In the world we live in today, eCommerce in Singapore is growing rapidly. So much so that Singapore launched a national standard to improve eCommerce processes. From convenience to the accessibility of eCommerce platforms, what’s there not to love? That’s why we’re all for you digitising your business. Moreover, in a strange world amidst the COVID-19 pandemic, it proves to be extremely necessary for you to do so. However, eCommerce development is a very intricate process. The process entails market research, determining your target audience, discovering your competitive advantage, identifying business objectives, website design and development of the platform, creating an eCommerce marketing strategy and down to website maintenance post-launch of your website. So before you embark on creating your own eCommerce platform, let’s uncover 7 things you have to consider before starting an online marketplace.
1. Do Market Research
In the past couple of years itself, eCommerce has seen such exponential growth. With that said, it is important to note what works and what doesn’t. Based on other market players or competitors, thoroughly research various eCommerce business models and find out what are the best practices you could possibly learn from. In addition, find out what other businesses are selling and how they sell it to adapt it to your own eCommerce strategy. Identify everything that you could possibly get about your customers, competitors, products, suppliers etc. The groundwork here will help you establish the foundation of what your eCommerce business is built on and form the basis of the following points we’re going to discuss.Competitor research is extremely essential in strategising your Unique Selling Proposition (USP).
2. Determine Your Target Audience
We can’t emphasise this enough, but you have to know who you’re selling to. Simply put — you aren’t going to sell insurance to infants or rather, you can’t. The same concept applies here, no matter what products or services your eCommerce platform may offer. The fastest way to do this is to start with creating user personas for your eCommerce business. Identify your target audience and determine their demographics that includes their age, gender, income, and lifestyle habits. This gives your eCommerce company the edge of finding out the most effective way of boosting engagement and sales.
3. Discover Your Competitive Advantage
Picture this — you own an apple farm and you want to sell it. But everybody else in the neighbourhood is also selling apples. So what makes your apple tastier and more value for money as compared to the rest?
That’s what you should consider before picking a niche market. You see, it used to be a convenience and a luxury but now, shopping online is a necessity. But with every other business opting for digital solutions, what will make you stand out? By identifying this competitive advantage you have as opposed to other eCommerce platforms in the market, you can remain competitive in the saturated online retail market.
4. Decide on Business Objectives & KPIs
It is, undeniably, important to set long-term goals for your eCommerce business from the get-go. This allows your creative agency to map out how they’ll build the portal and the necessary. Moreover, having objectives and Key Performance Indicators (KPI) can help set the direction of how your entire company will operate from admin down to logistics. You can look forward to engaging your consumers and optimising User Experience (UX) design for your eCommerce website to ensure maximum customer satisfaction as well. Essentially, every step you take along the way should address possible hiccups and ultimately contribute to the KPIs first established.
5. Design & Development of Your Ecommerce Website
Having an eCommerce platform also means you’re going to have a ton of product pages to design and code into existence. Depending on the eCommerce platform you choose, it can determine the difficulty level of how you’re going to upload every single item up on your website. Here at I Concept, we have our eCommerce designers and developers to do that just for you. But if you’re going solo, there are several things to consider — from optimising User Interface (UI) and UX web design to improving your product pages’ SEO and even down to the right fonts to use, there are lots of things to consider to ensure that you’re earning cookie points from Google.
6. Devise an Ecommerce Marketing Strategy
If you’re new in the market, you could always do with a little help to market your eCommerce site. But to come up with a comprehensive eCommerce marketing strategy, you’d first need a creative agency in Singapore. A marketing team can sell your brand and not just your products. This is because consumers often tend to connect with the brand and not the products. So if you have an amazing storefront (your eCommerce website), great! Now it’s time to drive traffic to the eCommerce website so that people actually see it. Work with your marketing team to extend reach on social media and work towards structuring your site and optimising it for Google (SEO). Plus, in order to attract your audience not just your site, but to product pages as well, explore giveaways or give out promo codes to garner more eyeballs.
7. Do Website Maintenance
So now that you’ve almost all the basics and got the entire website up and running, the work doesn’t stop there. From updating your website regularly to ensuring there are no broken links and even uploading new products, website maintenance is a crucial part of running an eCommerce website.
Ready To Start Your Online Business?
Now that you’ve got a rough idea on what to expect before you can successfully launch your own eCommerce website, spread your wings and fly. These few pointers may seem little, but it can yield great rewards in the long run. Alternatively, you can let us do all the above for you. Chat with us about your eCommerce website and we’ll work to bring your eCommerce website dreams to life. 😉