Starting an eCommerce store is not an easy task since it requires a lot of time and effort. But in the long term, it pays off. Let's look at what is vital for an entrepreneur to consider when starting an online business. We’ll also talk about how the changes of 2020 are already affecting the e-commerce market and what we should prepare for soon.
In the end, the article will break down the price range for custom eCommerce store development and explain why they are still in demand among decision-makers.
The move towards online commerce has been in the minds of business entrepreneurs for a long time. And it has become even more active as a result of the pandemic. The restrictions targeted at preventing the spread of COVID-19 have put many companies in complicated settings. Some of them found eCommerce is the only option for their survival and looked at how to start an eCommerce store in the shortest time frame.
The pandemic also has tuned the shopping behavior, which has shifted online instead of visiting traditional brick-and-mortar stores. These and other factors lead experts to predict significant growth of the eCommerce market soon. According to recent Statista estimates, online retail sales are expected to approach $6.5 trillion by 2023, whereas in 2019 alone, this figure accounted for 3.5 trillion.
The US eCommerce has caught up with this worldwide trend and grown significantly in 2021. As stated by eMarketer, the Covid-19 pandemic also contributed to a sharp leap in developing this market. Previously, the analytics predicted that by 2021 the segment could stretch to $761.26 billion, but now experts state that the growth is ready to reach $908.73 billion. As for the future estimates, eMarketer expects US consumers to spend $1.192 trillion through eCommerce retail channels.
Now that the opening of physical stores in the USA is upon us, eCommerce sales are gradually slowing down. There is a strong return to offline stores as more people get vaccinated. However, that doesn’t affect the latest eMarketer’s predictions about traditional retail growth rate; its pre-pandemic estimates for 2021 were 13% higher than post-pandemic ones.
All the above figures speak in favor of the bright future of eCommerce sales. With a general trend of consumers tending to buy online and favorable market conditions for entrepreneurs, there is no better time to create an eCommerce store. If you are unsure where to start, use our review of different business models powering online stores below.
Then, read our article dedicated to this topic. We share tips and tricks on how to start an eCom business from scratch.
Knowing which options are available, you can understand how to manage your store and monetize your solution. So let’s look at them in more detail.
Just like it sounds, the model involves a business selling its products to another company. B2B stores provide items that end consumers would have no interest in, like Enterprise-grade software, corporate training solutions, or business supplies. In other words, they can include virtually anything to help other businesses enhance their operations and practices.
Great examples of B2B eCom stores would be:
As its name suggests, this model involves companies selling online directly to ordinary consumers. A B2C online store can supply all possible goods, from electronics to home decor, clothing and footwear, books, and items for personal care.
Great examples of B2C online stores would be:
When setting up an eCommerce store under a C2C model, you will let consumers purchase and sell products by charging a commission fee. These eCom websites manage the transaction details and usually provide multiple options for paying via credit card, PayPal, or blockchain.
Great examples of C2C online stores would be:
C2B online stores make it possible for individuals to connect with businesses and earn money along with them. Under this model, consumers have the power to ask the price for their offering and have other businesses pay for that value.
Think affiliate marketing, BA services, or hiring freelance web designers or social media influencers to market your business. All these use cases fall into the category.
Great examples of C2B online stores would be:
B2A eCommerce occurs when a business provides goods or services to administrative bodies or governments through a website. The ultimate goal of this eCom model is to unite the two parties and facilitate their transactions.
Great examples of B2A companies would be:
This model covers transactions between consumers and public administration or governments. Its primary purpose is to simplify cooperation between them and make it more efficient.
Great examples of C2A services would be:
The above types of eCommerce business models can help you find the right niche for your online store. Now, it is time to turn to what can make it competitive and relevant for target audiences. Let’s discuss some of the essential features that come with online store website development.
