For nearly a decade, e-commerce brands and traditional walk-in stores have been locked in a battle of wits over who can best meet the needs of the 21st century consumer.

Before the internet went mainstream, setting up a retail or wholesale business used to be a capital-intensive task with multiple moving parts that could prove difficult to manage, especially for novice entrepreneurs entering the space for the first time.

However, in today’s technologically driven world, aspiring business owners can easily create a fully functioning store on the internet, receive purchase orders from buyers, and fulfill deliveries without ever having to leave their homes.

The pandemic and mass lockdowns across the world then tipped the scales in favour of e-commerce, ushering in a new era of digital transactions where just about anyone can successfully create and operate a retail business on the internet.

If you’re among the thousands of aspiring entrepreneurs interested in entering this exciting space, here are five steps that will guide and help you to bring your e-commerce idea to life.

1. Adopt a ‘problem-first’ approach

Every business exists to solve problems. And so the first step to ensuring the success of your idea is being very clear about which problems you are trying to solve. This is often the most challenging aspect of starting a business and usually requires lots of time and research.

Before you buy a domain name and start building a website, you first need to spell out who your target audience is, what their wants are, and how effectively you can meet them.

Is there a gap in the market you are trying to fill? Are you introducing a new service or improving one that already exists?

Adopting a problem-first approach when setting up an e-commerce business helps you fully understand the scope of your market or niche and which strategies to employ.

2. Define your customer and their needs

After determining your niche, the next step is defining your ideal customers and understanding what they want. Experts in e-commerce turnarounds will tell you that you can’t get anywhere without knowing your ideal client.

Trying to please everyone will leave you with no one to please, so you need to narrow your target audience according to the demographics that separate consumers from each other.

Are you serving the elderly or is your solution for teenagers alone? Are your products gender-specific or gender-fluid?

Answering these questions will help you build an online store and create marketing materials that will connect with the customers for whom your products are meant.

3. Source products, manufacturers and shipping suppliers

The success of your e-commerce idea lies in your ability to source the right products from competent manufacturers, and also find reliable shipping suppliers for fulfilling deliveries to customers. It can be difficult and time-consuming but it is crucial to the existence of your business and, as such, requires your full attention.

You can check out your competition and try to create your own business relationship with their suppliers or you can scout for manufacturers and shipping suppliers yourself.

Whichever route you choose to take, you should try ordering products from them and also test their delivery service to get an actual sense of how it works.

This will help you understand what their strengths and weaknesses are, and how best to integrate them into your business so your customers are never disappointed.

4. Design and build your website

After you have determined your niche, identified your ideal customer, and figured out what products, manufacturers and shipping suppliers to use, you can now move forward with the design and development of your digital storefront.

Depending on your vision for your brand, you can choose between building your online shop from scratch, or renting and customising a ready-made digital storefront from any of the leading SaaS platforms.

Your website design should inculcate the data you’ve collected on the needs and wants of your ideal customers.

Enlisting the help of a professional, such as a marketing agency, will help you optimise your landing page to convert visitors into paying customers.

5. Develop a marketing plan or strategy

Once your website is live, you will need to employ a slew of different strategies and campaigns to bring visibility to your brand and help your ideal client find your online store.

The marketing mix – pricing, promotion, distribution, and advertising – is an essential component of your marketing strategy that will set you apart from the competition and give buyers reasons to pick you.

A cost-effective marketing strategy that speaks directly to your ideal customers will not only help you convert more leads but will also go a long way in creating a strong customer base around your brand.

Going through these five steps diligently will help you build a formidable e-commerce brand that will attract the right customers and generate the kind of revenue most brands only dream of.

Though some parts of these guidelines will require you to try and fail a few time before getting it right, putting in the work and conducting the required research will help launch your business successfully.