Complete Checklist for Starting Ecommerce Business in 2024

1. Complete Checklist for Starting Ecommerce Business in 2024 The idea of kickstarting an e-commerce business is enticing – all hail to the growing potential of the online industry. The rapidly engulfing digital world has turned tons of traditional business owners towards the online retail trade. With quick access to the internet and electronic devices, surfing and online shopping is at its epitome. Let’s take you through some impressive numbers. As we speak, the United Kingdom stands with the third largest e- commerce market, with a promising revenue expansion of up to $285 billion dollars by 2025. Sounds amazing, doesn’t it? There’s more – the number of online retail users is likely to hit a whopping 60 million by the end of 2023. So, if you are next in line to start an e-commerce business in the UK in 2024, we understand your excitement and are ready to guide you and ecommerce developer london are prefect for it. A lot goes into starting an online store and ecommerce development from understanding the e-commerce market and deciding upon a niche to breaking through financial milestones and marketing necessities. We are here with the ultimate e-commerce launch checklist for 2024 that can help you succeed in your e-commerce journey. Dive in. www.webskitters.uk

2. Complete Checklist for Starting Ecommerce Business in 2024 Once decided upon the domain or niche, one great way to plan further is by studying the competitor in the domain. These businesses are there for a fair while, already doing what you have planned; it is only smart to learn from them. By competitor analysis, we mean understanding their product range, pricing, return and shipment, USP and website – everything that adds value to the research. Apart from these, two other valuable part of market research is social media analysis and consumer behaviour. It involves the social media presence of the preferred niche or service, the engagement rate, the number of followers, likes and comments. There are several new marketing mediums to uncover – such as shop-able videos, micro and macro influencers, content and UGCs. Consumer Behaviour, on the other hand, focuses on factors that trigger buying decisions. This involves shopping frequency, spending habits, delivery and return options, etc. These factors help improve inventory management, product or service options and more. The most suitable ecommerce development company must check. www.webskitters.uk

3. Complete Checklist for Starting Ecommerce Business in 2024 Often overlooked, SWOT analysis – Strengths, Weaknesses, Opportunities and Threats – is a concrete framework that caters to real-time business problems. Strengths and Weaknesses are internal factors that focus on benchmark standards. Opportunities and Threats, however, are aligned with the competitors and ecommerce development london do that work for you. The objective of a SWOT analysis is to identify one’s position in the industry and explore the room for improvement as an e-commerce business. While SWOT analysis is time-consuming, it is indeed a worthwhile manoeuvre in the ever-evolving e-commerce domain. So, a solid business plan along with a SWOT analysis immediately helps you answer business-related queries. Such as – Can you launch a new product? Is the product aligned with the business goal? Is the inventory in stock? Are the suppliers in line? Can you offer a discount this week? Has the XYZ competitor changed their marketing strategies? – A documentation that answers it all. Did you know? A recent study by Harvard Business Review concluded entrepreneurs who maintain a formal business plan are 16% more successful compared to ones, who do not. www.webskitters.uk

4. Complete Checklist for Starting Ecommerce Business in 2024 Before your business idea comes to life, here’s a quick overview of the four primary business structures in the UK. This information is not just meant for business acumen but rather manipulates taxes and operations and find ecommerce development company london. Sole Proprietorship or Sole Trader This structure refers to the business entity owned and managed by a sole individual. It is a default business structure for anyone selling any product or service. General Partnership GP Business structure is where you and your partner(s) own the business together and share responsibility and liabilities, inclusive of profits, debts, losses, etc. Limited Partnership LP business structure limits the legal and financial liabilities of the partners involved in the business. One must register their business to Companies House, submit annual reports to HM Revenues & Customs and Companies Houses, pay corporate tax, and appoint a director or board of directors. Limited Liability Partnership (LLP) LLP business requires at least two partners with limited liability to business legal claims. Each partner’s shares are individually taxed as income and they are registered as self-employed with HMRC. www.webskitters.uk

5. Complete Checklist for Starting Ecommerce Business in 2024 website development and design – Domain Name and Web Hosting Choosing a domain name is a crucial step and something that will hold the brand value of your ecommerce business. It will be your website’s name and your consumers will type this on the address bar to access the online store. Choose a name that is easy to spell, short yet catchy and relevant to your business and find ecommerce development agency near you. There are several platforms to avail of a domain name – GoDaddy, Bluehost, HostGator, Hostinger and more. Whichever hosting solution you pick will have an impact in terms of speed and performance. Remember, most potential customers are looking for a smooth and speedy checkout. Also, your customers will enter personal and payment details – ensure the website is secure. You will have to purchase a Secure Sockets Layer (SSL) certificate for the website. For the payment portal, add an Address Verification System (AVS) and Credit Card Verification Value (CVV). Choosing the Right E-commerce Platform The first step to starting an ecommerce business from scratch is picking a platform as the foundation. There are multiple platforms to choose from, each with their unique features. One can pick, quick templates to start their ecommerce business. However, customisation options are available as well for added functionality. Here are the best e-commerce platforms Shopify Magento WooCommerce BigCommerce www.webskitters.uk

