How to Set Up eCommerce Platform for Online Business

Ethereal Multimedia Technology offers top-notch consultancy in eCommerce Technology – especially on how to set up eCommerce platform for online business. We take you through the process of setting up wealth creation platform using the Internet, Information and Communication Technologies. We welcome enquiries from prospective entrepreneurs and developers of eCommerce platforms.

How to Set Up eCommerce Platform for Online Business eCommerce Consultancy Ethereal Multimedia Technology https://ethereal.ng/

This blog post provides a general perspective of the nitty-gritty involved in setting up of an online business platform. It sheds light on some the technical and nontechnical aspects to be factored in when running business on the cyberspace.

Passion

Every human being lives with a burning desire to do something that naturally appeals to him. These desires express themselves in form of habits that people cultivate over a period of time. Mostly, things we do naturally with love (not by coercion) tend to be the things that determine our preoccupations or hobbies. By default, our passions are expressed through our natural gifts, talents and abilities.

Personality

The uniqueness of our passions creates our personality. No two persons (not even twins) have same personality. It is our uniqueness that makes us stand out. Tailoring our lives to conform to another person’s makes us lead “fate” lives of imitation, mediocrity, low self-esteem; and thus not attaining our full God-given potentials.

Purpose

Thus, our passion should be garnished with our personality in order to understand the purpose of our individual lives. A purpose-driven life helps us have focus, vision, dreams, goals and targets in whatever we do. A purposeful person is always true to his passion with persistence and prudence.

Profession

Living with a purpose in life makes us zealous to attaining our dreams regardless of the challenges we face. However, it is not enough to have zeal without having the right and adequate knowledge necessary to achieving our set goals. We remain “crude” in our dealings if we are only and always doing what we know. We can “refine” our passions (i.e. hobbies) by knowing what we do. This implies acquiring the requisite skills and training, which make us professionals (as we earn a living through career pursuit).

Products

Committing our professional skills to providing solutions is the key here. The solutions could come in form of products and services. Common products are tangible, such as physical goods/hardware and intangible, such as software and multimedia (music, video, ebooks, animations, photos etc.). Services may include training, consulting, apprenticeship, research and development in any field of endeavor.

Packaging

Once we are through with the production, next comes the packaging of the products and services. This stage takes care of how the products/services are preserved and presented to clients/customers. Packaging depends solely on the product/service at hand; however, good packaging is necessary “bait” that attracts your potential and prospective customers.

On the Internet, products are presented in multimedia forms (text, photographs, sound, music, video, animation etc.). On the catalog of the online store, the products are showcased using a combination these multimedia forms. Thus, they must be of high quality as they depict the packaging of such products. For instance, it is a common practice to showcase eBooks as realistic three dimensional images. See Figure 1 as an example.

How to Set Up eCommerce Platform for Online Business Realistic three-dimensional view of an eBook e_j_garba_digital_audio_mastering_with_ozone_3d_front_cover Ethereal Multimedia Technology https://ethereal.ng/

Figure 1: Realistic three-dimensional view of an eBook

Platform

Once your product/service is packaged, it is time to consider pushing it to the market place. Basically, there are traditional and contemporary platforms for making your products available to prospective customers and clients. The traditional commerce platform is strongly dependent on face-to-face-buy-and-sell strategy. This is very common especially in places where technology is not yet the mainstay. Ethereal Multimedia Technology offers consultancy services that specifically address both administrative and technical aspects of selling your products/services via the contemporary eCommerce platform. We guide you on how to set up eCommerce platform for online business.

The eCommerce platform is fundamentally driven by the Information and Communication Technology – where computers, automated machines/terminals, mobile devices, cyber networks, telecommunications, media and the Internet are used for business transactions.

 

Pricing

Good pricing strategy helps in determining the price point at which profits are maximized on sales of your products or services. When setting prices, you need to consider factors such as production and logistics costs, competition, customer target, etc. Naturally customers refrain from buying high priced goods. However, setting low prices for your goods may not cover all of the business costs. This blog post, how to set up eCommerce platform for online business, show the following pricing strategies as a starting point for your products:

 

Premium Pricing

If you are selling a unique-highly-in-demand product, setting a high price would still guarantee high turnover rate (especially in the early days of a product’s life cycle).

 

Penetration Pricing

This is a deliberate act of attracting buyers (to new business or product) by offering lower prices on goods and services. However, this strategy tends to result in an initial loss of income for the business. Once you’ve noticed considerable response from the buyers (with increase in traffic on your online store), you could raise the prices to better reflect the state of the cost of business.

 

Economy Pricing

This pricing strategy is meant for existing products (especially large companies) with very high turnover rate. From time to time these products are sold at discounted prices. This enables buyers (especially middle class) that are most price-conscious purchase the products they need without frills. This strategy should be carefully employed by small and medium enterprises.

