If beauty is your passion, then you may have been wondering whether or not launching your own online beauty store may be a viable business idea. For sure, ecommerce has changed the way people buy things, whether it’s food, apparel, photography equipment, pet products, office supplies, and many other items. Considering that the global cosmetics market sales are expected to grow to around $430 billion by 2022, there is certainly room enough for you to partake in the bounties of the beauty industry.
If you don’t know where to get started, don’t worry. We are providing you with a list of ideas and tips that you can consider for your future ecommerce business.
Decide: Sell Your Own Products, or Resell Products Made by Established Brands?
One of the first questions you want to ask yourself is do you plan to develop your own products or do you want your website to be primarily a destination where people can buy products from top-selling brands? Naturally, creating your own products will require you to develop your own formulations, so you will have to get help from professional cosmetic chemists aside from making sure that you comply with all FDA regulations regarding manufacturing and labeling cosmetics and skincare products. You also have to see to it that you have the necessary permits to operate the business in your area.
Carry Enough Variety of Products for Everybody
When you’re in the business of beauty, you need to cater to the different skincare needs of people. There will be people who have normal, combination, oily, or dry skin, while others will have skin types that are prone to allergies or to developing acne. A person’s ethnicity will also have implications on the kind of products that individual will need. The point is that you have to have a diverse enough inventory of products to be able to cater to different types of people.
Consider Focusing on a Niche Market
Making sure that you have everything for everyone, however, doesn’t mean you can’t focus on a particular market. For example, there is a rising demand in products that make use of natural and organic ingredients in their products, so you can consider specializing in these items. If you’ve decided to resell products, consider those produced by companies that are cult favorites. This way, you can simply ride on the popularity of these brands with a cult following. A good example of these are Asian beauty brands, which are known for their cost-effective product creations that actually do what they promise to do. You can even buy Japanese and Korean beauty products wholesale if you want to save money on product acquisition costs.
Make sure that you are using the right software solutions
It is also important to consider the ecommerce platform that you will be using for your website. Popular ones like Shopify, Magento, and BigCommerce each have their own pros and cons, so you have to work with a skilled developer to be able to determine which of these are most appropriate for your business model, and which one you can use to your full advantage.
Find an ecommerce platform that allows you to market your products with great precision and which enables you to tap into a wealth of resources, plugins, and integrations to help you with various areas of your business—from advertising and promotions to shipping and tax compliance. And in this age of advanced Google algorithms and ubiquitous use of mobile devices, it is also important to ensure that the platform you choose is both mobile and SEO friendly.
Consider Offering Subscription Boxes
Offering subscription boxes in the same vein as subscription services like Birchbox, Walmart Beauty Box, and Play! By Sephora is another way to sell your products while securing a steady stream of income for your ecommerce company.
Because your subscribers will commit to receiving a collection of products for multiple months, you’ll be benefitting from recurring revenue. However, it is important to make sure that you keep your customers happy by surprising them with high-quality, top-rated, or hard-to-obtain products every month. This way, they won’t churn and will remain subscribed to your service.
Building an online beauty store from the ground up can be challenging, but it is definitely possible. Thousands of beauty brands across the world now sell their products online, building communities of loyal customers that continue to purchase from them. You can do it, too!