How do Ecommerce websites make profits? Do they have some secret tricks up their sleeves that help churn more sales volumes while keeping costs minimal. Yes! They do, and we are going to share that secret with you. The secret about how to build a profitable Ecommerce website development that can improve your ecommerce website.
Breaking Down the Business Model to Starting an Ecommerce Website
A successful business model is one that makes best use of its resources to generate revenue and profits. The business model of an Ecommerce business comprises mainly of its identity that is created by its domain name, technology used for UX and cost effective logistics used for customer delivery.
Domain Name: A striking domain name is what makes an Ecommerce website click with the masses. Think Amazon, Alibaba, Ebay, etc. The store name should be short, catchy, easy to remember, brand able and one which does not violate any trademark or copyrights.
Technology: Magento, Prestashop, WooCommerce, OpenCart, etc. are some of the free Ecommerce development technologies available in the market today. These open-source software help create a splendid Ecommerce website with balanced UX and functionality.
Logistic Support: If your business has a rich balance sheet it is worthy to invest in centralized warehouses in metro cities that are assisted by distribution centers across the geographical location for rendering quick service to customers.
3 Super Fast Lanes for Making Your Ecommerce Store Profitable
Unlike any other usual website starting an Ecommerce store lets you do two things: buy and sell. An Ecommerce website can be used to host produce, artifacts, products or anything sourced individually or from vendors. Further, the website can also allow third party vendors to put up their product offerings.
An ideal Ecommerce website will:
- Have an intuitive and user-friendly interface
- Be updated real-time with the product offerings
- Have multiple payment modes and payment gateways
ii) Mobile Commerce:
GoMobile reports that “55% of the time spend on retail sites are from mobile devices.” The site furthers states that “Mobile devices will account for 30 percent of global retail e-commerce spending by 2018, up from 15 percent in 2013.”
Having a mobile friendly website is no longer a luxury but a necessity for opening a new Ecommerce store. Mobile commerce and its infinite possibilities can be exploited to the maximum to reach potential customers who search for their favorite products from their mobile phones.
iii) Social Commerce:
With 176 million new member addition to the social networking websites and 40% of global Ecommerce sales originating from online mediums, social commerce has arrived and is here to stay.
From viewing user reviews to exchanging product suggestions, there is lots that can be done with social commerce.
In the coming days, the best way to reach out to your target customer group will be through Facebook, Twitter, Pinterest, Instagram, Flickr, etc. In fact, these stores have already initiated their own social stores where customers can browse goods put up for sale by vendors.
On Demand Delivery Tracking
To achieve 100% fulfillment and keep your customers satisfied you will need a delivery tracking app for sure. An on demand delivery app in place can prove useful in three different ways: (i) Help customers track products (ii) Help business owners monitor and manage deliveries (iii) Help delivery personnel navigate.