Are you having an e-commerce store? Is your e-commerce store up and running? Do you get some sales out of it? If your answer to all these questions is yes, then congratulations! But if you thought you could squeeze every bit of profit out of your online business without optimizing your store and using the right strategies to engage customers, you thought wrong. Generating new business is one way to increase your e-commerce sales, but there’s a good chance you could be doing more with the customer base you already have.
The western genre, and its modern-day equivalent space exploration, capture our imaginations because to be an explorer, adventurer embarking out into the unknown and creating our own path is what many people desire. Entrepreneurs are the new cowboys and space explorers nowadays. Names like Steve Jobs, Richard Branson, and Elon Musk are now etched in our history and culture because they created businesses for things we don’t even know would benefit our lives. The last two are even looking to explore the stars – evermore encapsulating the image of space cowboys. However, few are bold enough to take the first step into the unknown.
Entrepreneurship isn’t for the faint of heart, and launching an e-commerce business isn’t an easy task. The good news is, you don’t have to embark on the unknown by yourself. According to the Harvard Business School study, 75% of venture-backed startups fail.
According to Theodore Roosevelt,
The credit belongs to the man who is actually in the arena; whose face is marred with dust and swear; who strives valiantly, who errs and may fall again and again, because there’s no effort without error or shortcoming;
but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defrat.
How E-Commerce Entrepreneurs Can Improve Efficiency Level of their E-Business?
E-Commerce is the fastest-growing retail channel globally through 2022. So, if you want a bigger piece of that pie, you need to improve your efficiency. When it comes to increasing your sales, a visually appealing ad responsive website is the key. But how you manage your back-office operations is another crucial part to keep in observation. After all, that directly impacts what you can deliver to your customers. Here’s the guide to help improve your e-commerce efficiency so that you can focus on customer satisfaction.
Automate the Order Fulfillment
The research groups have discovered that a quarter of consumers would abandon an online purchase if same-day shipping wasn’t an option. It indicates a growing desire for faster delivery times. So, if you want to provide expedited shipping and avoid cart abandonment, you need a fast and efficient order fulfillment process in place.
Maximizing Your Marketing Efforts
Think email marketing is dead? Think again. According to the survey done on the U.S. retailers, 81% of respondents revealed they depend on e-mail for customer acquisition, while 80% said they rely on it for retention. Remember, no matter how good your products are, they won’t sell if people don’t know they exist.
Enlist a Payments Provider for Money Transfers
According to reports, cross-border shopping will make up 20% of e-commerce in 2022, with sales reaching $627 billion. That’s great news for marketplace sellers like Amazon, Flipkart, and eBay. Whether you are already selling internationally or thinking of dipping into a new market for the first time, cross-border payments provider will help you make the most of international sales.
So, congratulations on becoming a successful e-commerce store owner. Now let’s discuss the tips that can help new entrepreneurs like you to reap the benefits out of your online business.
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Tips to Increase the Productivity for E-Commerce Entrepreneurs
Building your e-commerce business is a fun experience that pays off literally. Being a new entrepreneur is exciting because everything is new. However, sometimes, new entrepreneurs get a little too excited about the wrong things. Here’s the list of tips for new entrepreneurs like you, so you can get on the right track from the beginning and actually make some money on your new store.
Tip 1: Experiment like your business depends on it
To really succeed, you’re going to need to experiment a lot. You’ll need to create ads for different products. Test different copy, formats, and images. Experimenting with ads is what will eventually bring in customers and drive sales. Once you’ve created profitable ads you can start experimenting on your website. Many people focus on improving their website first. However, you don’t know how customers are responding to certain features if you don’t have any yet. Avoid making assumptions about your customers. Be open to being wrong about what really works – you won’t know the truth until you look at the data.
Tip 2: Don’t pocket the profits from starting
It can be tempting to keep any profit you make. However, if you want your business to grow, you’ll need to invest and reinvest money into your business. Money makes money. Instead of making a purchase to buy new equipment, spend your profit on advertising. You’ll probably want to create several ads at first to see which product people respond to best. However, once you’ve found your winning product, you’ll need to spend a lot more money to make the kind of money people dream of.
If your goal is to make $3000 profit each month, for example, you’ll need to spend about $3000 on ads which bring in roughly $9000 in revenue. Boosted Facebook ad posts convert best for businesses but you’ll need to find the type of ad that works best for you. By reinvesting the profit for several months, you give your business a chance to grow and become sustainable. Eventually, you’ll be able to live off the money you’re making.
