Effective Strategies for Creating an Online Store in 2024

Did you know more than 81% of people in the United States shop online?

The country’s eCommerce industry is expected to reach a market volume of US$1,223.00bn in 2024 and is projected to expand to US$1,881.00bn by 2029.

Image credit: Statista

These figures underscore the importance of having a website to sell your products and services. The challenge, however, lies in getting started. If you have been stressing about that, worry no more. Creating a website has never been easier, though it does take some preparation and effort.

I’ve been working in the SEO industry for over ten years. Throughout my career, I’ve helped many new businesses start up and grow their brands online and advized them on marketing strategies. I’ve also launched a few of my own side projects too.

Now, I’ll share some valuable strategies to help you create a successful online store in 2024.

Making It Easy to Sell Online Businesses
Flippa provides owners and investors with the tools and expertise to sell.

Monetization Potential of Online Stores

Before I get into the nitty-gritty of online store builders, let’s talk money. Online stores offer countless ways to make money and boost your profits.

One of the easiest ways to do that is through direct product sales. Selling physical or digital items directly to your customers. This lets you connect directly with your audience and meet their needs.

Subscription models are another great option. They provide a steady income by offering products or services on a recurring basis, like monthly subscription boxes or exclusive content access. This keeps customers coming back and ensures regular revenue.

Affiliate marketing allows you to promote other companies’ products and earn commissions for each sale made through your referral link. This way, you can monetize your online store without holding inventory, which cuts down on upfront costs and product management hassles.

Selling digital downloads like eBooks, software, or online courses can be profitable too, thanks to minimal production and shipping costs.

Strategic pricing is also crucial. Techniques like upselling—encouraging customers to buy a higher-end product—and cross-selling—suggesting related items—can significantly increase your average order value.

If you want these factors to work, though, you need one thing: a great online store.

Related: What Is eCommerce?

Tips for Starting Your Own Online Store

Starting your own online store can be exciting and profitable, but you need to start with effective planning. During this stage, you must prepare a business plan that defines your business. This means clarifying what you’re selling and identifying who you’re selling to.

Define Your Niche

What exactly is your niche? Whether it’s health, travel, food, or something else, you need a clear idea so your website can cater to that specific target market. Your niche should also be viable for production and shipping to generate profit.  

For instance, data shows that 58.1% of household appliance sales in the US are made online, while women’s fashion peaks during holiday shopping periods. 

One cool thing you can do is use a tool like Semrush to find out how many people are searching for your niche product each month to understand if there is enough demand and how competitive that market is.  

In Semrush, I’ve entered the niche keyword “shed plans,” which shows that there is a ton of search volume for that keyword, and it also has a lot of other keywords — and it’s not so competitive when compared to other niches, which is the right kind of mix that you may want to have.

Perform Market Research

Next, analyze your market to determine the viability of your product idea and your competitors’ strengths and weaknesses. This will help you build a resilient business.

It will also illuminate your ideal customer, their preferences, pain points, and purchase habits. After all, your target audience’s opinion and feedback matter the most for your business.

It would help if you also studied current trends and future prospects in your targeted industry to craft effective business strategies and decipher how your business fits into the broader environment.

Choose the Right Platform

At this stage, it’s time to look into the actual website creation. Some things that you must go for when building a website are scalability, customization options, easy navigation, mobile responsiveness, a simple and uncluttered web design, fast load times, accurate information, and clear “buy” buttons. You also need to consider your budget.

Image source: HitPay

When you create a website, there are various eCommerce platforms available.

Website Builders

The easiest way to get started is by using website builders to create an online store. These platforms provide all the services you need to create, run, and maintain your website, including web hosting, website templates and themes, shopping cart functionality, and technical support.

In exchange for these services, website builders usually charge a monthly fee, depending on your business size. Some popular website builder platforms are Wix, Shopify, and Squarespace.

Pros:

• Affordable.
• No skills required.
• Best for small businesses.
• Quick to have a site up and running.
• Reliable support.