6. Complete Checklist for Starting Ecommerce Business in 2024 Paid Advertising Paid advertising is meant to complement organic efforts by quickly reaching a targeted audience. Here’s how Google Ads and Facebook Ads can benefit your e-commerce business: Google Ads: These text and display ads appear on Google search results and partner websites. They are effective for capturing users actively searching for products or information. Facebook Ads: With advanced targeting options, Facebook Ads are ideal for reaching specific demographics and interests, allowing you to showcase products to potential customers who might not be actively searching. The statistic of paid advertising is impressive as well The average ROI for Google Ads is around 200%, meaning every $1 spent is $2 in return. The average click-through rate (CTR) for Facebook Ads is 0.90% for all industries. Best marketing practices include split-testing ad creatives, using retargeting, and monitoring ad performance to adjust in real-time. Payment and Security Your online store can be impressive and the product unique but a poorly set payment gateway can lead to customer loss almost immediately. Allow us to explain the importance of a smooth functioning payment gateway, and how to set up one. Payment Gateways are third-party tools that allow your customers to pay for and choose ecommerce development agency london who can setup all this tools for you www.webskitters.uk

7. Complete Checklist for Starting Ecommerce Business in 2024 How to Setup a Payment Gateway? First find london ecommerce web design agency, The process may vary, depending upon the payment gateway tool and your e-commerce website’s architecture. Here’s a simple step to integrating one – Select a payment gateway that meets your business needs and size. When deciding upon one, consider the following factors – types of payment accepted, transaction fees, security measures, and compatibility with your e-commerce store. Set up a merchant account. Depending upon the payment gateway, you may or may not need a merchant account. Once done, obtain the API key – It is a unique identifier required to connect the e-commerce store with the payment gateway. Integrating the payment gateway once again depends on both factors – the gateway and the e-commerce store. For some platforms, such as WooCommerce and Shopify, you will find plugins making integration simple. Testing the gateway before going live is essential. Most gateways offer a ‘sandbox’ of test purchases to ensure the deed is done. Note: Always use encrypted and secure connections and comply with the Payment Card Industry Data Security Standard (PCI DSS) when dealing with customer data. www.webskitters.uk

8. Complete Checklist for Starting Ecommerce Business in 2024 The Need for Security Measures The paradigm shift to everything digital is indeed exciting. However, not free from danger, specifically from cyber danger. Cyber Security is meant to safeguard and protect customer data inclusive of their addresses, card information, contact numbers and so on. There are multiple variants of cyber threats – phishing, malware, ransomware, e- skimming, and more. While malicious intent is at the loose, cyber security measures offer reliability and authenticity to the e-commerce business as well as their consumers. Hence, cyber security measures are unavoidable and indispensable. Customer Service and Logistics As a Salesforce survey indicates, 88% of e-commerce consumers believe, the company experience is equally valuable to the product or service experience. The modern shopper out there demands improved communication channels and tailored customer service experience – call back options, chat windows, prompt responses and text messages. Hence, emphasising top-notch customer service is the key to success and find ecommerce web design london agencies for development. www.webskitters.uk

9. Complete Checklist for Starting Ecommerce Business in 2024 Order Fulfilment Simply put, order fulfilment in logistics is the systematic flow of receiving, processing and delivering products to the customers. The fulfilment process begins with a customer placing an order and the end point is when they receive it. Order fulfilment can be a complex process and even expensive hence, several e-commerce businesses opt for a variety of fulfilment methods, one that suits their business. Here are the four types of Order Fulfilment method In-House Order Fulfilment – Self-employees to manage the fulfilment process. Outsourced Order Fulfilment – Where the shipping, storing and order processing is handled by a third-party logistics company. Drop shipping – Similar to outsourced; only there is no inventory. When an item is ordered, the retailer obtains it from a third-party supplier. Hybrid Fulfilment – A mix of all the above three order fulfilment options for a flexible delivery approach. to setup all this you need ecommerce web design company. www.webskitters.uk

10. Complete Checklist for Starting Ecommerce Business in 2024 Analytics and Growth Data analytics is paramount for e-commerce success. Imagine the things you can gain through the data generated from the umpteenth number of transactions. Starting from customer behaviour to a probable trend, here’s why data analytics is a positive knowledge to leverage – Better understanding of customers’ shopping behaviour that can be utilized for marketing, product recommendations and more. Thus improving customer engagement rate. Effective inventory management by identifying the star products and making informed decisions on restocking. Analysing sales data to identify profitable items and opt for an improved pricing strategy. Channelling customer behaviour data for marketing strategies and tracking campaign performances. As an e-commerce business boom, effectively using data analytics will prove to be an advantageous factor. Data- driven e-commerce businesses are lined up for success statistics have proven so. According to Mckinsey Global Institute, these data-driven businesses, 23% of the time, will acquire a customer, are six times more likely to retain a customer and are 19 times more profitable in the e-commerce market. A good ecommerce web design agency do this all task for you. www.webskitters.uk

11. Complete Checklist for Starting Ecommerce Business in 2024 Wrapping Up Launching an e-commerce business is very similar to setting up a traditional one. All you need is the correct information about where to start, and you are good to go. This checklist for starting an e-commerce business is a good one to begin. However, if this checklist is too overwhelming, Webskitters LTD is the best ecommerce design agency which will take it up. We are the top Ecommerce Development Company in London with the best team of professionals. Contact us with your eCommerce business idea; we will bring it to life. www.webskitters.uk