It is worth noting that in each case the set of features will be unique. It depends primarily on the needs of each specific business. However, there are certain elements every eCommerce website should possess to be valuable for customers. Here are a couple of the must-haves:
Catalog management. This module allows users to organize, browse and navigate to relevant products and their options. A precise and detailed eCommerce catalog that fits your audiences’ expectations will make your products visible. Here are the features your eCom website needs:
Product Pages. They serve to inform clients about your products and motivate them to make a purchase. Add a stellar product page with a well-thought design and conversion-oriented components. Here are the features your eCom website needs:
Catalog Browsing. This module needs to ensure that your clients don’t get confused while surfing your website. You need to remove all possible roadblocks from their path to checkout. Here are the features your eCom website needs:
Checkout. The rule of thumb is to remove potential confusion from the checkout process. Mind that most online consumers will cancel the purchase if they encounter problems at this stage. Here are the features your eCom website needs:
Payment. To build an eCommerce store and make it a success, it is necessary to prioritize safe and reliable payment gateways. The ideal execution offers a couple of options and lets customers pick the most convenient ones for them. Here are the features your eCom store needs:
Customer account. If you want to pave the way for returning and loyal customers, this module is worth the attention. Registered accounts provide customers with an interactive shopping experience and the convenience of easier purchases. Here are the features your eCom website needs:
Search Engine Optimization. With proper SEO practices in place, you can increase brand visibility and attract more organic traffic to your website. Here are the features your eCom website needs:
User-friendly interface and navigation simplicity. Your objective should be to help shoppers to complete a purchase without interruptions. It is necessary to simplify their journey from product discovery to checkout, more accessible removing unnecessary complexity. Focus on the user experience by providing effortless, clean, easy-to-use navigation menus, filters, search bars, shopping categories, and checkout forms.
Mobile-friendly experience or a mobile app. As consumers tend to browse through their smartphones, the demand for mobile responsive eCommerce websites is on the rise. It should be on a store development checklist as it provides the most user-friendly experience for digital natives. Some eCommerce entrepreneurs don’t limit the functionality of their store with just a responsive design. Instead, they develop a mobile app that can personalize the shopping experience for end-users.
Security. Strict security compliance is one of the top priorities for eCommerce stores, as customers are becoming aware of online threats more than ever before. If you can’t provide appropriate security measures against cyberthreats, you might be risking your investments. Here are the features an eCom website needs:
Return/privacy policy. An integral part of a trusted eCommerce website, it eases concerns in case of any issues. For instance, if the customers are dissatisfied with the product or need a different color option, the company will support them according to the policy.
FAQ section. With this module, you can address common and repetitive questions regarding your brand or product offering. Make it easy to find and navigate and include only straightforward questions that match your clients’ expectations.
Then, turn to Geomotiv for professional eCommerce development services.
The approximate cost to develop an eCommerce store is closely tied to the particular business goals and the feature list to be implemented. For example, if you sell a small pool of products, you’ll probably need a generic website with essential features and design. Then you may go with website builders like Shopify for $29/month.
In the case of an eCommerce business selling more than 1.000 customizable products and requiring a tailor-made design and diverse hosting options, the process becomes a bit more sophisticated. You may expect to invest more than $1.000 per solution, which will take longer to implement and deploy on the market.
Based on our extensive experience with online store website development, we can provide time and money estimates based on the project peculiarities. In most cases, the price tag for the design and development of off-the-shelf solutions is similar to that of custom eCommerce stores. However, with a custom-built website, you can go beyond the limitations common limitations:
The price range for custom eCommerce development is between $60K-900K+starts from $60,000 - $70,000 per platform. Depending on the project size, the project estimates will be as follows:
| Basic eCommerce website: 3-6 months. $60K | Medium eCommerce website: 6-9 months, $90K | Large eCommerce website: 9+ months (ongoing), $300K |
|---|---|---|
| Project Analysis | Project Analysis | “Medium” feature set |
| Design | Complex Design | Complex multi-level website design |
| Architecture | Architecture | Ongoing development and support |
| Core feature set with responsive design | Multiple features | |
| Deployment | Multiple integrations and payment gateways | |
| Automated tests | Email marketing features | |
| QA | Promotion and discount code tools | |
| Management and support | SEO-optimized code and layout | |
| Deployment | ||
| Automated tests and QA | ||
| Management and support |
Note that these numbers are approximate as numerous factors will affect the budget. Here’s what you need to consider:
This article contains a great deal of information concerning where to start when designing and developing an eCommerce store.
As a company with a proven track record in custom eCommerce development from scratch, we are ready to empower your business with tailor-made online stores. So let us assess your project from technical and business sides and estimate the expenses necessary to complete it. Just reach out to us via this form, and we will be glad to help!
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