Cons:

• Restricted website features.
• Not completely customized.
• Subscription-based.

Self-hosted Platforms

Here, you create the website, whose contents and data live on a ‘server’—a service you must pay for. Hosting is primarily of two types: shared hosting, where several small businesses share resources, and dedicated hosting, which is expensive because you have all the resources to yourself.

Some popular self-hosted platforms are WooCommerce, Magento, and WordPress.

Pros:

• Complete control.
• Highly customizable.
• More flexibility.
• Ability to integrate tools.
• Better monetization.

Cons:

• High cost.
• Limited scalability for some platforms.
• Responsible for maintenance and upgrades.

Related: The different types of eCommerce businesses

Create a User-friendly Website

First impressions matter, so make sure your website is user-friendly. Use a good website builder to create a site that’s easy on the eyes and simple to navigate. Clear, detailed, and engaging product descriptions are a must.

Make sure your product pages are logically organized so visitors can find what they’re looking for without any hassle. A well-designed site will keep visitors around longer, encourage them to explore more, and ultimately make them more likely to buy. An intuitive website builds trust and makes the shopping process enjoyable for your customers.

Optimize for Mobile

These days, everyone shops on their phones, so optimizing your ecommerce store for mobile is essential. Ensure your site looks great and functions smoothly on all devices, from smartphones to tablets.

Quick-loading images, easy-to-tap buttons, and a seamless checkout process are key. Don’t forget about mobile-specific features like click-to-call or location-based services if relevant.

A mobile-friendly site not only improves user experience but also increases your chances of converting visitors into customers. Remember, a poor mobile experience can turn potential buyers away, so make mobile optimization a priority.

Include Quality Product Photography

Great product photos can grab customers’ attention and showcase your products in the best light. They can also drive more sales.

Here’s a great example from Copper Culture. Notice how their product page covers different angles and even includes an image of packaging, which could be a huge deciding factor for people looking to buy a gift for a friend or partner. 

Image credit: Copper Culture

Invest in good photography gear or hire a professional photographer to ensure your products look their best. Show multiple angles, highlight important features, and use consistent lighting to make your photos stand out. Include lifestyle shots or you might even create some videos to give customers a better idea of how they can use your products.

Good visuals can make all the difference in how people perceive your items and can tip the scales towards making a purchase.

Implement SEO Strategies

The internet is big, so given your business is online, you must ensure customers can actually find your eCommerce site. This is where SEO (search engine optimization) plays a critical role.

Image source: DigiRocket

SEO is a process that improves the quality and quantity of traffic to your website from search engines like Google. Using SEO tools, you can find what people search for and optimize your website accordingly.

You need to use eCommerce SEO strategies to increase your business’s visibility and web traffic. Techniques like keyword optimization, content marketing, and link building can help your store rank higher in search engine results. 

Focus on optimizing your product titles and descriptions with relevant keywords and regularly update your blog with valuable content that addresses the needs of your target audience. For instance, if you’re selling men’s clothing, the ‘men’s clothing stores’ and ‘men’s clothing stores near me’ and ‘online clothing stores for men’ keywords are some of the most searched terms online but have high competition.

Invest in Social Media Marketing

There are more than 5 billion social media users worldwide. In America alone, there are 246 million users, and 29% of Americans purchase products online through these platforms. Given these encouraging numbers, it would be a huge mistake for a business not to leverage this powerful marketing tactic.

For this, you need to have a solid marketing strategy, which includes covering a wide range of platforms to create, share, and promote your content. You can use hashtags, paid advertisements, product reviews, and personalized customer interactions. You can also create affiliate and ambassador programs, run campaigns, and form partnerships.

Regularly engage with your followers, respond to comments, and use targeted ads to reach a bigger audience. Effective social media marketing can drive traffic to your store and build brand loyalty.

Provide Excellent Customer Service

A satisfied customer is always beneficial for a business as it not only means retaining your existing customers, but their positive word-of-mouth can also bring in new ones. Research also shows that 86% of buyers are willing to pay more for a great customer experience. This is a great tool for businesses to stand out from their competitors.

