Starting your online retail store has many advantages over physical storefronts. At this time, Amazon is the world’s largest online retail store, with a revenue that exceeded $70 billion in 2013. Obviously, setting up a similar business requires a long time and substantial funds, particularly if you want to be successful and reach your audience. There are several aspects that you should be considerate towards, which can seriously influence your performance as an entrepreneur, not to mention your success and, above all, your revenue. Before proceeding, be sure to check the following factors.
Start by Investing in Merchandise
You cannot build a business like Amazon unless you have merchandise – tons of merchandise to be more exact, as Amazon is selling anything from home appliances to books, decorative elements, sports equipment and the others. The first step that you should do is invest in quality merchandise, which is going to attract potential customers and help you increase your revenue. Assuming that you cannot afford investing billions of dollars in merchandise, you should consider only those products that are extremely popular and can help your prospective customers to choose your retail store over others. Once you have the merchandise that you intend to sell, proceed to the next step.
Holding Merchandise Inventory
Storing merchandise is the next most important factor that can help you build a business similar to Amazon. Warehouses are a convenient option due to their large space, providing a low-cost alternative to huge inventories that are typically used by large retail stores. Furthermore, hiring forklift operators is essential to carrying merchandise around, especially if we talk about very large products that cannot be possibly handled by regular workers. In most cases, you should not expect to pay too much for hiring forklift operators, but you should consider this as another small investment that you need to make. You also must invest in workplace safety and proper OSHA training for your forklift drivers! Safety is a huge concern.
Advertise Your Store
Once you have deposited your merchandise, you are ready to sell it to your prospects. Since your store is new, nobody knows about it, thereby you have to advertise it through both traditional and online advertising strategies. Contacting a reliable advertising company should be your first concern – unless you have knowledge and experience in advertising yourself –, as this is typically an expensive option that will cost you a fair amount. The best way to advertise your store is choosing an online advertising strategy – for instance, Google Ads or Facebook/Twitter paid ads. If you can afford advertising your store on major media houses, that will add up and provide you with some measure of success.
Implement Strategies to Reach Audience
Aside from advertising your store, you have to implement appropriate strategies to reach your audience. Opt for creating fanpages and accounts on major social media networking platforms, such as Facebook, Twitter, LinkedIn and Google+, as they are highly popular and you have better chances to make your store look reliable. Make sure to display your expertise, benefits and, above all, other advantages that might help customers make wise buying choices. Provide customers with a wide array of options in terms of shipping, paying methods, etc. The more reliable your store, the more chances you have to grow it in a shorter time, earning a substantial revenue.