As reported by Grand View Research, the global dietary supplements market is currently valued at over $150 billion. In the next seven to eight years, this value will surpass the $300 billion mark. Thus, now is as good a time as ever to start a dietary supplements business, and there’s no better way to do so than through an online store.
Insider Intelligence recently reported that over 55 percent of U.S. consumers do online shopping at least once a week. Therefore, if you’re looking to get into the dietary supplements business, you should seriously consider starting it as an online business.
Starting an online dietary supplement business can be a great way to enter the health and wellness industry and reach a wide audience. However, it can also be a challenging and competitive field. Here are six tips to help you get started.
#1 Conduct Thorough Market Research
Before launching your business, it’s important to understand the market you’re entering. Research your competitors, target audience, and industry trends to get a sense of what products are popular and what gaps in the market you can fill.
This will help you make informed decisions about what products to offer and how to market them.
#2 Choose a Niche
The dietary supplement market is crowded, so it can be difficult to stand out. One way to do this is to focus on a specific niche. For example, you could specialize in supplements for a specific health condition or target a specific demographic, such as athletes or vegans.
Specializing in a niche can help you differentiate your business and attract a dedicated customer base.
#3 Get the Right Certifications and Licenses
To sell dietary supplements, you’ll need to comply with federal regulations. This includes registering your business and obtaining any necessary licenses and certifications. You’ll also need to make sure that your products are labeled correctly and that you have third-party testing to confirm the purity and potency of your products.
#4 Invest in a Professional Website
Your website is often synonymous with your brand identity and also the place where your customers will buy your products from. Thus, the website must land a good impression. Invest in a professional design and ensure that your website is easy to navigate and provides detailed information about your products. You can also consider adding features like customer reviews or a blog to help build trust with potential customers.
#5 Work with a Third Party Logistics (3PL) Provider
Working with a 3PL logistics partner is one of the best ways an e-commerce business like yours can ensure efficient supply chain management and logistics operations. These fulfillment services can also help you with inventory management and simplify the shipping process.
Under the watchful eyes of a 3PL service provider, your dietary supplements will be delivered to your customers in due time without any mistakes. The best part about this is that you don’t have to worry about the deliveries once the service provider takes the products off of your hands. They will do everything for you, meaning you don’t have to invest a lot of time trying to figure out how to make your deliveries more efficient.
#6 Advertise on Social Media
Social media is a great way to promote your online dietary supplement business. You can create a social media strategy that includes regular posts, customer testimonials, and special promotions. You can also use hashtags and keywords to increase the visibility of your posts and make it easy for potential customers to find you.
Share educational content such as articles and videos that inform people about the benefits of dietary supplements. This can help you establish your brand as a credible source of information. Additionally, you can use Instagram stories and Facebook live to showcase your products and give customers an inside look at your business.
Don’t forget to use social media advertising to reach a targeted audience and increase your visibility.
According to Businesswire, the global social media advertising market is worth over $130 billion. This shows just how many businesses are investing in social media advertising, and you, too, should not hesitate to do so.
#7 Focus on Customer Service
Providing excellent customer service is key to building a loyal customer base and growing your business. This includes responding quickly to customer inquiries, providing detailed information about your products, and making it easy for customers to make purchases and track their orders.
Starting an online dietary supplement business can be a great way to enter the health and wellness industry. By following these tips, you can set your business up for success and start making a difference in the lives of your customers.