Image credit: ScienceSoft 

The way to achieve customer satisfaction in the fast-paced world of eCommerce is through 24/7 global customer support, different ways to contact customer service, proactive support, quick and helpful responses, self-service resources, rewards, and personalized interactions. You might also consider implementing loyalty programs to reward loyal customers and give incentives for repeat purchases.

Monitor and Analyze Performance 

One of the great benefits of operating an online store is having access to a huge amount of customer data.

By monitoring visitors, you can gain valuable insight into:

●      The average time spent on your website or content.

●      The average duration of the visit and the source of traffic.

●      The types of devices used by your visitors.

●      Bounce rate: The percentage of visitors who left without interacting.

Additionally, by tracking the content that gets the most engagement and the conversion rate, you can take appropriate steps to improve your sales and customer user experience.

However, having all this data and analyzing it isn’t enough. You must constantly monitor these metrics, compare them against previous data, change your strategy, and check for improvements.

Related: eCommerce website development guide

Making It Easy to Sell Online Businesses
Flippa provides owners and investors with the tools and expertise to sell.

How To Find the Best Platform for Creating an Online Store?

Choosing the right platform for your online store is a big deal. It can make or break your ecommerce business. The right platform will help you streamline your operations, manage your store better and grow your business. Here’s what you need to consider for ‘how to create my own online store’.

Identify Your Needs

First step. Consider your budget, how quickly you want to grow, and your technical skills. If you’re not tech-savvy, choose a platform that’s user-friendly with easy setup steps. Planning to scale fast? Find a platform that can handle growth without compromising performance.

At this stage, you should also consider whether you need a limited liability structure to protect your personal assets and how the platform will support this. And if you’re planning on an online store without inventory, make sure the platform supports dropshipping or digital product sales.

Evaluate Ease of Use

Making sure you can use the platform is essential. Make sure it has an intuitive interface and user-friendly features, particularly if you don’t have technical skills.

Platforms like Shopify and BigCommerce are known for easy-to-use features that allow you to set up and manage your store efficiently. Look for features like drag-and-drop builders and pre-designed templates—they’ll make setting up a breeze. Comprehensive support resources like tutorials and FAQs are also a bonus when starting with an online store.

Review Payment Options

Your platform should offer multiple payment methods to suit your customers’ preferences. A smooth payment processing experience is key for customer satisfaction and can drive traffic to your store.

Make sure the platform integrates with reliable payment providers like PayPal and credit cards. Also, keep an eye on processing fees to ensure they’re reasonable. A good payment gateway will also have fraud prevention measures to keep everyone safe.

Consider Customization Options

Customizing your online store is essential to make sure your online store stands out and meets your specific business needs. Look for a platform that allows you to personalize your site’s design, layout, and functionality. This could include using a logo maker or adding third-party apps to enhance the shopping experience.

Don’t forget about SEO features—better visibility means more organic traffic. Platforms like Shopify and WooCommerce offer extensive customization options to help you create a unique shopping experience.

Assess Security Measures

Being online means there is always a cybersecurity risk. To mitigate these risks, you must constantly monitor the website’s performance to check for technical issues or breaches and follow best practices. 

Different rules and regulations across borders definitely make things more complicated when running a global online store. For example, in Australia, the Australian government introduced the Essential Eight framework as a preventive way to mitigate cybersecurity risk,  the EU has many rules like the Digital Services Act (DSA), while the U.S. has the Federal Trade Commission Act (FTCA). 

Security is non-negotiable when creating an online store. To keep your website secure, look for platforms that offer strong security features like SSL encryption, PCI compliance, and fraud prevention measures. These features will protect your store and your customers’ sensitive information from cyber threats, building trust and credibility.

Secure platforms often come with added benefits like secure domain names and integrated merchant accounts.

