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E-commerce is not new by any means, but it remains one of the fastest-growing sector s in America. It’s understandable why, too. Renting retail space costs thousands of dollars in overhead a month, while owning an online store is far cheaper. With a “strict retail” business, you also have fewer potential customers. E-commerce, on the other hand, allows you to reach customers across the globe.
Though the startup involved in doing an e-commerce business work may be less now, the competition is higher than ever. At times, it may seem impossible to do without millions in the bank. Making a place for yourself on the net is getting harder, but some newer companies are proving that you can succeed relatively quickly if you follow the right strategy along with flawless execution.
We can all learn lessons from businesses that are successful, especially those that are in hyper-competitive fields like finance, fashion, and cosmetics. If you are new to the e-commerce world, take a look at how some of these up-and-coming companies have managed to succeed in their niche markets through the great invention the is the internet.
Here are 4 ways to win at E-commerce in 2018:
1) Get the right press to get your site noticed
You don’t have to a Madison Avenue Public Relations firm to get the right placements, good old fashioned hard work and ingenuity pays off. Sean Kelly Founder of Jersey Champs, one of the largest jersey purveyors online sent Mark Cuban a custom Shark Tank jersey which he loved and provided the right exposure for Sean and his brand. Although it may take 100s of pitches, if you put in the effort for Public Relations it will pay off in the long run. Ideally, you want a dedicated person, team or agency to handle your PR, but with resources like CISION and HARO you can indeed manage the task yourself and save on possibly expensive retainers.
2) Make sure you have adequate financing for marketing and orders
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Admittedly, Acorns is an E-Commerce company that has much financing backing it. However, this online micro-investing app still managed to beat the odds against significant stock trading platforms like TD Bank. That alone should tell you volumes about why this young finance startup is successful. So it’s possible to raise money through crowdfunding on platforms like Indiegogo or possibly raise cash through strategic sales to friends and family to get some dollars through the door. For myself, I hate to ask for money but asking people to strategically purchase your product is another. Financial capital is critical to not only getting the word out but will also be used to buy inventory to keep the sales cycle going. Even if sales are brisk, you need reserves to grow and scale your business.
3) Virtual and Augmented Reality
VR and AR are no longer cool buzzwords being thrown around by techies and marketers alike. These technologies are now being utilized in E-Commerce sites such as Sephora which allows you to visualize how your makeup will look before you buy it. Reekita Gala, CEO of VRARE shares “VR and AR are not simply about gaining a better user experience, but also sites that have successfully implemented the technology are seeing higher average order values as well as clients coming back more frequently vs. their non VR and AR competitors”.
4) Social Media for telling your story
As we know Social Media is the new word of mouth advertising. By adding incentives for users and non-users to sign up for their service, successful E-Commerce companies can grow their client base organically through users’ beyond their friends and family members. Social Media should be used to share your narrative, not just sell products. By telling the story behind your brand and growing your social media following, your followers will result in higher engagement and sales in the long-term. So-called “social proof” is when your clients will see your followership and judge whether you’re a legitimate player in the space. The key is to grow your audience organically while telling your story to would be and current clients.
E-Commerce is a lot harder than most people think if you build it, they will not necessarily come. Follow these four strategies and you’ll put yourself in a better position to succeed.