How To Open My Own Store Online

"If I were to open my own store online, what do I need to know?"

That's a question we are often asked- by entrepreneurs searching for an online business and also by conventional store-front retailers looking to expand their business.

We usually respond by saying that the things you need to know in order to open an online store are very similar to the things you need to know before you open any type of store:

What will you do differently or better than your closest competitor, to give customers a reason to change? (Online or off, believe us, no one is going without anything they need or want- they are already someone's customer).

What will your store look like? Will it be easy for the customers to find, and easy for them to shop?

Where will you get wholesale products to sell online? If you already have a physical store, will you be using your same suppliers, or different ones?

How much inventory do you need to stock? What will your opening inventory cost you? How about reorders- how much, how often?

How will you get the products to the customer?

Regardless of whether you are considering opening your online business as an adjunct to your current brick-and-mortar store, or as an entirely new venture, there are certain definite benefits to selling products online as opposed to conventional store-front retailing:

• Substantial savings in both set-up and in ongoing operational costs (lower overhead expenses). You won't need a high in-store selling payroll, you will not be dealing with landlords over lease arrangements or paying high rent for a physicall store location; and you will not be wasting time with customers who are simply browsing. Shoppers do browse online, but they do not need, and usually do not want, a salesperson hovering around them.
• Reduce the cost of processing transactions. Again, you will not be paying a person to ring up the customer's sale. Customer orders can come straight into your database from your website.
• If you choose, you can reach a global audience and increase your potential customer base.
• Competing with much larger stores by being open 24 hours per day, seven days per week, including holidays.
• Attracting more loyal customers through better customer service (be sure to read "What Customers Hate About Online Stores" later in this report).
• Improving your merchandise mix and product offerings by listening to your customers via the data collected by tracking customer purchases.

Having your own store online will work best for you if you have- or plan to have: well-defined products that can be sold without human intervention in the selling process; price-points that are well-suited to your target customers; and products that can be delivered with predictable lead times.

In the following pages, we will provide you with much of the specific information you will need to know before, during, and after you open your own store online.....

 Planning An Online Store

Building Your Online Store

Finding Wholesale Products To Sell Online

Recommended Resources Directory For Online Stores

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