business that wants to go online and expand their market can use Fynd Platform to build a fantastic, user-friendly ecommerce website in less than 30 minutes. It helps you list products on Amazon, Myntra, Ajio, Flipkart, Nykaa, and other major platforms that will automatically give you excellent product visibility and sales.
Fynd Platform offers tons of impressive features with an ecommerce website like an integrated payment gateway, marketing coupons, data analytics, marketplace catalog generation, order management system, bundled email & SMS package, abandoned checkout feature, and more. Check them here.
7) eCommerce business licence and permit
This is a checklist of licences and permits necessary for starting an ecommerce business.
1) Business operation licence: A Business Operation Licence enables your ecommerce business to conduct business within the city, county, or state in which it is located. Almost every internet business will require this licence to operate legally.
2) Doing Business as Licence (DBA): A Doing Business As (DBA) Licence allows you to operate your online business under a specific business name other than your name.
3) Seller’s permit: If you're selling goods or services online, you'll need a Seller's Permit from your state.
4) Sales tax license: Your business will need a Sales Tax License from one (or more) states to avoid tax penalties.
5) Home Occupation Permit: If you're operating your business out of your home, you'll need a Home Occupation Permit.
6) Occupational license: If you're doing business in a regulated industry, you'll likely need an occupational license like environmental permits or health permits.
7) Attracting customers to your eCommerce website
These are six remarkable ways to attract customers to your eCommerce website:
- Have an SEO strategy to grow organic traffic for the ecommerce business
- Create blogs to share valuable content and build trust in the brand
- Email marketing is an easy way to target buyers with promotions catered to their specific needs.
- Encouraging product reviews is a critical way of building trust around your online store and products.
- Social media ecommerce marketing is a potent tool that allows you to communicate with your industry, customers, and market in a personal, public way.
- Customize your on-site user experience (UX) to fulfill the target audience needs & provide positive experiences that keep a user loyal to the product.
If you are looking to start your own eCommerce business, there are a few things you need to get started. This article outlined the basics you need to get started, from a product with a good USP to an excellent ecommerce brand website.
We are sure there are a lot of questions in your mind regarding ecommerce business. To learn how to get started today, Book a demo with our experts to clear your doubts immediately.