Tip 3: Commit to a Schedule for consistency
When starting a new e-commerce store, you’ll want to follow a consistent schedule so that your customers can know when to check back. For example, if you add new products each week, you should do it on the same day of the week so people check back on your website on that day every week. If you commit to a blog, adding posts on the same days will encourage people to keep checking back. As soon as you become inconsistent, you start to lose your customer loyalty.
Tip 4: Build out your channels from day one
As soon as you’ve brought your store domain name, start building out an audience. You might start with posts on social media to grow a fanbase so that when you launch you have an audience ready to buy. Once your store is launched, you’ll want to start collecting email addresses and building referral traffic. By doing this from day one, you’ll grow your customer base faster. By focusing on building out your social media, email list, and referral traffic, you’ll likely need to spend less on ads over the long-term. You’ll be able to promote your content to your audience through your own channels.
Tip 5: Start developing relationships with relevant influencers
It takes a few months to find the best influencers to promote your products and even it’s not guaranteed. Finding a great influencer is a lot harder than it looks. Sometimes an influencer has a high price but it doesn’t convert to sales.
Tip 6: Make sure customers have access to relevant information
When starting an e-commerce store, you’ll want to make sure your customers have access to everything they need to make an informed purchase. You’ll want to include shipping and return information so that customers are aware of the policies before their purchase. You’ll always want to make sure you have a visible contact page so that customers can easily contact you as soon as an issue or question arise.
Tip 7: Put thought into your copy
Many users make the mistake of not adding copy when importing products in their store. The bullet points listed are there to give you product details yet don’t help convert sales on their own. Writing a description of the product and selecting the most valuable bullet points will better help you achieve more sales. People often read the copy if they’re on the fence for a product. By writing a short paragraph detailing how the product benefits your customer, mentions features while also explaining how to use the product, you’ll be better able to persuade your browser into a purchase.
Tip 8: Make the website visually appealing
Your entire website should be very visually appealing. Product pages should have multiple product images showcasing different angles and uses. Your homepage should have an attention-grabbing banner image that allows the customer to picture themselves with the product. Even your blog posts should be very visual. You should have several images, gifs and maybe even a video in each post to separate bodies of text.
Tip 9: Get feedback on your store
When you launch your new store, it’s important to get feedback on it. The biggest mistake entrepreneurs make with this is that they seek feedback from other entrepreneurs in public communities. The problem with this is that you’re sharing your niche and products with your competitors. While an entrepreneur can give you great insight, you don’t want to rely on feedback from people who might actually be competing with you. Never reveal your niche to another entrepreneur.
Tip 10: Be Specific with your product categories and be on multiple social media platforms so customers can easily find exact products
In the early stages when you only have 15 products it can be tempting to lump all of your products into generic categories. However, as you grow your store, you’ll want to be a bit more specific in your product categorization. Having product categories doesn’t do much for SEO purposes and yet they’re common to find on many stores. What’s worse is that some stores lump all of their categories with no subcategories at all. Most people don’t like browsing an entire collection to find out that they don’t have dresses in their store. Look at how Amazon, Flipkart have organized their product categories. You can find very specific items with ease. The easier you make it for customers to find exactly what they’re looking for the more likely they’ll buy from your store.
When it comes to social media presence, many stores make the mistake of only being on one or two platforms. For example, some may only post on Instagram and focus their marketing efforts on there through influencer marketing. Others are exclusively on Facebook as they find Facebook ads work great on their e-commerce store. However, using a combination of platforms might be slightly more work but gives you a competitive advantage. A competitor can see you’re only on Instagram and focus their efforts on a wider range of social platforms which eventually leads to their business out-performing yours. Being on about 3-4 social networks is often manageable. Don’t depend on one platform as one day that platform may disappear and you’re left with nothing.
No matter what you are trying to accomplish, plenty of tools are out there to help you carry out smartly with the above-mentioned tips. You can achieve greater profits for your e-commerce store without having to grow your customer base, which can be a more expensive route.
The journey of e-commerce entrepreneurs, and explorers looking to shape his/her own destiny, can be a perilous one and sometimes fruitless. However, seek guidance and wisdom from fellow entrepreneurial adventures to better set yourself up for success. Take the tips outlined above from successful e-commerce entrepreneurs to help you increase your e-commerce’s productivity and keep your business growing so you can succeed.
Be bold and remember “Your place shall never be with those cold and timid souls who neither know victory nor defeat”.