There’s no denying it: online shopping is growing at a significant rate. The reasons are obvious: with the ability to shop 24/7, compare prices immediately, and have a greater variety of options all without leaving your couch, it’s very appealing to consumers. So, if you’re dreaming of turning your small business into a million-dollar ecommerce site, you need to know what to do to get there.
5 tips to building a successful million-dollar ecommerce business
Just like owning a brick-and-mortar store, starting up an ecommerce business will take time, effort, and yes – money. Whether you’ve recently launched your ecommerce store or are looking to get started, here’s six ecommerce conversion tips to help you get the results you want.
1. You need a digital strategy
It all starts with having a solid foundation. If you don’t have a digital marketing strategy in place from the get-go, then you’re blindly trying any campaign in the hopes that something will stick. By having a good ecommerce strategy, you can:
• Create opportunities for better targeting of new clients, or building deeper relationships with existing customers
• Know your online audience and market share
• Have a powerful online value proposition tailored to your target audience
• Identify and address your weak points
2. Set realistic KPIs & objectives for your brand
When starting your own ecommerce business, you may have big visions. However, it’s important to start small and to ensure that your goals are always tied to your major business objectives. Some of the most popular business objectives include building brand awareness, increasing community engagement, and making sales. Which one/s do you want to focus on?
When setting KPIs, ensure they are specific, measurable, achievable, relevant, and timely. For example:
Overall goal: I want to increase my community awareness via Instagram
Specific: I will gain 50 new followers for my business
Measurable: I will keep tabs on my current followers, and keep track of how many new ones I gain
Achievable: I have put two hours aside each day to focus on my social media account
Relevant: Increasing my follower count on Instagram will help me grow my business and bring in more sales
Timely: I will gain these 50 new followers within three months
3. Be cost-effective
Unsurprisingly, in order for your business to grow, you need to get out more than what you’re putting in. Having a budget in place will help you control costs, and plan out the best areas to spend your marketing dollars*. If you aren’t monitoring your spend, how will you know if you’re getting a good ecommerce return on investment?
As a general rule of thumb, it’s a good idea to allocate 10% of your profits to your marketing budget.
4. Have a good ecommerce website design
It may sound obvious, but if you want to be seen online, you need to have a good website. With so many businesses out there competing with you for your customers, you need to find ways to stand out from the rest.
Here’s some good ecommerce website design tips to follow:
• Make it easy for customers to find what they’re looking for by installing a search bar or an option filter
• Use great quality images
• Make your website easy to navigate
• Ensure your checkout process is as easy as possible
• Use SEO!
5. Don’t be afraid to ask for professional support
It requires daily attention to build a successful business, and marketing is a full time job. It’s especially hard when you also need to spend time learning the ropes. At the end of the day, there are some things that are just best left to the experts. If you don’t have the time to test, measure, and analyse the data and adjust on a daily basis, then it’s a good idea to enlist the assistance of an experienced digital agency.
A digital marketing agency comes with a team of consultants, creatives, and developers that continually test strategies in order to see what’s working for your ecommerce business… and what isn’t. This means you’re free to focus on building your brand and taking care of other aspects of your business.
Follow these five ecommerce business tips, and you’ll be on the right path to making a successful million-dollar site in 2019. Need a little bit more direction? Let JTB Studios take the reins with a digital marketing strategy engineered for ecommerce success.