Launching an Ecommerce Store? Here is What to Do Right From the Start
It comes as no surprise that more and more people are putting up an e-commerce store. More folks these days would rather skip traffic altogether and are buying everything online. Putting up an e-commerce store is a great way to start a new venture and can be very profitable for you as well. Here are a few things you can do to get your business steered in the right direction.
Technology is both convenient and simple, so it comes as no surprise that more and more people rely on it. Online, everything from cars to books can be bought. This wave is something a lot of entrepreneurs are jumping on. When you do e-commerce in the correct way, you get a truly competitive advantage. This gives other online e-commerce players the opportunity to go against old-fashioned titans in brick and mortar stores.
Also, e-stores are becoming the method most people use to buy items. In fact, many shoppers have favorite online sellers that they regularly buy from.
The thing is, success is not guaranteed just by having a site dedicated to e-commerce. There are a few things you need to keep in mind if you want a website that sells your stuff successfully.
You may think e-commerce is simply a matter of common sense but there is really more to it than that. In fact, a lot of people believe as long as they have an awesome-looking website and a few great products, they can launch their site and take orders immediately. If this were the case, then one hundred percent of e-commerce entrepreneurs would be successful, which is not the case. So what makes a successful selling website? Knowing a few things may save you time and trouble right from the start, so read on!
Balance Demand and Supply
Whether you realize it now or not, there is a relationship between demand and supply which matters more than just the inventory. After a while, you may have more products than sales. Try and track the trend of how much sales your website is producing and purchase your inventory accordingly. If you have any experience with actual brick and mortar store inventory, there are limitations to floor space. Online, however, is another story. Ecommerce space has no limits. You may over or under buy inventory. It is best to try and figure out how many sales you have each quarter and make the necessary adjustments. This way, you won’t be stuck with a garage full of stuff ready to be mailed out.
When you are entering into a contract with someone, don’t think of just months down the road. Rather, think of years down the road. The reason is that it is easy to assume things will be fine when you first get into a contract with someone. When something goes wrong, however, the contract will determine the final outcome. Make sure you are aware of this and negotiate accordingly.
Advertise with Great Partners
When you partner with a poor advertising agency, your sales will perform poorly. If you decide to partner with an advertiser, ask for metrics like who their sponsors are, CTR, open rate, reach and other data. Your advertiser may look great on the surface but if they send out emails to your target audience a hundred times per week, what are the chances your potential customers will actually be pleased with this? That’s right, zero.
Create a Strategy for Promotions ASAP
A lot of ecommerce owners make a mistake of waiting until the last minute when sales suddenly drop to create a promotions strategy. Rather, determine immediately if you plan to be a seller for discounted items, premium items that never offer discounts or somewhere in the middle. Don’t offer sale after sale on hard to sell items until you determine the type of seller you want to be.
Measure Success with Accuracy
Since ecommerce is seasonal, compare each year against the other rather than quarter versus quarter. In other words, don’t compare the traffic between May and June. Instead, do this yearly.
Manage Your Email List Efficiently
Grow your list for email early and fast. This is one of the best methods of getting folks to visit your website. When you measure success, a great way t do this is through your add email list. If you don’t effectively manage your email list, you might find yourself the owner of a great website but with no people to reach. You don’t really want to have to pay outlets, sponsor content or put out ads just to get people on your site, do you?
Strategy Matters Less Than Features
Yes, you heard that right. It is easy to have a super impressive website with the sexiest, slickest and coolest features ever. However, in the long run, all of these fabulous features matters less than your overall strategy. Instead, you need to focus on the big picture. Leave the whistles and bells to the team in charge of products. What innovations can you apply to your site? What opportunities can you add into your white space? What else does the market need that you can fulfill?
Create a four-month goal sheet in which you list down all the goals you want to accomplish per month. Do this for every quarter of the year. Make sure the tasks get finished on the allotted deadline. If the months go by and your time has been spent doing features that are negligible, this won’t really do much for your overall business. Move your business forward by focusing on the important stuff.
Putting up an ecommerce store looks and sounds easy enough. However, it will literally pay for you to know what to do immediately to put your business on the most profitable course there is. Follow the advice stated here and enjoy great profits for years to come. Get in touch with a reliable e-commerce solutions provider for a successful turnout.