The e-commerce industry is booming. Not a single day goes by without us seeing an advertisement urging us to buy a product, subscribe to or avail a service online. It is as if every business out there has finally identified the infinite potential of selling online and they are all scrambling to set up shop before their competitors do (if they haven’t done so already, that is!). If you are an entrepreneur planning to set up your online store, here are a few things you ought to know before taking the online plunge.
1. Legal requirements: It may seem as if just about anybody can set up a website or join an online marketplace and start selling online. But that is not the case. Different countries have different sets of rules when it comes to selling online. In India, for example, if your annual turnover is more than 20 lakhs, you require a GST number to be able to sell online. Find out what your country’s rules are and ensure that your business is legally allowed to sell stuff online before setting up shop.
2. Intellectual property requirements: If your business doesn’t have a logo yet, now would be a great time create one. If you are not convinced that your business needs a logo, read 6 Reasons Why a Good Logo is Important to understand the advantages of having a logo. It is not enough to create a logo and leave it at that—you should trademark it so that you qualify to get trademark protection in case of any violation. If your business has additional intellectual property such as original content, images, ideas, or designs that are going to be displayed on your website, take the necessary precautions to ensure that your assets are not copied. This would also ensure that you do not get accused of unauthorized use of somebody else’s intellectual assets.
4. User experience matters: No matter how awesome your product or service is, online users are not going to make a purchase unless your e-commerce website guarantees a good user experience. The process of making a purchase on your website should be simple, intuitive and seamless. UX (User Experience) and UI (User Interface) are as important as the quality of your offering when it comes to converting a user into a buyer.
5. Set realistic goals: It is true that there are 224.1 million online shoppers as of 2018. However, it would be unwise to expect your product to get a thousand orders the very next day after you set up your e-commerce website. Truth is that orders don’t magically materialize right after you list a product or service. A lot of effort should go into marketing your brand, cross-promoting it and your e-commerce store across the various social media platforms, sending emailers to your client-list inviting them to sign up and so much more. It is important to understand that taking your business online doesn’t automatically translate to your brand or business going viral overnight.
At iJugaad, we understand that bringing your business online can be exciting and unnerving at the same time. If you have clear expectations, a fool-proof business strategy and the right kind of tools to set up your e-commerce website, opting to sell online will ultimately become your best business decision.