how to become a millionaire with ecommerce
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Learn how to set up an eCommerce businessTRANSCRIPT
How to become a millionaire in 25 steps with eCommerce!
Colin Lewis
• eCommerce is still in its infancy
• eCommerce sales are just 6% of total US retail sales
• With new tools and software in the market, you can set yourself as
your own retail outlet.
• This Slidershare tells you how to start from zero, and in 25 steps, be
running your own eCommerce based website.
• And, hopefully, make you a millionaire in the process.
• How do I know you can become a millionaire if you follow the 25
steps? Because I have already taught people who followed the steps
– and became a millionaire in the process!
eCommerce
Step 1: Find a market
• Google search volume data- Google Keywords Tool
• EBay/Amazon Sales Data
• UK Market – Search google.co.uk
• Find out about what know already
• Google Insights/Trends
• Trade shows
• Competition / similar websites in different markets
• Products that can be drop shipped – agree margins, shipping costs and returns policy with suppliers in writing
• Trade shows
• Alibaba
• thewholesaler.co.uk
Step 2:Identify products & pricing strategy
• .ie if targeting Ireland
• .co.uk for the UK
• .com for global
• Domain Name should be SEO driven
• No hyphens
• 1-3 words max e.g. energiseyourlife.com
• Should be easy to say over the phone / easy to remember verbally and spell
• Get ideas - Makewords.com
• Purchase domain names - Buydomains.com / Sedo.com
Step 3: Get a name
•Ireland
• www.cro.ie
• www.companyformations.ie
•UK
• www.companiesmadesimple.com
• If geographic location try a tax haven
Step 4: Register a company
• Apply for a Company bank account
• Set up a PayPal account
Step 5: Get Paid
• Shopify
• Big Commerce
• Magento
• WooCommerce
Step 6: Find eCommerce software
Step 7: Select
Magento Shopify Big
Commerce
Woo
Commerce
Number of
stores
200,000 100,000 55,000 !
Scale Enterprise SME SME Micro
Design
Templates
Yes, but changes required
skilled coding
Best design
templates
Limited template
section
Is a CMS - some
code/html/CSS/PH
P skills help
Coding
skills
Highly skilled
programmers
No, but limited
features without
upgrading
No, Plug-in to
WordPress – skills
required to extend
Marketing
options
Promo codes / SEO Plugins Included Coupon codes /
email features
Hosting No Included Included No
Costs Depends on implementor
and scale
$30 pm (check
transation fees)
No fees, except for
hosting - $30 pm
No transaction fee
Software Open Source Proprietary Proprietary Open Source
Decide if you will keep stock, use a fulfilment company or dropship
Step 8: Stock, fulfilment, dropship
Go and register
Step 9: Pick Big Commerce
• Configure basic store settings and select a suitable design
• Make design tweaks –web designer
Step 10: Configure
Add Products - Name, Category & Description
Step 11: Get Your Products Loaded
Step 12: Add Images and Video
Step 13: Comparison Feeds
Step 14: Add Variations
Step 15: Payment Method
Step 16: Set-up shipping costs
• https://www.bigcommerce.com/content/lesson-16-shipping-zones?utm_source=Control%20Panel&utm_medium=Step4&utm_term=Shipping&utm_campaign=Tutorial
• Shipping Tutorial
Step 17: Get taught
Set up email address in Big Commerce, and set up either Outlook or Gmail
following Big Commerce instructions
Step 18: Email address
Set Up Google Analytics
Step 19 : Know your product
In your domain hosting, point your domain name to your Bigcommerce hosting
Bigcommerce will give you full instructions
Step 20: Go Live!
Buy a Skype/voipfone Landline phone number
Step 21: For extra (cheap) credit
Google Adwords, SEO, shopping comparison sites, Email
Marketing, launch Facebook/twitter fan accounts
Step 22: Start Marketing
• User reviews: An essential feature
• Quality product images: High resolution product photos make an immediate impression and portray items in the best possible light.
• Product videos. This can be the best way of demonstrating products,
• Prominent delivery/returns information. Hidden shipping costs are a leading cause of basket abandonment.
• Detailed product descriptions: Give people the information they need.
• Calls to action: They should attract user's attention and draw them towards the next step in the purchase.
Step 22a. Bonus Marketing Tips
Start making €€€€
After 2-3 months trading online apply for a Merchant account - BOI – Evalon, AIB – AIBMS, UlsterBank –Streamline
Integrate with Payments Service Provider – Realex, SagePay – for reduced credit card fees and to be able to accept laser payments. See webpayments.ie for a great guide
Step 23 - €€€€€
Step 24 – Optimise and Grow
• Step 25 – RelaStep 25 – Relax x
Step 25 – Relax
Step 25 – Relax