Congratulations, you’ve surpassed your crowdfunding goal! What now? Once you’ve completed a successful crowdfunding campaign, it may feel like the world of ecommerce is your oyster. And it can be — but it can also take some work to get your footing. Here are our top five recommendations for using a crowdfunding campaign to start an online business.
How to transition from crowdfunding campaign to ecommerce store
Here are the most important ideas for expanding your online web site after a successful crowdfunding campaign.
1. Create a ecommerce website
We highly advise creating a website for your brand and product before or during your campaign. Although you may not be able to sell on your own website until after the conclusion of your campaign, it is advisable to establish one while the opportunity is still available.
Treat your Indiegogo or Kickstarter campaign page as a way to get traffic to a platform that you can own and control during and after the campaign. In addition, creating a website before you launch your online website business will make the shift from crowdfunding to ecommerce much easier.
2. Choose an ecommerce platform
After you’ve created your website, you’ll need to install an ecommerce platform in order to sell products. An ecommerce platform is a program that allows online retailers to run their ecommerce transactions, operations, and more.
Ecommerce platforms such as Shopify, BigCommerce, Magento, and WooCommerce can make it easier to sell online and are essential components of many ecommerce plans, particularly for first-time sellers.
Working with a third-party logistics (3PL) provider that works with an ecommerce platform may help you automate your order fulfillment procedure, allowing you to focus on more important tasks rather than the nitty gritty details of shipping.
3. Focus on the long-term
Include any anticipated ecommerce launch and production expenses into your initial funding request. This is especially crucial if you’re planning a campaign that will end before your ecommerce sales begin.
Once you’ve received funding to develop your product, you must ensure that you have a long-term source of income in place. Many ecommerce firms discover that they need to draw on early sales just to produce their products, let alone make a profit.
4. Form partnerships early on
We recommend forming collaborations during the crowdfunding campaign to assist you after you’ve reached your goal.
Finding a good accountant who understands your company model and works well with you is one of the most essential steps in setting appropriate goals for your campaign. It will also assist you in maintaining your business healthy when you open your ecommerce shop.
Finally, finding the appropriate fulfillment provider during your crowdfunding campaign will ensure that you are set up for shipping success on both your backer rewards and purchases made through your ecommerce store.
Ecommerce fulfillment isn’t the same as crowdfunded fulfillment, so it’s critical to find a fulfillment service that makes it easier for your company.
Look for a 3PL that specializes in technology and offers features such as:
- Integrations with major ecommerce platforms
- Two-day shipping
- Distributed inventory
- Inventory management tools
- And more!
The following characteristics will help guarantee that you’re not only successful in fulfilling a campaign, but also prepared for ecommerce.
5. Keep in touch
From the start of your ecommerce business, your supporters will be your most enthusiastic and devoted consumers.
It’s critical to expand your client base, but don’t neglect where you started! Your backer community can assist with the marketing of your online store launch by telling their friends and family about it. In return, provide incentives or referral bonuses to people who have been there for you since the beginning.
Remember, your crowdfunding effort may be only the beginning of your ecommerce journey, but it could help you get there if you play your cards right.
The most common blunders that crowdfunders make is failing to plan for the fulfillment of backer incentives.