The eCommerce economy is expected to continue experiencing rapid growth for years to come. For any prospective business owner, the opportunity for success and sustainability that eCommerce offers is exciting and promising.
However, simply opening a store online does not guarantee a profitable venture. While the eCommerce economy is growing significantly, entrepreneurs and business owners will only see results if they approach it in the right way. That means focusing on certain aspects right from the start, including the cost involved in every step of eCommerce website development and the approach in setting up the eCommerce business correctly.
However, simply opening a store online does not guarantee a profitable venture. While the eCommerce economy is growing significantly, entrepreneurs and business owners will only see results if they approach it in the right way. That means focusing on certain aspects right from the start, including the cost involved in every step and the approach in setting up the eCommerce business correctly.
Tips for Starting an eCommerce Business
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Building an eCommerce business takes a lot more than simply picking a brand name, creating product listings and selling products or services online. Even some of the best ideas can fail if the right approach to starting an online business is not followed. Here are a few tips that should always be considered in the process:
The first step in starting an eCommerce business is performing the necessary research. Prospective business owners and entrepreneurs have to research the market to see if there is enough demand for what they intend on selling.
Find the right target audience
It is very important to understand exactly who a business is selling to. Once the ideal target audience and personas are identified, a business can start to develop the right product offerings.
Register the business
A crucial step in setting up an online store is to choose a business name and register the company. There are legal protections and tax benefits for incorporating, so this is an essential step that should not be skipped.
Choose the right platform
Most eCommerce platforms allow for launching an online store, as well as customizing the design, managing the inventory, taking and shipping orders, receiving payment and more. It is essential to choose a platform that enables all these aspects in an effective and cost-efficient way.
Today, consumers are looking for the most convenient ways to shop. This means they are looking for websites that allow for online shopping through mobile devices. As a result, eCommerce businesses should always have a mobile-friendly design for their store and allow for on-the-go browsing and shopping.
As the eCommerce economy grows, increasingly more businesses are entering this crowded space. This means that content and search engine optimization are key to stand out from the competition. Connecting with a skilled content creator and SEO specialist can help to stay competitive in the long run.
Before launching an eCommerce business, testing and analytics should be a priority. This is to ensure the customer journey is a smooth one and that any issues are fixed before selling.
Invest in online marketing
As soon as products or services are prepared and listed and the website is up and running, it's time to start serving customers. To do this, there needs to be a proper market strategy in place. There are a variety of marketing methods to utilize, including pay-per-click advertising, social media marketing and more.
Analyze and maintain the website
It's important to update and upgrade an eCommerce website regularly. This means fixing bugs and patching any leaks in the sales funnel.
The Cost of an eCommerce Website: Factors to Consider
The cost of an eCommerce website is a major part of the decision-making process. But while any business wants to save costs, it is important to not cut corners. If not, business owners can end up paying to fix problems and to buy add-ons later down the road.
Some aspects to consider with the cost of launching an eCommerce website include:
Programming and software costs
Ecommerce solutions vary in costs depending on the software they offer, their features and their level of service. Along with programming, this is probably the most expensive part of setting up an eCommerce site. Programming and software can cost anywhere from $2,000 to $75,000 depending on the size and features required for the site.
Part of developing an eCommerce store is creating a unique user experience through design that reflects a business's brand and retains customers. A good design team can cost anywhere around $200 to $1,000.
Content and SEO costs
Constant maintenance and optimization of an eCommerce site are important. Therefore, availing of a content writing service, and hiring an SEO specialist or team is essential. Initial eCommerce SEO services can start from $700, while monthly maintenance costs can be anywhere between $200 to $1,000 based on the scope.
Keeping an ecommerce website secure should be a major priority right from the start. While this may be an expensive part of setting up an online store, it provides the safety for staff and customers to visit and shop on the website.
In addition to the above costs, many other options and add-ons could increase the website price. These can include marketing strategies, tailored checkout options, product review pages, various payment options and more.
Luckily, there are some ways to reduce the costs of setting up an eCommerce business. This involves following the right approach from the start to avoid glitches and high costs in the future. It can also be more cost-efficient to outsource teams to develop the site rather than to hire in-house employees. Furthermore, it can be beneficial to hire certain professionals or a team that can take care of all the aspects of the development and launching process.
How a Chief Software Architect or CTO Can Help With eCommerce Website Development
Developing and launching an eCommerce business can be a complicated process. Therefore, many businesses opt to hire experts in the field to ensure the approach and entire process run smoothly from start to finish, while saving costs.
Two IT expert professionals that can be highly beneficial to businesses are a chief software architect and a chief technical officer (CTO). Let's explore how:
A chief software architect provides architectural blueprints for the development team to follow. He or she will guide and assist the lead developer and team throughout the development and launch processes.
The chief architect’s responsibility includes designing software, coding, testing, releasing and maintaining a product, collaborating with teams and keeping an eye on deadlines and budgets.
The average annual mid-level chief software architect salary is between $160,459, or $13,371.58 per month.
A CTO or chief architect is tasked with managing the technical aspects of a business to ensure that they are in line with the business's growth targets. This includes developing and implementing technology initiatives that can take an ecommerce business to the next level.
The responsibilities of a chief software architect includes aligning technology with a business's strategies, visualizing strategic product roadmaps and performing top and middle-level management to teams.
The average annual mid-level salary for CTO experts is $163,257, or $13,604.75 per month.
The Difference Between a Chief Software Architect and CTO
While a chief software architect and CTO work alongside each other, there are some major differences between the two roles' responsibilities and tasks. Let's look at the main differences between a chief software architect vs CTO:
The CTO focuses on a business's long-term goals. He or she has many technical responsibilities and typically takes the leadership position in the development team. The chief software architect helps to compose a project brick by brick and reports to the CTO.
Both of these experts can be highly beneficial in the process of developing and launching an eCommerce for any business.
The Final Word
Today, eCommerce is an exciting avenue for prospective business owners and entrepreneurs to follow. The tools needed to launch an eCommerce business are more accessible than ever, but it can also come with a lot of expenses. Therefore, it is important to consider hiring the right specialists that follow the best approach to get an online business up and running, while saving valuable costs.