Over the past few years we have seen the rise of several internet millionaires/billionaires most of whom are running a business out of an e-commerce store. Every now and then we hear of a new e-commerce store and often find ourselves shopping or at least “window shopping” at one. Often these e-commerce products represent a part of your dream – somewhere you too have dreamed of selling a similar kind of product or owning an e-commerce business. So what has stopped you from turning that dream into reality? – Self-doubt? Credibility of your idea? Lack of capital? Or did you not give yourself enough credit and told yourself, you just didn’t know how to go about it. Dear future e-commerce entrepreneur, here’s a popular saying from the e-world for you – when in doubt, Google! Since you have already started doing that and reached this page let’s get you started with the answers you are looking for.
Create a Brand
If you were to talk to any successful e-commerce store like Beard brand, Flux Ventures, etc. the first thing they tell you is that you need to have a brand identity. When you build your brand, it is easier for customers to talk about you. If they are talking about you, it means you are getting free marketing via word of mouth. It also enables your products to have a higher pricing point and better valuation. E-commerce stores pop up every day and die, but it’s a brand that lives on. Let’s take Apple for example. People buy the products just for the brand name. In other words – brands inspire loyalty. We just can’t stress enough how important branding is. Although one thing that can be said for sure is that Instagram advertising is one good way to go about it.
Find a Winning Product
The names that you know today as giants in the e-commerce retail space were once stores with one single product and zero sales. Amazon started by selling books, Zappos launched itself as a shoe store. What both of them did was that they started small by focussing on a singular product. Let’s look at it this way – you aim is to sell a solution. What for you is a product, for the customer is a solution. People buy solutions to make an ex jealous, something for their prom, a solution for the big anniversary dinner, something offering them retail therapy. So ask yourself this – is your product that solution? Do your research to gain an understanding of the latest trends and narrow down on a profitable niche.
Connect with you Customers – Make it real
Customers buy for various reasons; regardless of the reason, 60% of the time they prefer to buy from a familiar brand – a brand they trust (hence, we started with – create a brand). Chances are you are offering the same thing that 40 other companies are offering. So what is it that will make a customer but from you instead of some other store. That’s why making a real connection with a customer is important. How about sending a personalised thank you note for making a purchase? (You have Thank bot to do that for you). Connect with your audience – when you have social media tools like Instagram advertising in your corner, leverage it to the fullest. Have a conversation with your customer – it helps you understand their needs better, in turn you can get them what they are exactly looking for. And Sale! Not just that, when you engage with a customer he starts talking about you – it can work like a chain reaction and take you to that $1 million mark.
Truth of the matter is that trends are constantly changing and the market is evolving. Kodak was a great camera yesterday until it was replaced by smartphones that came with built-in cameras. Always have the willingness to run new experiments and get market analytics. With marketing automation software – that shouldn’t be a problem at all. And with social media platforms like Facebook and Instagram, you can always get customer reactions and understand the market fit of the product and latest trends.
Increase your sales using automation
Marketing automation software and social media have made sales so much easier. Social media integrated with marketing automation tools gives you all the analytics and insights that you need for your business continuity plan.
These are some tried and tested formulae that successful e-commerce stores used. If you still have your doubts, remember what we discussed earlier – Google! Remember, a great e-commerce store that sets the mark at $1 million in turnover in a period of 6 months is a proportionate combination of good branding, carefully tested products and the right marketing techniques. Are you excited yet to build your own e-commerce store?