Ecommerce business is the most trending business service globally. Now, owning a physical store will no longer be helpful if looking to expand to the next boundaries. If you have an eCommerce website with you in the advent of mobile commerce, the whole world is your playground.
Top 3 learned lessons to start an eCommerce business in 2021
Ecommerce businesses are making millions; not everyone, but some are making it, actually; how?
One of the companies we discussed used to own is an ecommerce business. It's one of the most successful ventures that I've seen in my career, and they were doing millions and millions of dollars every year.
Won the online retailer that year award by the state they registered with. So when it comes to eCommerce, maybe you're thinking about starting an eCommerce business you don't know where to start, right?
Let's break this down and give you three keys. It's kind of feed lessons I've learned during that time before I consulted an eCommerce business.
Top 3 tips to kick-start an eCommerce business in 2021
Content strategy is the crucial aspect that you need to have as well as a paid strategy. So we were running many ads on Google pay-per-click; we were spending a lot of money right. Still, in the beginning, especially, no one knew why you came to our store online, so we were just doing a lot of that, but then, later on, we also spent quite a bit of money optimizing our website for search engines, just organic traffic.
So we created a lot of landing and product pages and ranked specific keywords in Google. So people could find us just organically, so in the beginning, what's interesting it's 90 somewhat percent of our sales were coming from paid pay-per-click. We're spending a ton of money right to get some traction.
But later on later a few years afterwards, within a company, the revenue then it's almost 60 40 60 percent of our sales coming from organic free traffic. Why would I say they're entirely free?
Because we do invest time and money creating content for them, but only 40 percent comes from paid, so to do ecommerce. I believe if you have your store, meaning you're not selling through Amazon because Emma's already has all the traffic but let's say you're not selling through Amazon, you have your own e-commerce store.
So I believe you need to have a perfect organic strategy and pay strategy to be the best at bringing up traffic to your eCommerce business website.
When it comes to eCommerce conversion matters lot of conversion matters a lot, so you should constantly be measuring your conversion rate on different pages your bounce rate, meaning people hit your home page where are you seeing people exiting from your eCommerce website where are you losing people now one of the things that I noticed when I was consulting an ecommerce business that we were losing a big chunk of the customers at their checkout right.
On their checkout page, we are losing a bit, so they like the product. They click the product they Add to Cart when they get to you, but they fail many people. So what could we do so?
Then I added a lot of different things, for example. I said actual testimonials during the checkout process.
So then I streamlined and simplified the checkout process, so in the beginning, back then, I didn't know we had a multi-step process. Then we change the order that to make it much shorter, right, they see the product buyers click. If they are adding the card, they continue as a guess that's fine or credit card information instead of that many steps, we shorten it to this many steps, and we notice cells dramatically increased.
So conversion matters; you have to measure everything you're looking at data they're looking at on your pages; you have to know precisely what it's going on. So then, know it's not always about the product alone. Then what's vital than the product itself?
It's simply the visitors who visits your site and their behavior on the platform right, and when you have got some products that are selling well, make sure you feature those on your homepage. That's key number one to succeed in your eCommerce business.
Strong inventory management:
Seamless inventory management is the last lesson that I'm about to share here; when it comes to e-commerce is inventory kills; inventory kills. What would kill you the most?
You have way too much inventory of products that you don't sell depends on what kind of products you sell. Do they expire? Assuming your products don't expire, you're going to sit on a lot of products that don't sell, and you're sitting in a lot of cash, right.
So you got to be very, very careful when it comes to inventory management. Before I saw the e-commerce company, we were sitting on millions of dollars worth of inventory. I'm glad I could sell all of that right and get all the money back; otherwise, we would have been sitting on a bunch of debt inventory if there's any problem.
So be very careful and mindful when it comes to inventory. I would rather you have fewer products in the beginning test it out to see what your customer your online marketplace likes right. Whoever your audience is what they liked first before you go crazy and have so many skews have so many units and products I'm going to buy 1000 of these 2,000 of these.
Because you'll be tempted wow you know if I order way more and my cost per unit goes way down but what you don't think about you don't consider factor in is what if it doesn't sell now you're sitting on thousands of something that it doesn't sell it becomes because of a big problem. So again, I'm saying inventory kills.
Also, I stress if you're thinking of earning more money before you go out there and start an e-commerce business, learn more about the latest market trend, such as online multi-vendor marketplace businesses making millions at a lesser budget. Many entrepreneurs are already got into it and are on a mission to becoming the next Amazon.
Aren't you willing to do that?