Category: eCommerce

Which ecommerce marketing strategies are worth the time and investment?

Whether your online retail company is just starting up or has reached the point of maintaining a well-established customer base, it’s important to stay up to date with the most current ecommerce marketing trends and techniques for your business. Structuring and finally launching an ecommerce website is a milestone achievement for your brand. Therefore, it’s crucial to invest in an effective website structure and ecommerce marketing strategy. Apart from all the structure, it also helps and builds trust with your customers when you protect your traffic with SSL encryption.

If you’re interested in finding out the best tried-and-true methods, as well as the newest techniques of marketing for an ecommerce business, pay attention to the 11 tips below.

1. Produce original content

The first step in setting up an ecommerce website is creating the content for it. Creating high-quality and original content will set you up for success because it will resonate with your customers in a way that makes them want to interact with you, purchase from you, and maintain a following.

Be creative. Be original.

Promoting original content is a great way to make a statement, strike a compelling idea, and make a mark on the user’s mind. There is a fine line between content that engages users and content that deters them.

Why not take an extra step, put in a little effort, and create something that will be genuinely compelling? It’s an ecommerce marketing strategy with lasting effect. One or two well-written pages can drive revenue for years to come.

What should you write?

First, add informative content to your primary site pages – your homepage, about, policies (warranties, shipping, etc.) at the bare minimum.

Then it’s important to populate your online store’s product content. Start with individual products, prioritizing by your best sellers or highest earners, and write unique descriptions. Don’t just drop in the manufacturer’s boilerplate language. Explain what it is, why it’s better, and its key features.

Look also to category pages. These also pose great SEO opportunity (more on that below). Here’s where you can explain a type of product (e.g., men’s athletic shoes) and provide paths to other products, to help the user find what they’re looking for. FAQs are often handy on category pages to answer questions related to the segment (e.g., “how to choose men’s athletic shoes”).

Now, it’s time to get proactive.

Spawning from your ecommerce company’s authority (e.g., shoes), publish blog posts that will attract new audiences while informing and engaging existing fans.

Add rich content to your website, too – in ecommerce, product demo or explainer videos are a supreme fit.

If you’re coming up short of ideas, ask your customers. Use a user feedback tool offering pop-up chat interactions to ask, for example…

• What are you looking for?
• What do you want to learn more about?
• What questions do you have?
• What brought you here today?

Your goal is to zero in on content topics that your audience cares about – because they tell you so. More on content beyond core “money pages” below as we talk content marketing.

This online fireworks company added informative content to their category pages that answers common questions about specific types. Not only did this drive SEO performance, it increased engagement, conversions, and order value.

2. Optimize your ecommerce website’s layout

After launching or redesigning your ecommerce site, it’s important to test your website’s layout, language, and placement of conversion elements. When customers visit your website, you want to make sure it’s easy and simple to check out, that they feel naturally inclined to purchase your products, and that it’s abundantly clear how to do so.

You should test the language displayed on your landing and product pages, the language in your conversion elements, and even the strategic placement of icons and elements. You can use various usability testing methods for this.

One really nifty tool is Mouseflow’s heatmap software that reveals valuable patterns in customer behavior on your website. One of their most popular heatmaps, the movement heatmap, reveals the most attractive parts of your website — based on visitor movement data to your website.

Many would-be entrepreneurs dream of the day when they get to become their own boss. However, this dream can get derailed for entrepreneurs who do not plan the transition to self-employment correctly.

Many tend to focus on the good things about being a freelancer Transitioning from a Job to Self-Employment— such as freedom and job satisfaction — without spending enough time planning for contingencies. But not planning for contingencies early on can set you up for failure.

1. Things never go as planned

Unfortunately, most people tend to plan for the best and assume that the best will happen. Maybe it’s because entrepreneurs are an optimistic bunch. In reality, no business plan, no matter how well-crafted, has survived first contact with the real world.

You have to plan for the contingency that things could go wrong — very wrong — if you want to make it. That last point is critical and is the key to surviving and thriving as a freelancer.

2. Do you have a business?

Leaving the security of a paycheck before you have a business plan or, better yet, a working business is risky. This reality creates a dilemma because the safest course of action is to start your business while you’re still employed. You must handle this scenario delicately and, above all, ethically.

