Feasibility study of an online store .. Important basics for making profit
If you are thinking of designing an online store for your services or products offered to the public, this is definitely the right article for you, because we will explain to you the feasibility study of an online store in all its details and what you need to know, to launch your site and make double profits from your trade.
Feasibility study of an online store
Electronic stores for all forms of services and products have become a natural thing about 10 years ago, and during the last period, especially after the repercussions of the Coronavirus, establishing a commercial website design became an inevitable imperative, after shopping turned online.
Therefore, if you are on your way to establishing an online store, you have to know how to conduct a feasibility study for a successful online store and achieve the goal of establishing it, in addition to making sure to walk in the right direction and participate in the electronic job market with carefully studied and calculated steps.
What you need to conduct an online store feasibility study
There are some basics that you should pay attention to first, before starting an online store feasibility study:
Assign an employee to assist you to perform legal and business tasks.
Contracting with a programmer who follows you always after designing a commercial website, to solve any emergency problem that occurs on the site, to ensure the presence of visitors and keep them on the site without any defect.
Defining payment systems and payment methods in the event of purchasing products online.
Determining the mechanism for delivering products, either by self or through specialized shipping companies, and studying the cost of this task.
A place to store products, and you can start from a room in your apartment, to reduce financial expenses for a period until you achieve profit.
Obtaining a commercial register before designing an online store
Opening a bank account for money transfers
What types of online store feasibility studies you need
The set of studies that you need before starting to set up an online store and contracting with an online store design company are accurate indicators and statistics that determine the success of your next project, and among the studies that you need the following:
1- Economic feasibility study:
The financial matters and costs that will be spent on designing an online store are the most important and first steps that you must study, to know the costs that have been spent and the extent of profit coming from designing a commercial website.
2- Financial feasibility study:
Paying salaries to your employees, the investment costs related to the store, and all expenses expected to be spent on the project.
3. Technical feasibility study:
A technical online store feasibility study is very necessary, as it provides accurate statistics on costs, conditions surrounding work, and problems expected to be encountered while working.
4- Marketing feasibility study:
Marketing is no less important than designing an online store, because it is one of the most important factors for the success of any commercial project, especially if it is electronic. The feasibility study of an online store must include an accurate sub-study of new creative marketing ideas to attract customers’ attention.
5- Legal feasibility study:
It is imperative to study all the legal aspects of designing a commercial website, and put all the legal considerations necessary for the existence and establishment of an electronic store.
How to profit from creating an online store
After doing an online store feasibility study and contracting with an online store design company, it is now the turn to figure out how to make a profit from a commercial website design:
1. It is necessary to choose a profitable idea from the ground up, in order to create an online store for it and the market needs it, or if it already exists in abundance, you have to create a new creative direction from it in order to attract the attention of your visitors and target customers.
2. Through the ads on your website, especially Google Adsense ads, because they are the most profitable ads at the present time.
3- Renewal of the idea of offers and gifts, to attract a larger sector of visitors, and to achieve profits that cover the costs of your project and there remains a surplus, at least this policy must be practiced for a period of time in the beginning, so that the audience gets to know you and achieve high visits to your website.
4- Renting advertising space in a meaningful way for profit from your website, and the best policy for implementing this method is to contract with customers permanently to place ads on a clear space for a good amount.