HOW TO START AN E-COMMERCE BUSINESS IN 2024 (Beginners Guide)

Summary

In this video, Sam shares his journey of leaving his full-time job to build a successful e-commerce business that reached over a million pounds in sales. He offers a beginner's guide to starting an e-commerce business, discussing the importance of understanding e-commerce, choosing the right platform between eBay, Amazon, and Shopify, and focusing on one platform initially. Sam emphasizes the value of emulating successful sellers and using tools like Jungle Scout and Zeek Analytics for research. He also stresses the need to decide on products and find reliable suppliers, encouraging viewers to take the first step towards their e-commerce dreams.

Takeaways

• 😀 E-commerce is a lucrative online business model, allowing for significant income generation, as the speaker transitioned from a full-time job to a seven-figure e-commerce business.
• 💡 The initial steps in starting an e-commerce business include understanding the concept of e-commerce, which is trading goods for money online.
• 🛒 The choice of platform is crucial, with eBay, Amazon, and Shopify being the primary options. Each has its advantages and challenges, such as traffic availability and competition.
• 🏆 The speaker emphasizes focusing on one platform initially to build momentum and avoid spreading efforts too thin.
• 🚀 Starting with a platform you're familiar with can be beneficial, as understanding the buyer's perspective can streamline the selling process.
• 🔍 Researching successful sellers on your chosen platform can provide insights into profitable products and strategies to emulate.
• 📈 Utilizing tools like Jungle Scout for Amazon or Zeek Analytics for eBay can help in analyzing the performance of products and sellers.
• 💼 The importance of choosing evergreen products that have consistent demand over time is highlighted to ensure business longevity.
• 🔗 Finding a reliable supplier is a critical step, and Alibaba.com is suggested as a platform to find suppliers for your e-commerce products.
• 💪 Taking the first step is essential for success in e-commerce; watching videos and learning are helpful, but action is required to achieve results.

Q & A

What is the main focus of the video?

The main focus of the video is to serve as a guide for starting an e-commerce business, covering initial steps, mindset, and practical aspects to help beginners in their e-commerce journey.

Why does the speaker believe e-commerce is a good way to make money online?

The speaker believes e-commerce is a good way to make money online because it allowed him to leave his full-time job and grow his business to over seven figures in sales.

What are the three main platforms mentioned for starting an e-commerce business?

The three main platforms mentioned for starting an e-commerce business are eBay, Shopify, and Amazon.

What is the advantage of using eBay and Amazon as e-commerce platforms?

The advantage of using eBay and Amazon is that they are marketplaces with existing customer bases, which means you don't have to worry about attracting traffic to your store.

What is the main difference between selling on a marketplace like eBay or Amazon and using Shopify?

The main difference is that with Shopify, you have your own independent website and need to focus on attracting customers to your site, whereas eBay and Amazon provide the traffic as they are marketplaces.

Why is it recommended to focus on one platform initially when starting an e-commerce business?

Focusing on one platform initially is recommended to concentrate all your energy and effort into one area, increasing the chances of success before branching out to other platforms.

What is the significance of choosing a platform that you are familiar with when starting an e-commerce business?

Choosing a platform you are familiar with can make the process of setting up and running your e-commerce business easier, as you already understand the platform's mechanics and customer behavior.

What does the speaker suggest doing to emulate success in e-commerce?

The speaker suggests finding a successful seller or company on your chosen platform, studying their branding, product listings, and inventory, and using them as a blueprint for your own success.

How can one determine if a seller on Amazon or eBay is making money?

One can determine if a seller is making money by using tools like Jungle Scout for Amazon or Zeek Analytics for eBay, which provide insights into the seller's sales and profitability.

What is the importance of choosing the right products and finding a good supplier for an e-commerce business?

Choosing the right products and finding a good supplier is crucial as it directly impacts the success of your business. It ensures you have items that are in demand and are being supplied at a cost that allows for profit.

What is the final step the speaker discusses in the video for starting an e-commerce business?

The final step discussed is deciding on the exact products to sell and finding a supplier to source those items, which should be done after registering with the chosen e-commerce platform.