How to start an E-commerce in 2024?

Want to start your own E-commerce business in Malaysia? There are already many online retailers and stores like www.shopee.com.my where thousands of items are sold per day. You may easily get fascinated by their earning but starting a new business is not as easy as it looks like.

If you want to be your boss, and you are creative enough to start a unique business. Along with selling capabilities and hard work, you can rock the e-commerce industry. You just need to follow some necessary steps and profit will be in your pocket.

What is an E-commerce?

E-commerce is a term used for online trading. You can say that it is electronic commerce that allows you to sell and purchase goods and items through the internet in exchange for money transactions. According to research, 2.14 billion people globally use E-commerce for online purchases. Amazon and eBay are great examples of E-commerce businesses.

Because it’s easier to shop while sitting on a couch, using your mobile. Every type of product and item is available online for E-commerce. From books to makeup products, grocery items to music, stock investing to tickets, and much more. Some retailers provide shipping not only in Malaysia but also worldwide.

Importance of E-commerce

Small businesses have a great opportunity to flourish because of E-commerce. Not only sellers are happy with online trading but customers also feel relaxed about buying anything anytime while sitting at home. E-commerce brings ease not only to customers but also to sellers’ lives. That’s why it is gaining popularity day by day.

• Handle remotely:

Selling products online will allow you to show products that are not present in physical stores. From E-commerce, you can save the money required for physical stores. Like rent, bills, taxes, and maintenance charges. So E-commerce is important for sellers/retailers because it saves money that can they invest in their business.

• Easy advertisement:

Through an E-commerce business, you can provide 24/7 services to customers. Through live sessions, blogs, creative banners, and attractive ads for your brand, you can expand your brand. This era of social media took everything to the next level. So E-commerce is important for flourishing the business.

• Minimal fraud case:

E-commerce businesses mostly use online payment methods like credit/debit cards or online wallets. So there is no chance of fraud or scam.

There are many other reasons for which E-commerce is very important for both sellers and customers. E-commerce is becoming a part of life nowadays. Especially after the pandemic, people are avoiding contact with others. So E-commerce acts as heaven for them. Because people order every item through E-commerce.

Advantages of E-commerce

E-commerce has revolutionized the way people shop for different items and products. No need to go anywhere, your favorite product is just a click away. Many traditional retailers also converting their business into online versions.

There are many competitors out in the online market, so it is not as easy to sell as you think. You need to research about product, like what’s its market and audience response and cost etc. But still, E-commerce is beneficial for everyone.

• Convenience of shopping

Through E-commerce, products and services are available 24/7 to the customers. So customers can shop any time of day and night. It can be hectic and take a lot of hard work but will generate a handsome income for you. Some stores also deliver products worldwide.

• Wide collection of products

At physical stores, a retailer has limited places to showcase the products. While E-commerce allows retailers to add as many products as they can. So customers can choose from a variety of products, that will generate more sales.

Similarly, in places where there is no physical store, then people out there can online purchase items. People also prefer to shop online while visiting 2,3 websites. Rather than going to the market and visiting every store.

• Minimal start-up cost

When you start a new business, you need a place, banners to display everywhere, and insurances are required. Maintenance costs and taxes are also included. While online business doesn’t need any of it. With E-commerce, website verification and advertisement don’t cost you too much.

• Attraction for new customers

It’s the era of smartphones, people are obsessed with Instagram, Facebook, and other social media platforms. So it becomes easier to advertise a new brand, by sharing links on WhatsApp and Facebook etc.

• Lesser risk of failing

If your store is well-optimized, and you have advertised, it beautifully. If you are providing quality products to the customers that are most liked by them. Then there is zero chance of failing. Once you have created a good reputation, then the product will sell at competitive prices.

So E-commerce is convenient for everyone, retailers, and customers. Stay fair to the business, it will reward you with huge profits.

Tips to start E-commerce in 2024

Want to start your own E-commerce business? It can be easy and fun, but you should know that there is a great competition here. Because everyone wants to do digital marketing. So here are tips to start an E-commerce business in Malaysia.

• Research business opportunities & what to sell

E-commerce evolves around the business-to-business, consumer-to-business, business-to-consumer, and consumer-to-consumer segments. So what are you selling and who is your audience is most important. Who are your competitors and how to manage the competition along with running the business?

After that, you need to know about the delivery method of your product. Either you send it using drop-shipping, wholesaling, subscription, or private labeling.

• Create a business plan

You have built the foundation of an E-commerce business. Now write a business plan regarding finance, your objective, target audience and market, operations, competitors and marketing, etc. Research each of them thoroughly and make a plan for the coming month. That is how you can manage everything to successfully run your business.

• Select a brand name and logo

Choose an artistic and attractive name for your brand/store. The brand name should depict what are you selling. Make a research and choose a unique name that works globally. Then comes the logo of your brand. Because your package, item, and website will be recognized by the logo. If you are a graphic designer, then make a logo for your brand, otherwise hire someone to design it for you.

• Registering business and creating a website

Register your business name at the local Secretary of State website. Decide the business entity, whether you want a partnership or sole proprietorship.  After all this paperwork, now it’s time to create a website. Then get a domain name that is exactly your brand name. Now choose a platform where your website becomes operational. Shopee.com.my and lazada.com.my are leading E-commerce websites in Malaysia.

• Create product and description

Add the product names and descriptions about them, and add their authentic photos too. Then make a check and balance of products. Like, creating a dress in different sizes or pots in different colors. So you can survive the first few months easily.

• Launch the brand

Your brand is ready to launch now. Now start marketing about your brands. Start digital marketing, by all means. After the completion of the order, make an inventory and make sure the shipment goes right.

Final words

Going to online business has been a priority of every retailer. Because it brings handsome profits and attractive benefits. An e-commerce business is risk-free, convenient, and economical for everyone. So starting up a new online business in 2024 is a good plan.