Setting up an e-commerce store to expand your business might seem like a costly endeavor, but it doesn’t have to be. It’s tempting to invest in the latest technology, a custom website, and a large inventory while putting up your e-commerce. However, building your store gradually and within your budget is an equally valid option. By focusing on affordable resources and making smart choices, you can put up a functional digital storefront and start selling online without breaking the bank. Here’s a practical guide to help you get started without overspending.
Choose an Affordable E-Commerce Platform Where You Can Anchor Your Online Business
One of the first steps in setting up your online store is choosing the right platform for it. There are platforms that come at a high price, but there’s also no shortage of options for small business owners like you in the digital age. Many popular e-commerce platforms like Shopify offer tiered pricing plans. WordPress with the WooCommerce plugin is another popular option for many businesses. These platforms typically provide essential features, such as product listings, payment gateways, and basic design options, all for a reasonable monthly fee. It’s a good idea to start small and upgrade only when necessary. This way, you can avoid overspending while still offering your customers a smooth and seamless online shopping experience.
Check Out the Free or Low-Cost Website Templates Offered by Your Chosen Platform
Remember that your website is your digital storefront. As the online portal for your business, it should be attractive to your target market. Now, this doesn’t mean you need to hire an expensive web design firm. Many e-commerce platforms offer free or low-cost website templates that are easy to customize. These templates often come with drag-and-drop features, so even if you don’t have any technical skills, you can still create a polished, user-friendly site. Choosing a budget-friendly template not only saves your business money upfront but also allows you to focus on other important aspects of your business, such as product sourcing and marketing.
Use Affordable Payment Gateways That Can Scale With Your Operations
Handling payments is a critical aspect of any online store, and it’s important to find payment gateways that don’t eat into your profits. Maya Checkout, our streamlined online payment gateway that accepts debit and credit cards, e-wallets, and QR Ph codes, can be seamlessly integrated into your e-commerce website using APIs. We have a Shopify payment gateway plugin as well as a plugin for WooCommerce that can be used by WordPress-based online stores. Integrating our payment gateway for Shopify and WooCommerce into your website means giving your customers the option to pay safely and quickly using their preferred method.
The good news is that the solutions Maya offers businesses can easily scale with your operations. Aside from offering reasonable rack rates for every transaction, we also present small businesses like yours with volume discounts and multi-product discounts to suit your particular needs. This way, you can enjoy better deals and earnings as your business grows.
Start with Limited Inventory and Grow It As You Become Familiar With What Your Customers Want
You don’t need to launch your store with a full range of products. Starting small with a limited inventory can significantly reduce costs and let you focus on quality over quantity. By curating a select range of your best products, you’ll have more time and resources to dedicate to refining your online store’s user experience and marketing efforts. As you gain traction, you can expand your offerings based on customer demand and preferences. This gradual approach not only helps you manage costs but also gives you the flexibility to adapt your product range as your business grows.
Focus on Organic Social Media Growth and Build a Community Around Your Brand
Social media is one of the most effective ways to attract and engage potential customers without spending a lot of money. Building a strong social media presence takes time, but it can yield significant rewards in the form of brand recognition and customer loyalty. At the beginning, focus on creating content that resonates with your target audience. This can be product photos, behind-the-scenes stories, or customer testimonials. Be consistent and aim to post regularly to engage with your followers. By using social media to tell your brand’s story and highlight your products, you can drive traffic to your e-commerce store without relying heavily on paid ads.
Test Your Strategies and Scale Gradually
When starting an e-commerce store, it’s important to test the waters before making big investments. Begin by testing your product offerings and marketing strategies on a small scale. Use this time to learn what works for your audience and what doesn’t. As you gather insights, you can gradually scale up and invest more in strategies that drive results. This gradual scaling approach allows you to minimize risk and avoid unnecessary spending, making it easier to manage your cash flow and grow your business sustainably.
Find a Reliable Payment Gateway and Trusted Business Banking Partner with Maya Business
Setting up an e-commerce store on a budget doesn’t mean cutting corners—it’s about making strategic decisions that allow for sustainable growth. Take a practical first step by signing up for Maya Business and integrating the Maya Checkout to your e-commerce website. In addition to this, setting up a Maya Business account lets you open a Maya Business Deposit account and use it as your settlement account. With an industry-leading 2.5% per annum interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. This also enables you to send money to your partners and suppliers for free via InstaPay and PESONet, which can help bring down the cost of doing business.
Signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months, allowing you to have another funding source to further support your e-commerce growth. Just use Maya as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
Enjoy the benefits of Maya Business solutions and create an account today.