Everyone's talking business these days. And with good reason: many people are looking to either replace or add to their existing income. The best part is that while times are challenging, it's a great time to start a business.
If you already have an offline business, however, it can be time to pivot into selling online. It might be easier said than done, but it's not rocket science.
eCommerce is booming, taking last year's numbers into account. 76% of us Filipinos have already purchased something online last year.
Online is the new frontier, so whether or not we're looking at the current situation, the message is clear: we all need to move to business powered by online channels.
But how does one even start?
We've put together five steps you need to do to start selling online. Let's go through them one by one.
Step 1: Find Your Unique Online Offering
Whether you're pivoting from an existing offline business or starting fresh, you need to find what your unique online offering is. What makes you different from other online shops? Sometimes, pricing isn't enough to bring the people in. Hard work and determination may win you over in the end, but make the job easier for you by selecting a niche that works.
Step 2: Choose Your Storefront
There are two options to choose from here: picking a Marketplace to involve yourself in, or setting up your own online store.
Online marketplaces all have their unique pros and cons, so you need to pick one that matches your product offering. Online marketplaces range from the massively global like Amazon, to big local players like Shopee or Lazada. Marketplaces' audience can also differ significantly--places like Etsy cater to more artistic and creative types, while Ebay flourishes with amazing secondhand finds. One of the perks of listing your products in online marketplaces is that the shoppers come without you having to work too hard for them. People are already shopping on these sites, so they can come across your listings when they are looking for these things.
You can also set up your own online store. You have more flexibility and possible branding options in your online store. For this, however, you also need to develop a strategy for bringing shoppers to your site, be it via word of mouth, captivating content, or paid marketing efforts. There are many ways to go about this, from setting up a Shopify store, getting WordPress and managing your own content.
You can also do a bit of a hybrid between the two: set up your own Facebook Page, and use Messenger to sell! Setup is minimal, just a little time and effort and your own branding. You get more personal with your customers by talking to them on Messenger, which is always good when you're starting out and building quality customer relationships. You can always get a chatbot to handle volume inquiries and orders when you're ready!
Of course, you can do all of them, as well! But if you're starting out, it's best to focus on one thing at a time to make sure that you're doing all you can for that particular storefront. You can always expand later!
Step 3: Figure Out How to Ship
It's important you also take into consideration how you're going to ship or deliver your products to your buyers. If you're selling something that is digital-only, such as ebooks or videos or digital art and other similar products, you don't have to worry about this. But for everything else, make sure you have a plan!
Think about where you're storing the things you're selling, if you're planning to buy in bulk and sell these. Are you going to package the orders yourself? Which delivery partner are you going to use to deliver your products? Oftentimes you might be limited by local courier options, so this will also limit your service area--are you open to nationwide orders, or just your current city?
Step 4: Price Your Products Right
Take all the above, and start thinking about pricing. Many new business owners forget the overhead it takes to sell a product--don't fall in this trap! Think about your packaging, warehousing, and delivery costs and make sure these are accounted for.
Your pricing strategy doesn't end here, however. Especially for a new business, think about ways to encourage your potential customers to buy from you. Whether it's via free shipping deals, first-time-order discounts, bulk purchase incentives, trial product inclusions--these can all make a difference.
Step 5: Partnerships Can Help You
No man is an island. No business is, either. Think about possibly partnering up with other like-minded businesses in your area. You can cross-promote your products, or host joint giveaways and promotions. Both of you get the advantage of a wider reach: it's a win-win situation.
Take a close watch on your early customers, too. Perhaps you can partner with vocal and active early customers and reach more potential customers if they talk about your brand. Think about what incentives you might be able to offer these early customers and build your business relationship with them.
Get Started Today
It's easy to get started selling online, but make sure that you have your bases covered. Don't rush blindly into it, but don't be too afraid, either. Just remember these five steps:
- Find your unique online offering: a niche that you can call your own.
- Choose your storefront: whether online marketplace, own website, or selling on Messenger, focus on one and expand later.
- Figure out how to ship, and plan for the whole process of getting your products out to your buyers.
- Price your products right, and figure out your pricing strategy for your first few months.
- Partnerships can help you and your partners by expanding your audience and getting your business known to more people.
Take it one step at a time. Before you know it, you'll have a thriving business you can be proud of.