Online sales have taken the world by storm, creating opportunities galore for entrepreneurs like you. Did you know that there are 650,000 online shops making $1,000 or more every month and that too with a reasonable amount of investment?
With a little effort, hard work, and time, you can set up your eCommerce business and start making money. There is no doubt about the same. If you are wondering, whether the market conditions are favorable for an eCommerce business or not, there is nothing to worry. Yes, it is. Based on the findings of the Consumer Electronics Association, approximately 143 million US shoppers bought something online. Considering the American population, about 45 percent of them, including the kids, made an online purchase in 2014.
According to an article published on https://www.inc.com, you need to figure out what niche to choose for your online store. You should be selling something that you know of and have the interest to sell. If you are not passionate about the products you want to sell, you cannot succeed in the long-term. When you start up your eCommerce store, your business should be consistent and people should buy your products. Therefore, some amount of knowledge of the products is imperative. For your better understanding, here are a few pointers to help you start your eCommerce business:
Solve buyers’ problems
When you start your online shop, try to solve people’s problems. When you sell a unique product that simplifies your customers’ lives, you are selling something better than the rest. When you sell at a competitive price, you will achieve success in no time. Solving buyer problems does not mean people will expect you to invent something. Solving problems is making things for your customers a tad easier.
There are stores online that sell men’s footwear in sizes 14-22. Some men have very large feet and cannot get the right shoe size in an ordinary brick-and-mortar store, especially size 22. An online buyer can purchase shoes in sizes 16, 17, 18 or more from your eCommerce business. So if you are dealing with such products, you are solving your customer’s problems. Your business with a focus on solving people’s problems will thrive and succeed.
Sell unique products
You will roll in dollars and become a successful eCommerce website owner if you have less competition. In simple words, your online store will thrive if you sell unique or hard-to-find items. Try to sell niche products. Let us explain this point with the help of an example. Say, for instance, you are selling bath soaps. Well, it is an easily available and ordinary product. You will face stiff competition if you sell it online. Amazon, Flipkart, and eBay sell it. If you are setting up your e-store, selling soaps will not help you improve your bottom line. Every grocery store in the US sells such items. To cut a long story short, the product is easy to find and purchase.
Sell something unique. You can sell beard oil, a grooming product for men who want to keep their beard in shape. Quality beard oil is not available everywhere. The idea is to make your online store the one-stop shop for a special product that is not easily available. Besides, if you need some funding to start your eCommerce business, you can enquire about business loans.
Focus on email marketing
As far as email marketing is concerned, it is one of the powerful tools to use for boosting sales for your eCommerce store. When you have a list of active buyers, send an email to them and see how the product orders pull in. According to some studies, each dollar you shell out on email marketing will fetch you sales of $44 or more. You might be wondering how to start email marketing. Here are some tips to kick-start the process:
Opt for a professional email service provider such as MailChimp, MailUp, GetResponse or Constant Contact. Use merchandise to promote your email subscriptions on your eCommerce website is a good start. Take some time off your busy schedule to segment your list. Implement automation to improve website performance, and shoot useful and important email messages.
Reach out to repeat buyers
Based on the findings of RJMetrics, a data analysis agency, one percent of online customers will shell out an equivalent amount as the base 50 percent in some time. The one percent includes your repeat customers, who will shop from your online store to buy what they need. They will return repeatedly over time. They will spend more time on your online shop because they are purchasing multiple products from you. For more please visit nationaldebtreleif.
Again, when it comes to these repeat shoppers, they will spend more money on shopping on their every visit. There is no doubt about the same. Based on the findings of RJMetrics, a typical online buyer will shell out approximately $54 for each order. Then, an eCommerce store’s one percent of buyers will spend approximately $267 for every visit. It is five times the amount a typical buyer spends.
When you set up your new store online, you must reach out to new shoppers, but walk the extra mile to transform them into repeat customers over time. Add shoppers to your mailing list to get repeat buyers. Besides, you must also provide them with a pleasing shopping experience online.
Focus on inventory management
It is essential for the success of your online store. The kind of items you must stock, in what quantity you must stock, what boxes you require, which eCommerce shipping service is the best, and how much is the shipping expenses are some of the questions you must ask. Order fulfillment is the key to the success of your eCommerce business. You need to figure out these things to survive in this age of stiff competition. There is no doubt about the same. You need to choose the least expensive method to ship products within and outside your country.
Now that you have these tips handy, start your eCommerce business. Sell niche products, boost sales, and make money.
Walter Moore is a notable management consultant and digital marketing expert. He is an experienced digital marketer and has helped eCommerce businesses in all niches gain with his effective marketing strategies and guidance.