E-commerce continues to be on the rise. With social media and online shopping, it is no wonder that e-commerce is the way of the future. As shopping malls become obsolete, entrepreneurs look to more modern methods to get their products directly into the customers’ hands. Cory Muroff is a successful e-commerce entrepreneur who has seen the industry develop and take off through the years.
Founder of five e-commerce companies ranging from jewelry to fulfillment services, Muroff understands what it takes to succeed online. “COVID-19 proved just how crucial e-commerce is to consumer markets,” says Muroff. “Companies are now building more online and less on the street.” Muroff shares here his step-by-step guide to setting up your e-commerce business.
Write out your business plan.
You may have your product, service, name, logo, everything ready to go, but no business is fully prepared without a business plan. “A business plan is the foundation of any company,” states Muroff. “Ensure you address your growth strategies, markets, etc., as potential investors will want to see this information.”
Obtain and secure your product.
“Once your business plan is complete, you should have a pretty good idea of your sales projections,” explains Muroff. “You don’t want to disappoint customers right out of the gate, so find your producers and obtain enough of your product to sustain your launch.”
Set up your website.
“Your website is your storefront. Design it with care,” describes Muroff. “Make sure it’s accessible, easy to navigate and choose your channels wisely.” Muroff maintains that while your website is a place you can sell, don’t forget other platforms like social media.
Consider your fulfillment requirements.
“You have to be able to get your product shipped to your customers as fast as possible,” states Cory. “You’ll need a warehouse, shipping partners, etc. if you don’t have time for all of that work with a reliable e-commerce partner who can manage this side of your business.”
“Launch your company. Get out there, and do it,” states Muroff. “Open for business and get your product in front of your audience.” Muroff explains further, “Don’t get too caught up in the details before launching. Nothing is perfect initially. You just have to do it.”
An e-commerce business is like any other business, except it has a more prominent digital component. “It takes a little bit more in terms of coordination,” explains Cory. “But it’s worth it because digital affords you a much larger customer base.” With these simple steps, you too can get your e-commerce business off the ground.