The number of online shoppers in the world today is astounding, and it continues to grow every year. In 2018, online sales amounted to nearly three trillion US dollars, while experts make predictions for a massive increase of up to $4.8 trillion in sales over the next two years. What this means for the web-based entrepreneur is that not only is there enough business to go around but that with the right strategy, a six-figure income is highly attainable.
A solid strategy is definitely the key; unfortunately, many start-ups fail within the first year or two of business. Taking steps to ensure your success in the eCommerce world can make the difference between a thriving new business and one that flops before it gets off the ground.
Build Your Audience
One mistake many entrepreneurs make is failing to build an audience from the beginning. This can be done in many ways, but the best strategy will depend on the type of business you have. Today, social media is the main avenue almost any business must take in order to be successful. The platform you choose, however, will depend largely on the type of audience you’re trying to reach. For example, the majority of Snapchat users are under the age of 24, making it a good advertising resource for businesses that sell things like young adult clothing and sporting equipment. Facebook, on the other hand, reaches a much broader demographic, making it a great marketing tool for many other types of businesses. The key is to research your target audience and find the platforms that work best for you.
Learn What Your People Want
Another mistake some business owners make is assuming they know their customers. They start out with a product they believe everyone will want without doing the research that could save them time and money. If you’ve spent time building an audience from the beginning, finding out what they want is relatively easy. One way of doing this is by using a white label survey. These can be created for you but will use your own branding to streamline your marketing efforts. With your survey, you can find out important demographic information about your audience, some of their likes and dislikes, and exactly what they’d like to see from you. In other words, you can ask them very direct questions about the types of products they’d be most likely to buy from you and why.
Use Quality Suppliers
There are two main types of online businesses: service-based and product-based. Assuming your business deals with physical products, your next step is to find the best suppliers in your niche. These suppliers not only need to offer the best products that allow you to profit, but they should also be reliable and easy to work with. You also need to decide how you will store and ship your inventory. One way is to purchase your merchandise from a wholesale supplier, have it shipped directly to you, and then store, sort and mail it as you receive orders. However, many successful business-owners find dropshipping to be a much more convenient and profitable way to handle inventory. This method allows you to list your products for sale on your website without making a single purchase yourself. Then, when a customer buys something, you simply place the order with the company, paying your price for it, and the company ships it directly to your customer. While this method of doing business may sound complicated, it’s actually easier than ever, especially if you’re dropshipping with Wix. Sites like these allow you to set up your website and shopping experience, and partner with dropshipping services to streamline the process.