Main Elements of a Good Online Store

Creating an effective and successful online store takes more than just listing products. It’s all about providing a great shopping experience that attracts customers and gets them to hit that “Buy” button. Here are the key elements you’ll need to achieve this goal.

User-friendly Interface

Make sure you have clear calls-to-action (CTAs) guiding visitors where they need to go. A well-organized layout helps customers find what they’re looking for quickly and easily. If you’re just starting out, a platform with built-in templates and drag-and-drop features will make life easier.

Detailed Product Descriptions

Good product descriptions help customers make informed decisions. Each product listing should include essential info about its features, specs, and benefits. Detailed descriptions reduce customer uncertainties and boost the likelihood of making a sale.

High-quality Product Images

High-resolution images that showcase your products from multiple angles are a must. Quality images give shoppers a better idea of what they’re buying, which boosts their confidence. Invest in professional photography or use high-quality images provided by suppliers. Also, make sure your product images accurately represent the items.

Simple Checkout Process

A simple checkout process will reduce friction and prevent cart abandonment. The easier the process, the more likely customers will complete their purchases. Try to minimize the number of steps needed to check out and provide clear instructions at each stage.

Interactive Maps

If your online store has a physical office or brick and mortar store, then it’s definitely worth while to incorporate interactive map software on your website to make it easier for customers to find your business. 

Here’s an example of Steve Madden’s interactive map. 

Image source: Steve Madden

Related: How to grow an eCommerce business and increase sales? 

Making It Easy to Sell Online Businesses
Flippa provides owners and investors with the tools and expertise to sell.

The Initial Costs of Opening an Online Store

If you’re in the planning stages, pay attention. Budget matters. Here’s an idea of what you need to account for when creating an online store.

• Website development: Depending on your skills, you might hire a professional web developer, or you might choose to do this yourself using ecommerce platforms. These platforms offer a variety of pricing plans, including hosting, a custom domain and security measures like an SSL certificate. The cost ranges from a few hundred to a few thousand dollars—but you also need to account for the time you spend building the site.
• Inventory procurement: If you’re selling physical products, you need to have the products in stock. You’ll need to account for purchasing the stock, storing it and shipping costs. An alternative to this is dropshipping, which lets you sell products through a third party. This can reduce upfront costs, but shipping rates may be more.
• Marketing expenses: To get your products into the public, you’re going to have to market them. Initial expenses might include setting up social media accounts, running paid advertising campaigns and investing in search engine optimization.
• Legal considerations: To run a business, you first need to have a business licence. Then, ensure your business is compliant with local regulations, including sales tax. Your legal fees can vary, depending on the business structure you choose (for example, sole proprietorship vs trust) and your location.

Remember, proper budgeting and financial planning are essential to ensure you can cover the costs to successfully launch and grow your business.

Is It Possible to Start an Online Store with a Small Amount of Money?

Provided you have the right strategies and a hint of creativity, starting with an online store on a budget is definitely doable. There are a few ways you can do it, with one of the most popular being dropshipping. It allows you to sell products without holding any inventory. Suppliers ship items directly to customers on your behalf, eliminating the need for warehousing and reducing the need for upfront investment in stock.

Once you have your business, social media marketing is a cost-effective way of getting your name out there. By engaging in content and groups, running promotions, and building a community around your brand, you can attract customers without spending a fortune.

I’ve already discussed the benefits of website builders, but to reiterate, using options like Shopify and Square Online provide user-friendly tools to build an online store without the need for technical expertise. With all the built-in features you need, including Shopify payments, shopping carts and SEO tools, they’re ideal for budget-conscious business owners.

If you want to stretch your limited budget further, be creative. For example, use a logo maker to create your logo, use free or low-cost business guides to gain insights and advice, and take advantage of free trial periods for essential tools. Plan carefully and you can maximise the potential of your online store on any budget.

Making It Easy to Sell Online Businesses
Flippa provides owners and investors with the tools and expertise to sell.

Where Can You Get Products for Your First Online Store?