You want to stay employed as long as possible to give your fledgling business a chance to develop and produce revenues. However, you will need to follow some rules of business etiquette.

• Avoid doing personal business in your employer’s office.
• Never use any of your employer’s resources for your own business.
• Give your employer 100% of your time and attention while at work without exception.
• And last, but not least, don’t compete against your employer while still working for them. It’s just bad form.

In summary, treat your employer as you would like them to treat you.

3. Do you have a budget?

You need to work on a budget before transitioning to self-employment. The easy way to develop a budget is to use personal finance software to track your expenses for three months.

Once you have three or four months’ worth of data, create a report that outlines your expenses. This report gives you a realistic view of your quarterly expenses. Spend a lot of time developing your budget and — most importantly — verifying its accuracy.

4. Do you have a reserve?

Your next step is to build a reserve sufficient to cover budgeted expenses for as long as it takes to build revenues from your business. The need for a reserve is why it’s so important to generate business revenues as early as possible.

Build a conservative reserve. Once you’ve established a target amount, consider adding a few months of living expenses as a safety cushion. The last thing you want is to run out of money just as your business is taking off.

5. Have you covered your medical insurance needs?

Many entrepreneurs forgo medical insurance when launching their businesses because they feel it’s too expensive. This unfortunate mistake could cost you business-wise and health-wise. Get medical insurance coverage, either through a spouse, through COBRA, or by purchasing insurance through one of the new marketplaces.

6. Making the Jump

Making the jump and leaving the safety net of employment is always a difficult, but exhilarating experience. The trick is to leave with class — as friends. Thank your company and boss for the opportunity they provided you. Offer to help tie all loose ends so that your departure minimizes hardship to your employer. Wish them well, and mean it. After all, because of them, you have now made the transition to self-employment.

Source: zenbusiness.com ~ By: Marco Terry ~ Image: Canva Pro

Disclaimer: The content on this page is for informational purposes only, and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.

E-commerce, or commerce conducted over the Internet, is the future of business with over 1.8 billion people worldwide purchasing products online in 2018. By the year 2040, it is estimated that 95% of transactions will be done online. This rush for online products has only been accelerated by the COVID-19 pandemic. As a majority of the population are forced to shop online, companies adapt, adding additional services to accommodate consumers such as more shipping options and a larger range of goods available online. Even after pandemic restrictions are lifted, the changes in e-commerce are expected to be long-lasting, permanently changing the retail market (valued at 23.46 billion USD in 2017). At the same time, the virus does not favor physical stores, being especially hard on small businesses. As the future moves toward e-commerce, investors must take note of its impacts on the marketplace and opportunities it opens.

Benefits of E-commerce

As the needs of consumers change, the market must adapt to keep up. As technology has improved and expanded, more and more people discover new digital experiences through mobile apps and websites. Though the number is sure to rise, the US currently has the highest e-commerce penetration rates. Approximately 80% of the population conducted online shopping in 2020. This is due to the advantages online shopping opens up including easy accessibility and convenience. Products can be easily found without having to wander around in search of an employee. Websites are open 24 hours (the largest reason people make online purchases). There are no geographic limitations. And, a wide range of different products is available at only the click of a mouse.

One of the most well-known examples is Amazon, the popular e-commerce company. They have over 304 million daily users and customers adding 1 million new items to the marketplace daily. As the second company behind Apple to hit over a market cap of $1 trillion, Amazon’s success stems from its innovative mindset. The company has branched out into the Amazon E-commerce Marketplace in 2000 (for third-party sellers), Amazon Prime in 2005, the Kindle ebook in 2007, and the Amazon Echo and Alexa in 2014.

Through its innovation, Amazon has fully embraced the advantages of e-commerce. They’ve taken customer service, user experiences, and execution to the next level. Amazon is known for its ability to track packages, handle returns and exchanges, and utilize social media to engage with customers while promoting their brand. Their web development has perfected a seamless user experience to boost sales and streamline shopping. Finally, Amazon executes customer orders through multiple distribution centers placed around the globe to maximize shipments. As the world of e-commerce moves forward, Amazon remains at the helm.

