How to Launch an eCommerce Startup That Drives Sales

There are currently more than 2.64 billion online buyers in the world. That’s roughly 33 per cent of the world’s population. 

It’s safe to say that eCommerce has become an integral part of our daily lives.

From buying a last-minute birthday present to ordering groceries online, eCommerce has permeated every industry and facet of our lives.

And with Australia’s eCommerce market projected to reach $57.45 billion in revenue by 2028, who wouldn’t want to get a slice of the pie?

However, creating an eCommerce startup can be tough without the right guidelines and support.

Focus on what you plan to sell and who your target audience is 

In the ever-evolving and increasingly competitive eCommerce landscape, defining your niche, who your competitors are, and who your audience is from the start can save you a lot of headaches later on.

Start by defining your USP: your unique selling point.

Ask yourself the following questions: 

• What sets your product apart from the rest? 
• How does it address the needs of your potential customers? 
• Is there anyone else doing the exact same thing? 

If the answer is yes:

• What can you offer that’s different enough to pique your niche’s interest?
• Your competitors? What are their strengths and weaknesses?
• What do you envision your brand identity and image to be? 

A focused approach to these big questions will not only attract the right audience but also inform your marketing strategy. 

Write down your eCommerce business model

The backbone of any successful eCommerce startup is a clearly-defined business model.

Make sure you consider aspects such as pricing strategies, product sourcing, and distribution strategies.

Other things you should ask yourself are:

• Will you adopt a direct-to-consumer model, or instead leverage existing platforms?
• What type of pricing do you need to set to get a good ROI?
• The type of product you’ll launch with?
• What kind of payment system will you use? 

Take the time to carefully construct how your business will operate. Don’t make any rash decisions. After all, it’s better to wait a little bit and launch a business set up for success.

Register your business

Registering a domain name for your eCommerce business website is crucial to ensure that your potential customers can easily find you. 

If you’re specifically targeting the Australian or New Zealand markets, you might want to register a domain with an .au or .nz extension. If you have your sights set on elevating your business to a global level, .com is the way to go.

In addition to registering your domain, you need to register your business with the respective governmental entities. 

If you’re based in Australia, you need to get an Australian Business Number (ABN) and register your new company with the Australian Securities & Investments Commission (ASIC). 

If you’re based in New Zealand, you need to incorporate your company with the Companies Office and get a New Zealand Business Number.

Set up your online storefront 

Now that you’ve defined what your product, business model and USP are, it’s time to scout for the perfect online storefront.

Choose a user-friendly, secure, and well-designed eCommerce platform that not only meets your business needs but also makes it easy for your future customers to navigate. 

If you’re taking the plunge into eCommerce with a Shopify store, MYOB has the perfect integration available.

Integrating using Amaka’s Shopify + MYOB is like hiring the ultimate team for your online store — a charismatic salesperson and the smartest business person in the room.

Zero in on digital marketing efforts

When running an eCommerce business, a digital marketing strategy is vital for your business’ success.

As digital agency, KAU Media Group explains: “More consumers than ever before are taking advantage of online shopping. It’s fast, easy, and convenient and allows customers to shop 24/7.” 

Search engine optimisation, social media marketing, email marketing, and paid ads are concepts you need to become well-versed in.

A well-executed digital strategy is essential to drive traffic to your storefront. Unfortunately, without it, you can kiss your business goodbye. 

Manage your finances from the get-go

Good financial management is the cornerstone of every successful business.

Establish a budget that covers inventory, operational costs and marketing, and regularly review your earnings and expenses to identify trends and make informed business decisions.

By managing your company’s finances from the outset, you’ll not only have peace of mind, but also ensure the long-term sustainability, and ultimately, the success, of your venture. 

Finally, starting an eCommerce business can be daunting.

However, with careful planning, a modern business management platform, and calculated decisions, you’ll not only create a startup that stands out in the competitive online marketplace but also something that’s truly meaningful to you and your customer community.