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Though i am late to answer this question. As, there are no answers, i thought to add some value.
As you have asked for the first & not overall requirements. Website can be build but it should be able to generate profits, traffic etc. Thus, for it you should have better attractive products, better prices, exact lead time & more importantly clearly defined 'Target Market'.
Thus, the first & foremost to build an effective E-Commerce website, is not actually creating the website but "Choosing the right Product & Industry".
For some, this is the hardest step of the process and can cause a lot of headaches. Choosing the right product to sell online can have a huge impact on whether or not your eCommerce website is successful.
Here are a few things to consider when choosing an industry and product:-
If anyone reading this question are also themselves interested to know more about creating E-Commerce website, Understanding on it then i would suggest an article by Mr. Brent Gleeson in Forbes.
Please click the below Link:-