How To Set Up An Online Store With Minimum Investments In 2022

So, do you want to get into the highly lucrative and growing world of E-commerce stores and online sales?

Fair enough. You have done your research and seen that the total valuation of the global E-commerce industry touched $25 Trillion in 2021!

However, you are also aware that while there is demand, not everyone is successful. This is primarily because they did not plan it well. They got lured by just the hype and failed to do their homework when it came to setting up and running a successful online E-commerce store.

This is where this resource article comes in. The article is an honest attempt for budding entrepreneurs looking to set up an online store with minimum investments in 2022.

The Potential for Starting an Online Store in 2022

E-commerce is big! In fact, it is the biggest it has ever seen. Look around you and you will notice that the average life of a consumer has come to be dominated by online stores.

Just think about the things we buy online. I mean there is everything from a 10-minute grocery delivery service, to dedicated Instagram Stores where brands are selling in a D2C manner, and then you have big daddies like Amazon.

In 2022, everyone is selling online. Your local Chinese Restaurant is working with aggregators that help you get your Dim Sum within thirty minutes.

The best part about setting up an online store in 2022 is that it isn’t as expensive as it once was. Amazing new technologies and advancements have made it easier to set up shop on a budget.

You have amazing platforms like Figma, Shopify, WordPress, and others that are highly configurable, use a host of templates, and offer bundled packages for hosting, domain and servers.

If you are looking to start an online store, there are absolutely no serious barriers to entry. For example, if you like a design on Figma, then you can easily replicate the same and set up your online store. You can do this by using design and development agencies that specialize in Figma to Shopify.

Setting up an Online Store with Minimum Investments: 7 Steps to Help You

Step 1: Figuring out which E-commerce model works best for you-

Many entrepreneurs fail at their online stores simply because they go for the wrong mode. When it comes to E-commerce, there are tons of options you can explore.

For example, you have Dropshipping, Direct-To-Consumer (DTC), Aggregator, Wholesale, B2B, and Subscriptions.

Figuring out what suits you depending on the demand in your industry is the best way to proceed. This requires you to do a ton of homework and research on the subject.

Step 2: Getting your hands on the best products to sell in your store-

How do you choose a product that sells well? In 2022, it is not about talking to your grandfather that has forty years of selling. There is another way you can figure that out.

You can use ‘Google Trends’ to understand what products are trending, in demand, and what people are searching for.

Understand that this means that you need to look at the products and their prices on Amazon and other platforms. Then you can begin the shortlisting process and start with vendors.

Step 3: Lock down the best source or vendor to help with the supply of the product-

Once you have figured out the products you want to sell, you now need to zero in on the producer/manufacturer/vendor that can help you with the sourcing.

You need someone that is dependable, will not compromise on quality and help you with flexible payment schedules.

If you want something built from scratch, you will need to go over the entire R&D process with the manufacturer. If you are simply buying and selling, then you need to figure out the supply.

Step 4: Calculating the costs, percentages, and margins of your online store-

At the end of the day, you need to understand that you are running a ‘store’. This means that your business sense needs to be such that it supports your E-commerce model and drives it towards profitability.

Most online stores fail since they try too hard on the discount front and are not able to maintain margins that help them sustain operations.

Implementing the right product pricing strategy is the best thing you can do to grow your online store.

Step 5: Create a stellar design that helps attract the attention of your target audiences-

The E-commerce industry has been famous for delivering some of the best-looking websites there are on the internet. By hiring a web design and dropshipping website builder professionals, you too could have a website that lives up to the standards set by the industry.

The best part about great E-commerce designs is that it is able to effortlessly combine form and functionality. This means that while the UI matters, you should not forget to concentrate on the UX.

The way your visitors are interacting with your online store is directly proportional to the sales you are generating from it.

Step 6: Settle the shipping, delivery, and logistics part of the online store-

Having a successful E-commerce platform is all about optimizing processes from start to finish. Even if you have the best designs, product quality, and pricing, the experience of the customer will be heavily dependent on the shipping experience.

This is one major reason why you need to figure out which shipping and logistics partner you need to work with.

Make sure that you ask them about their processes, timings, costing, and any other detail that you deem fit.

Step 7: Back up the online store with a strong digital marketing plan-

Even if you are the best designed and developed online store in the world, it won’t amount to anything unless you are able to reach the right people.

This is the function of digital marketing. E-commerce SEO and SMM will help you spread the word about the platform and attract the right set of audiences to your online store.

Work with a top digital marketing agency that can help you come up with the right plan, approach, and strategies to execute this successfully.

Related: How To Rank An Ecommerce Website

The Bottom Line

When it comes to opportunities, very few are able to match up to what the world of E-commerce offers. With the pandemic accelerating changes in the digital and consumption behaviors of consumers, the online shopping industry is expected to grow by leaps and bounds in the near future. If you have any other questions you would like us to address on the topic, please reach out to us in the comments below.

Additionals:

• The Best Small Business Tools Online
• 10 Awesome Ways To Make Money Online in 2022 (Updated)
• Digital Marketing For Small Businesses: 3 Ways To Make It Work
• 10 Social Media Marketing Mistakes that Stop Business Growth