14 tips that will help you kickstart your online shop
Having your own online shop is an opportunity to realize yourself not only alongside employment, but if your business takes off, even full-time. If you have a great idea on your mind, and you are deciding on its implementation, we have prepared for you 14 proven tips and advice that will lend you a hand in the successful launch of your own online shop.
UPDATED: We originally published this blog post on 16.11.2021 and updated it on 8.4.2024.
1. Do not underestimate the analysis of demand and competition
Even if you think your idea is unique, don't forget to look around at the beginning and find out if there is actually a real demand for such a type of product or service. After all, remember that competition never sleeps. Competition analysis will help you determine the price ranges to move in and also how you can be better compared to others and gain a competitive advantage.
2. Focus on building a brand in the beginning if you manufacture your own products
If you are dealing with the dilemma of whether to focus on brand building right from the start in the case of your own web shop, the answer depends on what type of goods you will be selling. Brand building at the start of an online shop makes sense especially for handmade manufacturers, who offer handcrafted goods. In other cases, you can postpone it for later.
3. If you are serious about your own web shop and online sales, choose a custom online shop for its growth
Creating an online shop is an eternal dilemma. Although templates were popular until recently, many have found that, like the currently more popular e-commerce open source solutions, they have their limitations. And you will quickly run into these if you are successful. Instead of partial plugins and extensions, which are never completely "custom", the next logical step is a custom e-shop.
4. You must adapt the stock in your own online shop to its growth
In most cases to get started many e-shops suffice with their own storage spaces. Later, as the web shop grows, the stock must grow adequately with it. After external spaces, it's time to build your own warehouse.
5. Card payment is a must-have today, but it is not the only option
In online sales, card payment is currently also one of the options that should not be missing in an online shop in Slovakia. However, do not forget to add other payment methods, such as cash on delivery, installment payments, PayPal, or cryptocurrency payments. When choosing think about the method that suits your type of customers. Alternatively, do a small survey.
6. The ideal combination is to have products with high margins that are also in demand
If you are thinking about the product portfolio and do not know which products to include in the offer of your own e-shop, the solution is a combination. There should definitely be those for which there is a real demand and also those whose higher margin will allow you to pay all costs, including those for advertising. If this set intersects, you have won.
7. Quality product photos and text descriptions replace the seller
Since the possibility to communicate with the customer and answer all his possible questions is missing in online sales, pay due attention to quality product photos and also product texts. These can present the goods in detail, replace the seller in a brick-and-mortar store, and become, for example, your competitive advantage.
8. Think carefully about financing your online business, there are several options
Financing an online shop from your own resources is rare. However, it is not excluded, especially if you have sufficient capital in reserve and experience. Otherwise, there is the option of a loan or an investor, who may also help you find potential weaknesses in your financial plan in the early stages.
9. Packaging plays its role. In some cases aesthetic, in others safety
Depending on the type of goods you sell, you should also focus on details related to packaging. A beautiful or elegant package pleases the customer who orders live flowers as a gift for a loved one, luxury watches, or jewelry. Original packaging is appropriate in the case of handmade products and creative packaging should be worked on, for example, by an online bookstore. However, there is also a segment where it is not about the visual aspect, but for example about safety (fragile goods).
10. The marketing strategy should take into account the type of goods you plan to sell
Do the products in your sales portfolio belong to items that are commonly searched for in search engines? In that case, consider marketing activities that will include PPC and SEO. In the case of new and original products, it is appropriate to invest in promotion on social networks, where potential clients are. Well, and with a quality and legal email database, you can also go the route of effective email marketing.
11. SEO and PPC do not have to be in a either-or position
When deciding which of these two forms of online marketing will fire more effectively, consider the possibility that you will work on both. For highly competitive goods, SEO is a longer but more reliable choice. PPC can work wonders with a sufficient budget, but it is a short-term and costly advertising activity. The ideal state occurs when search engine optimization and paid advertising complement each other.
12. Promotion through flyers or collaboration with influencers has its advantages
Trends in online marketing are influencers with audiences of various sizes. Currently, many brands or sellers are betting on those who do not have such a large reach, but their activities are related to the sales segment. However, it is not always about online promotion. Local growers of chemical-free vegetables can also be helped by traditional print advertising and flyer distribution directly into mailboxes around the farm.
13. Keep track of the conversion rate and the cost share of turnover
If you still have doubts about individual metrics, graphs, and numbers, know that these two are among the most important. Conversion rate – Conversion Rate (CR) is the percentage of purchases to the number of visits and averages between 2-3%. The cost share of turnover (PNO) will help you measure the performance of online marketing campaigns.
14. Promotions and discounts certainly belong to online sales
Words like promotion, discount, Black Friday, or sale act like a magnet on many customers. If you don't want to miss out on this lure, you should prepare for several of them depending on the type of goods and season.
Bonus tip – The shop itself will quickly show if it has shortcomings. Prevent them.
Although many online sellers try to forge their online quickly, they eventually find that several activities around it need to be delegated to an agency, which will help them with marketing, optimization, or technical solutions in the background. Choosing an agency is therefore key at the moment when you are just starting up the e-shop. We, at ui42, wish you luck in the world of e-commerce. If our 14 tips are not enough for you, and you need advice with your online business, feel free to contact us.
PS: Be prepared for the fact that it will all take longer. It will be more expensive and you will spend more time on it than you expected. On the other hand, you will learn a lot, meet many interesting people and maybe even fulfill your dream. And that's worth it!