 

Skimming Pricing

This strategy enables you maximize sales on new unique products and services. This mostly involves setting high prices during the introductory phase of the product; then it is later lowered gradually as competition sets in. This strategy creates an illusion of quality while it helps business recoup its initial setup and development costs.

 

Psychology Pricing

It encourages buyers to make purchases in a more rational way than logical. For example, repackaging the same product gives buyers a feeling of improved product. The goal of this strategy is to increase demand by creating an impression of enhanced value for the buyer.

Bundle Pricing

This strategy helps businesses sell a collection closely related products at lower prices than buyers would have purchased each of the item individually. This is an effective way of disposing physical products which take up space in the warehouse. At the same time, the buyer gets more fulfilled buying products that he needs in a bungle. This pricing strategy is more effective for businesses that sell complimentary health, beauty, software products.

 

Promotion

Your products must be seen, heard of, noticed and even tested before sales begin to flood in. Therefore, there must be concerted and deliberate efforts (involving funds and strategies) to promote and market your products in order to get the attention of prospective customers. The following methods for promotion could be considered: free/giveaway product samples, email marketing, social media advertising, print media advertising, TV/Radio advertising, blogging, word of mouth advertising, etc.

Purchases

Successful promotion and marketing strategies are measured in terms of the number of sales. You need to create strategies to make your customers buy and keep buying your products. This blog post, how to set up eCommerce platform for online business, presents some of these strategies:

  • Creating urgency of scarcity (indicating how many stocks are left or limited discounted period available etc.);
  • Buying a product with a free gift included (for instance, buying toothpaste with free toothbrush);
  • Selling products at discounted prices and with next-purchase discount coupons;
  • Purchasing products with free shipping option;
  • Creating price variants for the same service/product (where the differences in the prices is attributed to value, time, quality and quantity);
  • Have a respected return policy (indicating, where applicable, notice such as 100% money-back guarantee, lifetime warranty, free returns, etc.);
  • and showing number of sales, reviews and rating of your products.

 

Profit

As sales flood in, you will begin to get revenue. Before you get profits, lots of factors come into play. They include loan repayment, tax/VAT, recurrent expenditure, cost of production, initial cost of setting up business (capital, land etc.), demand and supply, economic health (recession, boom/upturn), overhead/running cost (accounting fees, advertising, insurance, interest, legal fees, labor burden, rent, repairs, supplies, taxes, telephone bills, travel expenditures, and utilities), etc.

Checklist of How to Set Up eCommerce Platform for Online Business

Briefly we present some of the key aspects that help prospective entrepreneurs on how to set up eCommerce platform for online business:

 

Business Incorporation

   Physical Business Address (Rentage/Lease)

   Business Location and Warehouse

   Legal Advice/Counsel

Choice of Company to Incorporate

Business Name

Venture

Limited Liability

   Minimum number of shares

   Choice of three unique company names

   Educational Qualification of Board of Directors

   Issuance of certificate of incorporation

   Filing of annual returns

Corporate Identity

   Corporate Logo [2d/3d/Animated]

   Stamp Logo

   Corporate Colors   

Company Seal

Company Stamps

   Valid Identification

      Corporate ID

      National ID

      Driver’s License

      Passport

   Private Mail Box

   Shop Front Signboard

   Roadside Signboard

   Mobile/Telephone/Fax number(s)

   Social Media Accounts

   Customer Support/Care

Corporate Tax Registration

   Tax Identification Number

   Monthly Tax Return

   Tax Clearance

Corporate Bank Account

   Internet Banking (token…)

Corporate Current Bank Account

Corporate Domiciliary Bank Account

   

Domain Name

Search Engine Friendly [SEF]

Human Eye Friendly [HEF]

Single Domain Name Registration

Bulk Domain Name Parking

Domain Redirecting

Temporary

Permanent

Web Hosting

Shared/Dedicated [canonicalizable] IP address

E-mail Accounts

Hosting Security

Sitelock Malware Scanner & Trusted Site Seal

Domain Privacy

SSL Certificate

Premium DNS

   

Website

Consultancy, Analysis and Facts Gathering

Multimedia production, editing, streaming and authoring

Design & Development/Programming

Mobile App [iOS, Android]

Online Store/Shop

eCommerce and Shopping Cart Systems

Currency / languages [translation]

Online Payment Gateways/Processors/Merchant

         Shipping System

      Setting Prices

      Website Security and Maintenance

      Upgrade and Update

      Auditing and Quality Assurance

SEO

      Analytics

      Webmaster Tools

      Google Adwords

         Marketing / social network accounts / integration

Search Engine Visibility

Advertisement and Boosting Traffic

Creating Ads Banners

E-Mail Marketing

Blog Submission

Forum Participation

Support Ticket System

Online Chatting System

Social Media Network

                        Newsletter System

                                    Newsflash System

Final note on how to set up eCommerce platform for online business

For more information on how to set up eCommerce platform for online business, you can contact Ethereal Multimedia Technology for consultancy and contract execution.