Impact on Physical Stores

On the other end, physical stores suffer from an increase in internet traffic. In 2017, brick-and-mortar sales only increased by 2% ($2.985 trillion to $3.043 trillion) compared to the online retail sales increase of 16% ($390 billion to $453 billion). Despite being around for much longer, physical stores are fighting a losing battle. Of course, realistically, physical stores won’t completely disappear any time soon. Customers still enjoy in-person experiences especially with trying on clothes, inspecting products, or making quick purchases without waiting for even one-day shipping. Still, stores are challenged to enhance the shopping experience to increase foot traffic in their shops.

Impact of COVID

Furthermore, the COVID-19 pandemic hasn’t been easy on physical retail. Forced to close doors or reduce hours to meet health regulations, many chains of stores have reported major losses, including Bath & Body Works, Macy’s, and Starbucks. Businesses such as Sweet Tomatoes, Pier 1 Imports, 24 Hour Fitness, and JC Penney have filed for bankruptcy and permanently closed its stores. Small businesses are also at risk. Despite the federal government supplying them with low-interest and forgivable loans, it is expected that 7.5 million small businesses will shut down if conditions stay the same.

From the start, the virus crisis has favored e-commerce. Due to social distancing procedures enforced worldwide, many have become wary of public spaces. Subsequently, a shift in consumer spending has become increasingly evident. The transition has only boosted e-commerce use.

Back to Amazon: the lead provider of online goods has seen the largest spike in orders in over three years. With the expansion of Amazon Fresh and ownership of Whole Foods for groceries and Amazon Prime for speedy deliveries, this company is practically tailored to this situation. To meet the immense demand caused by stay-at-home regulations, Amazon has expanded its workforce by almost 200,000 employees since the start of the outbreak. Their success in this new environment is evident on the stock market too; the average price target on the Amazon stock is $2721, up around $300 compared to later 2019.

Implications for Investors

For investors, it’s important to understand the impact of Covid-19 on the market. This includes impacts on businesses, employees, suppliers, and recovery plans. As for the transition to e-commerce, investors have the opportunity to capitalize on potential growth in the e-commerce field.

Conclusion

E-commerce is one of the fastest-growing markets in the world, and the virus is only a catalyst. The pandemic has expanded online shops to include more groceries and household items and forced an increase in virtual traffic and in return, physical stores have suffered. These changes are expected to be long-lasting due to the increasing accessibility and demand for online shopping. As our technology improves and the future of physical stores remains uncertain. However, one thing stands true: e-commerce is here to stay.

Source: streetfins.com ~ By: Colleene Zheng ~ Image: Canva Pro

Make that final transition by making your business a full-time gig.

Q: I’ve had some success with my business, but I still maintain a part-time job in addition to my self-employment in order to make ends meet. How can I make that final transition to full-time entrepreneur, and when will I know that it’s the right thing to do?

A: The first thing to remember is that you are always your own employer, regardless of who writes your check. Even if you are in a traditional employer-employee relationship, you are still a company of one, engaged in the selling of your time and expertise to a single client (your employer). Think of your part-time job as an entrepreneurial exercise–a step in the process of achieving a goal. If a job, whether it be part-time or full-time, doesn’t give you some sense of entrepreneurial spirit, excitement, and ownership, then it’s time to think about making a change.

Ultimately your goal is to focus all your energy on your own business. However, it’s not unusual for entrepreneurs to hold down a traditional job while their companies grow, and hopefully, once you are in a position to separate from that traditional job, there will be some knowledge, experience, and relationships that you will be able to take with you into your own business. The trick is to know when to make the ultimate transition and strike out completely on your own. There are several things to consider.

The first and most obvious one is financial. If you’re going to give up that part-time job, you must consider how dependent you have been on the income you derived from it. Are you in a position to sustain yourself independently for a period of time if things don’t go exactly as planned for your entrepreneurial business? Before you make the separation, your business should be at a point where it is generating enough revenue to cover your living expenses. Arriving at this figure can be more difficult than you realize.

Don’t forget to factor in the expense of health insurance if you do make the transition. This may be something as simple as opting to take advantage of a COBRA plan that allows you to retain your company insurance for a period of time after you leave. Of course, the full cost of the insurance will be your own responsibility; your former employer will no longer pay for it.

Another factor that is too often forgotten is the amount of money you have to pay the tax man. Before you make the leap to full-time entrepreneur, calculate the net amount you need (after taxes) to sustain yourself and your family. