Most important things that an e-commerce site needs for passing this test are –
Prior launching an e-commerce website, the primary objective of its research and development team is to show that its basic model is fully functional. It needs to accept the challenge of generating business in its vertical or niche. For this, the site needs to attract more customers at an inexpensive rate. There are a few things that the researchers ought to consider in this regard.
- A website platform worthy of the least viable product.
- Quality traffic for conducting these tests. PPC is mostly chosen for this. It doesn’t need the inventory.
Till the initial test is passed by your site, you can’t even think of viral marketing, social marketing, search engine optimization and optimizing the site performance. The effectiveness of the site needs to be determined on its ability to convert prospective customers into quality leads.
Things you actually need to get started:
If it’s possible for you to do some non-technical grunt task on your own, you may succeed in bootstrapping your e-commerce business for any amount lower than $10,000.
Design and logo: Quality website design and a meaningful logo create trust in the minds of your customers. In order to design a dynamic logo, you’ll need to hire a qualified graphic designer. The designer needs to understand the theme of the website in details and the role that the logo is supposed to play in it. You have the option of developing a good site by choosing any template from version 1.0 sites. Make sure that the site looks trustworthy and new. You’ll need to place your 800 number at the top of your site. Initially, you may try checking the customer response by placing your personal number. This is likely to show you through a few personal feedbacks.
Gaining popularity is all about launching a few good products. Most of your efforts need to be vested in developing specific copies of your products. At the same time, you must ensure that your site looks promising. Stick to your basics and ignore all the hustle and bustle. You may choose to offer a few promotional codes and online coupons to draw the attention of your target audience.
You may check out your acquisition cost while trying PPC for buying traffic with your funds.
Simple math that follows is: Cost of Acquisition = Total PPC expenditure/number of orders.
It helps determine your actual conversion and fetch your actual gross profit. It is from there that your assumptions and details need to be determined in the form of a model e.g. overhead charges, support cost, rate of reordering, rate of return etc.
In case you don’t succeed in turning the first part functional, you may only expect a silver bullet to do the trick, but then that’s quite rare. For your favorite model to work and fetch you good ROI, you’ll need to work very hard and invest a capital worth 10k.