Ecommerce’s Growth in the Post-Pandemic World
Ecommerce surged in 2020 due to widespread store closures and shoppers’ concerns about contracting COVID-19 in public spaces. This trend extended into 2021, even as vaccines became widely available. During this time, consumer demand for goods surged, with buyers spending stimulus checks and reallocating money typically used for travel, dining, and entertainment on items like home repairs, electronics, and furniture.
In 2024, the ecommerce landscape continues to evolve, with a growing emphasis on convenience and speed. Grocery shopping online has become a significant part of ecommerce, a category that sees fewer discounts compared to traditional categories like electronics and apparel. The digital economy is increasingly driven by the need for convenience, not just price savings. Other high-growth categories in online spending include electronics, home improvement, and furniture, all of which saw massive growth in 2020 and have maintained strong performance ever since.
What is Ecommerce Today?
An ecommerce store allows consumers to purchase goods and services online using their phones, tablets, or laptops through digital transactions. The accessibility of ecommerce platforms has expanded the potential global market reach for businesses. Once your store is up and running, the focus should shift to marketing. Platforms like BigCommerce and Shopify remain popular choices in 2024 due to their ease of use and strong feature sets for businesses of all sizes.
A smart strategy for ecommerce success is to offer fewer products but focus on items with high-profit margins. The success of an ecommerce store depends heavily on branding – building a strong brand with a specific niche market is key to long-term growth.
Modern ecommerce platforms are cost-effective and user-friendly, allowing businesses to create customized websites with just a few clicks. Most platforms offer essential features like secure payment options, shipping integration, and marketing tools, requiring no coding experience to set up a professional-looking website.
Here’s a comprehensive guide on how to build an ecommerce website in 2024.
Step 1: Research Ecommerce Business Models
Before deciding what to sell online, it’s important to understand the various business models available:
- Drop Shipping: Sell products without holding inventory. Products are shipped directly from a third party.
- Print on Demand: Similar to drop shipping, but with custom products like t-shirts, books, or accessories.
- Wholesaling and Warehousing: This model involves holding your own inventory and selling directly to consumers.
- White Labeling: You sell a generic product produced by a manufacturer, but under your own brand name.
- Subscriptions: Offer curated products or services to customers on a recurring basis.
- Affiliate Marketing: Promote third-party products and earn a commission for every sale made through your referral.
Step 2: Start Ecommerce Niche Research
To stand out in 2024, focus on niche markets. You can’t compete directly with giants like Amazon or Walmart, but by narrowing down your focus to a specific niche, you can carve out a profitable market.
- Identify existing businesses in your niche.
- Make sure the niche is competitive, but not overly saturated. Lack of competition could indicate a lack of demand.
- Drill down further into the niche to identify opportunities. The more specific you are, the fewer competitors you’ll face.
A well-defined niche also opens up opportunities for cross-promotion and affiliate marketing. Focus on a product category that has a high number of relevant keywords (over 1,000) and performs well on social media platforms like Instagram or TikTok.
Step 3: Validate Your Target Market and Product Ideas
Before diving into specific product ideas, it’s essential to understand your target audience:
- Who are your ideal customers?
- What does your store represent?
Your brand should project a consistent image and target a specific group of customers. For example, if you’re starting an organic seed company, selling non-organic products would confuse your audience and hurt your credibility.
Once you’ve nailed down your target market, you can begin testing product ideas. Start small – maybe with one product – and validate its potential using affiliate marketing before investing heavily. For example, if you find a popular product on Amazon, create content around it to drive traffic and sales. If successful, consider developing your own branded version.
Before committing to a product, make sure to assess its viability. Find reliable suppliers, compare pricing, and ensure you have backup options in case a supplier falls through.
Step 4: Register Your Business
Choosing a business name and registering your company is a crucial step. Incorporating your business can offer legal protections and tax advantages. In 2024, the process for registering a business has been streamlined in many countries, with online platforms simplifying the process.
Step 5: Obtain Necessary Business Licenses and Permits
Even though you’re operating online, you may still need business licenses and permits depending on your location. These include:
- Sales Tax Licenses: Required to collect sales tax in your state.
- Home Business Permits: If you’re running the business from home, check your local requirements.
Mentorship can be incredibly valuable during this stage. In 2024, many government agencies offer mentor-protege networks and small business guides to help you navigate legal requirements.
Step 6: Choose a Name and Domain
Your domain name is your website’s address on the internet. It should be closely linked to what you sell. If possible, choose a .com domain as it’s the most recognized and trusted, though .net and .co are acceptable alternatives if your preferred .com is taken.
Domains typically cost between $12 and $25 per year. Platforms like GoDaddy and Google Domains make it easy to check availability and purchase your desired domain.
Step 7: Pick Your Ecommerce Platform
In 2024, there are numerous options for building an ecommerce website:
Dedicated Ecommerce Platforms
- BigCommerce: Ideal for multichannel sellers and highly expandable. Plans start at $29.95/month.
- Shopify: The most popular platform for startups and dropshipping. Plans start at $29/month.
- Shift4Shop: A budget-friendly option with plans starting at $19/month.
Website Builders with Ecommerce Features
- Wix: Known for beautiful templates, with ecommerce plans starting at $23/month.
- Squarespace: Offers design-focused templates with ecommerce starting at $30/month.
- Weebly: A simple, affordable option with plans starting at $25/month.
WordPress Plugins
For those using WordPress, ecommerce plugins like WooCommerce and WP EasyCart offer powerful tools to transform your website into an online store.
Step 8: Plan and Build Your Ecommerce Website
You’ll need the following elements to create a successful ecommerce site:
- Logo and Branding: Use platforms like Canva to create a professional logo.
- Product Images and Descriptions: Take high-quality photos and write detailed descriptions that include key information like size, weight, and materials. Incorporate SEO keywords to improve search engine rankings.
- Product Videos: Videos showing the product in use are an excellent way to boost sales.
- Shipping and Return Policies: Clearly state your shipping times, costs, and return/exchange policies.
Step 9: Set Up Payment, Tax, Shipping, and Marketing Tools
Most ecommerce platforms offer integrated payment solutions (such as Stripe, Square, and PayPal) and support real-time shipping rates.
Shipping Setup
- Use shipping software integrated with your ecommerce platform to streamline the process.
- Platforms like Shopify and BigCommerce offer built-in solutions that automate order fulfillment.
Email Marketing and Social Media Integration
In 2024, it’s crucial to set up email marketing and connect your products to social media channels for easy promotion. Tools like MailChimp can be integrated with your site, or you can use the built-in marketing tools provided by ecommerce platforms like Shopify and BigCommerce.
Step 10: Test and Launch Your Website
Before launching, process a few test orders to ensure everything works smoothly. After testing, make your website live and submit your site to Google Search Console to ensure it’s indexed.
Remember, launching doesn’t guarantee immediate traffic. It takes time for search engines to index your site. You can use Google Ads and social media marketing to drive initial traffic while waiting for organic search traffic to build.