PUBLISHED 11 Dec, 2024
Ecommerce, the act of buying and selling goods online, has exploded in popularity, reaching new heights in 2024. Consumers are increasingly turning to online stores for convenience, wider selection, and competitive prices. Fortunately, this trend presents an opportunity for aspiring brand owners and already-established entrepreneurs to enter ecommerce.
This comprehensive guide will equip you with the knowledge and actionable steps to launch your own ecommerce business venture in 2024. We'll dig into five crucial steps to get your online store up and running, followed by five key tips to ensure you achieve long-term success in the dynamic ecommerce environment.
Come along!
The foundation of any successful business lies in identifying a clear market need and catering to it effectively. You might find the two pointers below useful:
i. Market Research: Before jumping in, conduct thorough market research. Analyse current trends, identify gaps in the market, and understand your target audience. Tools like Google Trends and social media can be invaluable in uncovering customer pain points and popular product categories.
ii. Identifying a Winning Product: Once you've narrowed down your niche, it's time to find a winning product. To do this, you should look for products that address a specific need for your target audience. Also, you should identify trending products or emerging markets with high growth potential. Another perspective is for you to consider your own interests and expertise. If you're passionate about a particular product category, your enthusiasm can translate into a successful business.
With your niche and product in mind, it's time to construct your online storefront. This is where you'll showcase your products and convert website visitors into paying customers. To bring this to fruition, you must consider which ecommerce platform to go by and the features you should keep in mind. Below is a full exploration:
i. Ecommerce Platforms: Several user-friendly ecommerce platforms (such as online marketplaces and ecommerce websites) are available to help you build your online store. Online marketplaces (examples are Hypetag, Amazon, and Ebay) offer built-in customer bases and handle much of the marketing and logistics. Whilst ecommerce websites (examples are Shopify, WooCommerce) allow you to create your own online store, you will need to invest in marketing and website development. Online marketplaces remain the best option if you are looking to gain traction easily. Read this article to decide which might be the best option for you.
ii. Essential Features: When choosing a platform, consider if you can easily create detailed and informative product listings across various product categories. Also, your potential platform should offer secure and convenient payment options for checkouts, and swift and easy payouts. Keep in mind too the shopping cart and checkout process; is the checkout process smooth and user-friendly with a clear navigation? Finally, your platform of choice should prioritise robust security measures to protect customer data and transactions.
Now that your online store is ready, it's time to stock your virtual shelves. Here are some ways to source your products:
i. Manufacturers: If you have a unique product idea, consider partnering directly with a manufacturer for bulk production.
ii. Wholesalers: Purchase products in bulk from wholesalers at discounted rates for resale in your store.
iii. DIY (Do-It-Yourself): You can choose to make your craft with your own hands. In fact, in 2020, the global handicraft market reached an estimated value of $647 billion, and this figure is likely to have grown significantly in 2024.
Further, inventory management is the process of overseeing the ordering, storage, and tracking of your products so as to meet customer’s demands on time. Of course, this means it includes all stages of a product's life cycle, from raw materials to finished goods, ensuring that the right items are in the right quantities at the right time.
Hypetag allows you to view and manage your product inventory efficiently. Here are steps you can take to manage your inventory on our platform:
i. Published products: You can edit and unpublish actively listed products when they’re out of stock.
ii. Drafted Products: These are products you unpublished due to unavailability, you can publish them back anytime they are available without requiring verification.
iii. Declined Products: Some of your product listings may be declined due to incorrect information or because it goes against our terms. You can find these products on decline and make changes and resubmit them for verification.
iv. Pending verification: You can find and manage all your products listing pending verification.
v. My Contributions: These are new products you’ve submitted to Hypetag. You can manage all products and resubmit listings with updated products information.
vi. Recycle Bin: Find all your deleted products in one bin and restore the ones you need again.
More importantly, you can explore Hypetag's product database to find existing products you want to sell. This saves time on creating new product listings. If a desired product isn't found in the database, you can request the addition of new products. Hypetag verifies the product before adding it to the platform. This helps to process orders efficiently, track inventory levels in real-time, and identify fast-moving and slow-moving items, ensuring accurate stock information.
In this digital age, attracting customers requires a well-defined marketing strategy. Here are some key areas to focus on:
Understanding your target audience is crucial. To achieve this, you can research your competitors, identify any relevant niches within your craft, and analyse what existing customers are drawn to in competitor listings. Another way to easily identify your audience is by developing a customer persona. This entails a detailed profile of your ideal buyer, including demographics, interests, and shopping habits. This will help you tailor your product offerings.
You should conduct keyword research to identify the terms customers use to search for your type of product. For example, if you decide to sell your products on Hypetag, you can easily conduct keyword research which will help you optimise your product titles, descriptions, and backend keywords. This of course has a butterfly effect, eventually helping you to improve your organic ranking in Hypetag's search results.
Also, having great product photos is equally important. Here is an apt description of what a great product photo is: “clean-cut, white background, and product-only”. Therefore, you should only use high-resolution, well-lit images (shot, of course, against white background) that showcase your products from multiple angles.
Pay close attention to the subsequent information. This is because, according to Forbes, choosing the wrong platform can lead to wasted resources and extremely stunt the growth of your business.
It is highly important that you consider factors like budget, technical expertise, and scalability when selecting your platform. You can choose to establish a branded store presence on online marketplaces like Hypetag, create your own independent ecommerce website, or leverage both approaches for a multi-channel sales strategy.
