How to Create an Amazing eCommerce Plan to Improve Your Numbers

By | 25 October 2022
3 Minute Read

One of the main reasons why many businesses fail upon launching is because they don’t begin with a solid strategy. A great eCommerce business plan can be used as a roadmap to map the success of your company.

These business plans can help your company focus on its main goals while also allowing you to identify any potential roadblocks that it might face. Not only does it provide you with a better understanding of your business but it also helps evaluate any opportunities and address any weaknesses. 

If you’ve got an eCommerce business or you’ve considered starting one, you’re probably feeling overwhelmed by the amount of work that goes into it. To help you navigate this complicated process, our experts at Actuate Agency have prepared a list of elements to assist you in creating a successful eCommerce strategy and plan.

Let’s take a look at these tips.

1. Create an Executive Summary

Your executive summary should be a clear and concise one-page outline of your business idea. To create an executive summary, you will need to ask and answer certain questions about your business venture:

A) What Does Your Business Do?

Here, you can provide a brief and easy-to-understand summary about what your business does, the industry your business is in, whether is it ‘business-to-business (often referred to as B2B) or business-to-consumer’ (B2C), and what products or services it sells or offers.

B) What Are Your Business Goals?

Here, you’ll explain your vision for your business. Outline what you intend to accomplish with your business and how it stands out from its competitors in the market.

C) What Are You Selling And To Whom?

Provide a short overview of your products and services and explain why they’re better or more important than your competitors. You should also specify your target audience here.

2. Create a Company Overview

By providing a comprehensive overview of your company, your business plan’s reviewers will gain a better understanding of what type of business you run. This overview should include the following topics in detail.

  1. A) Brand Name
  2. B) Business Legal Structure
  3. C) Domain Name
  4. D) Business Mission
  5. E) Your Vision
  6. F) Business’s Background Information
  7. G) Your Team

3. Conduct a Market Analysis

Understanding your target market is an essential part of growing your business and succeeding in the eCommerce industry. This part of the eCommerce strategy plan will help you study your competitors, learn about consumer demographics, and understand the market potential of your business. 

A) Market Opportunities

For your company to make profits, you need solid data to estimate how interested your target market is in your products and services. For this, you need to understand your customer’s behaviours as well as your industry’s growth and trends. You can conduct a SWOT analysis (strengths, weaknesses, opportunities and threats) to help you tackle issues that may negatively impact your business.

B) Competitive Analysis

By conducting a competitive analysis, you can identify your direct and indirect competitors and find out more about their strengths and weaknesses. Once you’ve determined what you are up against, you can position your brand as a better alternative.

Our web development specialists can offer you exceptional eCommerce strategy solutions and help you create an effective roadmap for your business.

Call us to let us guide you in creating your eCommerce plan.

4. Create a Marketing Plan

Once you’ve created a business idea and chosen your niche, you need to make sales. An effective marketing plan will not only drive traffic to your website but also persuade your customers to buy your products. 

After determining your campaign budget, you will need to introduce your products and services to your potential customers.

Here, your online store business plan could benefit from implementing the modern marketing concept of the 7 Ps. These include product, price, place, promotion, packaging, positioning, and people.

5. Create a Financial Plan

To create a business plan for an eCommerce startup business, you will need a stable financial plan. Determine if you plan to look for investors, take a business loan, create a crowdfunding campaign, or form an alliance with a wealthy partner. 

Your financial plan will require three major economic analyses: an income statement, a balance sheet, and a cash flow statement. 

This will help you estimate your revenue and expenses and your required working capital. It will also help you determine your fixed and variable costs, allowing you to optimise your profit margins.

Contact Actuate Agency To Create An Effective eCommerce Strategy For Your Business

Are you looking to create a robust eCommerce business plan or improve the existing one? At Actuate Agency, we’ve got you covered!

Our team of professionals are highly skilled and experienced in web development, eCommerce strategies, and UI/UX designs. 

We provide you with the best eCommerce solutions that align with your business goals and ensure that it moves in the right direction seamlessly.

Our expertise in the ecom sphere helps you stay one step ahead of your competitors. Click here to learn more about our services.

Get in touch with us for any enquiries or call us on 0161 672 0877!