Sourcing reputable products plays a huge part in the success of your online business, and there are a few strategies to consider:

• Dropshipping: An excellent option for beginners who want to avoid inventory management, dropshipping is where you partner with suppliers who handle the storage, packaging and shipping of products.
• Wholesaling: Buying products from wholesalers reduces the per-unit costs and can increase your profit margins. It requires some upfront capital but gives you more control over inventory and shipping.
• Manufacturing: If you have a unique idea, manufacture your own products. This gives you complete control over product quality and branding, though it has higher initial costs and longer lead times.
• Print-on-demand: This is ideal if you sell customizable products like T-shirts, mugs and phone cases. Products are only produced when a customer makes a purchase.

When choosing your product line, consider product quality, pricing and supplier reliability. Competitive pricing will help you attract customers and stay ahead of the competition, and reliable suppliers ensure consistent product availability and timely delivery.

Summing Up

So, now you know everything you need to create a website and start selling your products online. Creating a new business involves serious efforts, but it’s well worth it, given that the eCommerce market is projected to grow tremendously. It’s time to start your online store journey, reach the masses, and take your business global.

Are you looking to buy or sell an eCommerce business? Then look no further than Flippa, the best online place to find businesses to buy and sell. Whether you’re an experienced investor looking to broaden your portfolio or an aspiring entrepreneur looking to take the first steps, Flippa’s platform will enable you to turn your financial dreams into reality.

Need more help? Get a free valuation on Flippa, find helpful articles about buying, selling, and growing businesses on our blog, or check out our Exit Podcast and support page. 

Frequently Asked Questions

Why start an online store in 2024?

The ecommerce market is booming. Online shopping is convenient, and every year, it grows in popularity, which means there is plenty of opportunity in the marketplace. 

New technology and user-friendly ecommerce platforms are also making creating an online store easier than ever, and with an online store, you can reach a global audience to boost your growth.

What are the basic steps to start an online store?

Start by defining your target audience and developing a clear business plan. Choose an ecommerce platform that suits your needs and select a custom domain. 

Design your website with detailed product descriptions and high-quality images. Set up payment gateways to accept online payments and implement marketing strategies to attract customers and boost sales.

How do you choose the right products for your online store?

You need to understand your target market and conduct thorough market research. Identify what your potential customers need and want. Check out trends in your niche and see what your competitors are doing. 

Use tools to brainstorm product ideas and explore different sourcing options, like dropshipping, wholesaling, or even making your own products. Working with reliable suppliers and focusing on in-demand items can help set your store up for success.

Can you run an online store as a side hustle?

Absolutely! Many people start their ecommerce ventures while keeping their full-time jobs. Platforms like Shopify or Square Online make setup and management easy, so you can balance it with other commitments. 

Use automated tools and third-party services to handle things like inventory, shipping, and customer service, so you can focus on growing your business.

Can you start an online store with no technical skills?

Yes. Thanks to platforms like Shopify, Wix, and BigCommerce, you can use drag-and-drop builders and pre-designed templates to create your site easily. These platforms take care of the technicalities like hosting and security, so you can focus on building your brand and managing your store.

What are the legal requirements for creating an online store?

This can vary depending on where you’re located and the nature of your business. You’ll probably need a business license, and you’ll need to register your business name. 

Make sure you’re following local tax rules, including collecting sales tax if needed. You might need a merchant account for handling payment processing and an SSL certificate to keep transactions secure. 

Additionally, you must consider registering your trademark, protecting your IP, and complying with privacy and data protection obligations to operate your online business successfully. It’s a good idea to talk to a legal expert to avoid any potential legal headaches.

How do you start an online store with little investment?

You need to adopt cost-effective strategies and some careful planning. Methods like dropshipping can cut upfront inventory costs. Social media marketing can help attract customers for free. Website builders and ecommerce platforms can save money, particularly if you take advantage of free trials.

Making It Easy to Sell Online Businesses
Flippa provides owners and investors with the tools and expertise to sell.