A huge amount, right? What if I tell you this figure is the total size of the online Cosmetic industry in 2018? Shocking? Well yes, the online cosmetic market covers a significant share of the industry.
According to a recent survey, not only women but men also like to use skincare products and cosmetics to boost their physical appearance. Gone are the days when cosmetics were just meant to look glamorous for certain occasions. Nowadays, they have become a part of people’s daily skincare routine.
Starting an online cosmetic store is not difficult anymore. People do not like to roam around the market and bickering over prices. They tend to buy cosmetics and skincare products online. Many businesses like salons, spas, and anti-aging clinics prefer to order their required products from online stores.
Read also: Wholesale Cosmetics: All You Need To Know
How to Start an Online Cosmetic Store
Though there is no need for any particular skill to sell these products, you still need to understand a business before starting one.
· Business plan
A well-thought-out plan guarantees business success. You need more than luck to succeed in the affiliate business. Do market research by yourself. Look at what are your competitors are selling, and how. See what is trending and research old popular products.
Set a budget and invest your money accordingly. Always have a bottom line for your business. If you cross that line, it’s time to think about a solution.
· Brand Specialty
Always remember in the beginning you can score goals from both sides. You have to build your brand identity to lure your customers. Many businesses face failures due to their wrong decisions. Choose your products following your targeted audience needs. There may be a mother who wants to do make-up to cover her tired eyes with good shadows. It may be a model that wants to wear a concealer to cover his facial pores. Or it could be a fashionista on a budget.
· Get your permit
If you think that selling cosmetics online doesn’t require a permit then sorry to burst your bubble. You need a resale, sales, and tax permit. Get an EIN to run your business smoothly. You must know about the laws that can affect your business to avoid unfavorable situations.
Once you are done with these steps, you are ready for the online cosmetics world.
How to Start your Sale
Now is the time to start your sale.
· Launch your Website for cosmetic store
To start an online shop, you need you’re a website. Purchase your company domain and hire an experienced web designer to build your website. A website helps you achieve different marketing strategies. It allows you to:
- Promote your business online.
- Get recognition.
- Enhance your credibility.
· Choose the right platform
To start your own online business, you need to choose an e-commerce platform for your store presence. Many online platforms, like SeeBiz, allow you to register your business with them for free.
We recommend SeeBiz as it enables you to add as many products as you want to sell. You can:
- Add up to 5 photos of your product.
- Stop worrying about how to build your traffic.
- Use the platform to attract customers.
- Connects with hundreds of wholesalers and suppliers to grow your business.
It is important to choose the right platform to develop your business. Choose one wisely
· Find your Inventory
Your business is based on your inventory. Without managing your inventory, you won’t be able to carve out a place in the industry. You must have an efficient inventory management system like SeeBiz Inventory.
We personally use SeeBiz Inventory and found it to be reliable inventory management software that even offers 3 months free trial with premium features. This software allows you to:
- Keep track of your stock with purchase and sales records.
- Add Taxes by adding a tax bracket.
- Add your contacts and preferences according to your business requirements.
- Manage your accounts easily.
- Get a detailed report of your selling products with a profit margin.
· Marketing and Promotion of cosmetic store
Marketing is an integral part of your business as it helps you sell your product. Your profit is your end goal and marketing achieves that goal for you. You can use different techniques and methods to attract your customers. You can even run various ad campaigns like BOGOF (buy one get one free) or Flash Sale.
‘Free’ is the keyword that people love to hear. Use this desire to promote your product. Utilize different platforms like Facebook, Twitter, Instagram, etc. Use social media strategically to gain a foothold in the digital world.
During this pandemic, most people consider their computer screens as their world. Use this in your favor. Employ appropriate tools to grow your business. The cosmetic business does not require any technical skills so just control your inventory and choose the right platform to represent your business. With a comprehensive business plan, start your journey.