Business Plan For Online Retail – With endless possibilities and customization options, it fits well with many types of businesses, including:
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Business Plan For Online Retail
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Sample Ecommerce Business Plan
We use cookies to ensure we provide you with the best experience on our website. If you continue to use this site, we will assume that you are satisfied with it. In an era of digitization where a customer-friendly experience seems to be the cornerstone of every online store, it is of great importance to design a creative and meticulous e-commerce business plan.
50% of new businesses close within five years of starting, so if you are thinking of starting your own business or already have one, you will benefit greatly from writing a plan.
A sample e-commerce business plan is usually presented in the form of a brochure with a detailed description of your business. It consists of elements such as – executive summary, company structure, products, operations, market analysis, marketing strategy and financial plan. Having a written business plan will keep you on track and help you achieve your goals more effectively.
Setting clear goals and showing your potential makes your business credible and attractive to future investors. There are other reasons we can distinguish – planning, evaluation of ideas, research, recruitment and partnership.
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By writing down the description and concept of your online store, you will know how much time and money you will need, what the scope of your company is, and what resources will be needed from day one. Writing a business plan will also help you decide if your concept has a chance of success.
A good business plan requires solid research. Therefore, the information you will find can be of great importance when it comes to your business, sales and marketing strategy. Another reason to create a business plan is to communicate your mission and vision to other people by inviting them to your team.
Writing a business plan gives you the opportunity to critically look at every aspect of your online store and present your mission statement. You may find something that needs to be adjusted. Focus on features like – Basic Concepts, Business Mission and Objectives, Product Description, Planning Strategy, Target Market, Operations.
This template will primarily be useful for startups and entrepreneurs who decide to open their own online store. You can describe in detail the main stages of creating an online store and list key indicators that will help you monitor your performance.
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Also, this template can be used by marketers when preparing a strategy for the launch of a new product through the company’s new sales channel – the online store. Also, crisis managers and company directors can use this template when preparing the company’s development strategy.
Business trainers and university professors can use slides from this template when preparing e-commerce courses or launching their online store.
This template consists of four professional slides, each with its own unique infographic. If necessary, you can independently change the color and size of the infographic, type and size of fonts according to your corporate requirements. The slides of this template will organically complement and update your old presentations. The online store business plan template will be a great addition to your collection of professional presentations.
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Make sure you’ve entered the correct email address! Sometimes our emails may end up in your Promotions/Spam folder. An online clothing store was chosen for the creation of a business plan. Some of the critical and important issues are discussed in this section, such as; background and business history, objectives, product description, supplier information, contracts, ownership structure and legal considerations.
The online clothing industry has doubled in size over the last five years as more and more users have access to broadband and smartphones and have left the high street (Telegraph, 2011). According to a report by Mintel, £4.3 billion worth of clothing was bought online in 2011, up from 26 percent in 2010 (Telegraph, 2011). Online shoppers spent £10.1 billion in November 2013 (IMRG, 2013). On the other hand, mobile commerce is also becoming an important medium for retailers to sell their products (Capgemini, 2013). Online business has various advantages over traditional business, which can be seen in the picture below:
Therefore, getting into online clothing retail can help an entrepreneur to sustain, grow and make a profit with extremely positive market growth.
The company is a new online clothing store, providing comfortable and easy clothing shopping solutions for men and women, through its own website and online e-bay store. The business focuses on retailing clothing and footwear for men and women, which will be available in a variety of sizes, colors and will be designed and manufactured in accordance with the latest fashion trends in the fashion industry. In short, the following products will be offered:
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Goals are important to business and they define the destination and shape the future of business (Marshall, 2005). According to (Zimmerman, 2011), the following are the goals of an Internet business, which must be taken into account when starting an online business:
In addition to the above-mentioned goals and tasks, the entrepreneur will also focus on achieving goals such as:
China is the largest supplier and exporter of clothing and apparel in the world (World Bank, 2010). Since custom clothing of the required quality can be imported from China at a good price, the entrepreneur will focus on importing all products from China due to the low cost and reliable suppliers with huge reputations available online. Moreover, at the beginning of the business, emphasis will be placed on signing a contract with the supplier on a low price per product unit, in order to increase the profit margin. Similarly, the defective parts and return policy will also be part of the agreement with the supplier.
The ownership structure followed by the entrepreneur will be a sole trader. According to BBC (2013); following are the advantages
of being a sole trader:
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In contrast, there are also some disadvantages such as; unlimited liability and bankruptcy (BBC, 2013). But keeping in mind the business plan, goals and objectives, it is best to choose a sole trader organizational structure.
All investments will be made by the entrepreneur himself, investing from savings and using credit cards and overdraft facilities at different banks. According to (Timmons, 1990), the entrepreneur must arrange all the finances himself and should not try to find investors. Moreover, this is a small project with low investment and high growth potential. Considering the amount and possibilities of future growth, the entrepreneur will invest alone.
Due to legal obligations, an entrepreneur should first obtain a domain name in order to register a website. Similarly, according to HM Revenue and Customs, UK (2013), the following are the criteria for registering a sole trader business in the UK:
This part of the business plan focuses on critical issues related to the business opportunity, such as; potential customers, geographic area and business competitors.
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As an online clothing store must offer products in accordance with new fashion trends, potential customers will be both men and women between the ages of 16 and 35. According to (Peterson & Tiffani, 2004), focusing on one specific group of customers with certain demographics is better for online business. Similarly, all men and women aged 16 to 40 across the UK who use the internet will be targeted.
Figure 2.1 shows that 100 percent of men and women use the Internet in the age group of 16 to 44 years. In the light of the data examination, the selection of potential customers between 16 and 40 years old is ideal, because they all use the Internet and follow the latest fashion trends. As 100 per cent of men and women use the internet in the 16-40 age group in the UK, so everyone will be targeted across the country. As Internet users between the ages of 16-40
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