Everybody's talking about social commerce these days, which was a popular topic last week too, but there are a few other ecomm experiments and brands that have hit the headlines. Let's browse through:
Today we're discussing how to properly use research and analytics before and after building your ecommerce business. First and foremost an ecommerce entrepreneur must profile target customers. For example, what are their current buying behaviors? What age groups are likely to purchase the product? What is their discretionary income? What percentage of this age group is currently buying online?
I've spent the last 2 months speaking to successful ecommerce entrepreneurs on my podcast, Shopify Masters, and one of the most common mistakes entrepreneurs regret making is that they started off with too many products. One of my guests, Morgen Newman from MixedMade (click here to listen to his story of launching an ecommerce store that generates revenue in 30 days), spoke about a valuable lesson a seasoned entrepreneur taught him. The entrepreneur told him “when you go from 1 product to 2 products, you doubled the amount of work and risk.”
There are many reasons why a pre-built eCommerce platform might sound more appealing to you than having to hire a web developer to build a brand new one for you. Though, from experience, in most cases the heaviest factor is the ease of use and ability to work closely with a community of other online store owners.
Building an ecommerce store may have fewer overheads than when you opt for a bricks and mortar store with a physical presence, but it does not make it a whole lot easier to be honest. With the necessity to get your brand or niche product known and visible to a global audience you have to be patient, but most importantly you need to be resourceful. To build up a catalog of repeat and loyal customers will take time, most especially when you are essentially an unknown entity; but there are ways to build confidence that won’t cost you a fortune and that will see your conversion rate begin to rise. Read on!