However, online marketplaces offer a key advantage for new businesses — built-in traffic. Since these platforms already have a large customer base, you can benefit from their existing audience without having to invest heavily in initial marketing efforts. This, of course, allows you to focus your resources on product development, customer service, and optimising your store presence on the marketplace. Our sellers' guide provides a route to go about this on Hypetag.
The ultimate objective of businesses is to generate profit. Therefore, it is crucial to seize any suggestion that might potentially contribute to your success. With that in mind, here are five key tips to ensure your business stays ahead of the ecommerce curve and thrives in 2024.
Should you choose to sell on Hypetag, you must note that while this platform handles the core website experience and many customer service aspects, there remains plenty you, as a seller, can do to prioritise customer experience and build a positive brand reputation.
Creating good product listing(s) is a way to go about this. Keep in mind, there are two ingredients for your product listing to be considered good enough. First, you must provide detailed and accurate product descriptions. Such descriptions can include dimensions, materials, and other relevant specs to avoid confusion and ensure customer satisfaction. Second, you have to invest in professional product photos that showcase your items from multiple angles. At Hypetag, we believe that clear visuals are crucial for online shopping decisions.
A surefire way to go about this is by addressing customer inquiries and messages quickly. A timely response demonstrates your care and builds trust. Also maintaining a professional stance by providing clear and informative answers can help improve customer satisfaction. Remember, every interaction is a chance to impress your customers.
For new sellers, the question of branding might seem distant. You're likely focused on testing the product ideas reeling through your mind and finding your niche. However, branding plays a crucial role in establishing yourself and attracting repeat customers. A strong brand differentiates you from other sellers in your niche. It creates a unique identity that resonates with your target audience.
Note, please, that building a brand doesn't require a massive investment. To get started, first, choose a name that is memorable, relevant and simple.
Also, craft clear and engaging product descriptions that highlight the features and benefits of what you are selling.
As your success grows, you can register your brand name (e.g. as a trademark) thus protecting your business against potential imitators.
Forbes said starting a business is a path to get on if you are looking to make money. And if you are looking to generate more revenue for your business, it might be necessary to consider the concept of discount. Discount is a multipurpose word, referring to the temporary reduction in a product's or service's price.
Becoming a seller on Hypetag means you can attract customers significantly using discounts. You can consider creating a sense of urgency with limited-time discounts. Flash sales or "Weekend Deals" can generate excitement and encourage impulse purchases.
Once you've crafted your discount strategy, ensure it's clearly communicated within your listings. Highlight the discount prominently in your product titles and descriptions. Use these features to grab customer attention and maximise the impact of your promotions.
Selling on an online marketplace does not exempt you from analysing your performance and adapting your strategy. To do this, you should track metrics like your conversion rates (how often a product view translates into a sale), click-through rate (this measures the percentage of people who click on your product listing after seeing it in search results), and customer demographics (analyse data on factors like location, age, and purchase history so as to know your audience better). This will help you to identify products that are performing well and which ones are not. You can then choose to adapt your pricing, promotions and marketing strategies based on your data and customer feedback.
Contrary to popular belief, starting an ecommerce business does not need to be hard. Hypetag simplifies the process, making it readily available. Here is why you should seize this chance:
a. Vast audience and scalability: gain access to Hypetag’s customer base allowing you to solely focus on growing your business.
b. Unparalleled setup and deployment: bank on Hypetag’s powerful site and tools to get your store running almost immediately.
Ready to take the first step? Read our seller's guide to get started.
What are the steps to launch an ecommerce business in 2024?
This guide outlines 5 crucial steps: finding a niche and winning product, building your online store, sourcing products and managing inventory, crafting a marketing strategy, and launching and optimising your store.
Is it difficult to start an ecommerce business?
While there's dedication involved, ecommerce platforms like Hypetag can simplify the process. This seller's guide offers actionable steps to get you selling your products on Hypetag.
What are the benefits of selling on an online marketplace like Hypetag?
Hypetag offers a vast audience, allowing you to focus on growth. Our powerful tools and swift setup minimise time to launch.
What are the different options for building an online store?
You can choose an online marketplace like Hypetag or create your own independent website using platforms like Shopify. Marketplaces offer built-in audiences, while websites offer more control over branding.
Which ecommerce platform is right for me?
Consider factors like budget, technical expertise, and desired level of control. Marketplaces are often ideal due to their existing customer base.
Where can I learn more about ecommerce online?
This guide provides a starting point. Consider online courses, industry publications, and relevant conferences for ongoing learning.
How can I build a strong brand identity for my ecommerce business
Develop a unique brand name, logo, messaging, and visual style that resonates with your target audience.
Where can I connect with other e-commerce entrepreneurs?
Network online or attend industry events to share experiences, learn from others, and build a support system.
Chief Editor & Marketing Director
At Hypetag, our aim is to provide you with a timeless shopping experience. This buyer’s guide empowers you with detailed tips to navigate the platform effectively for the best shopping experience.
This comprehensive guide tailored for brand owners, luxury shoppers and retailers covers essential steps to leverage our platform effectively as sellers.
E-commerce as the conduct of exchanging business transactions (i.e. buying and selling) via the internet. Hypetag stands at the forefront of this e-commerce revolution, offering a unique platform specifically designed for fashion sellers.
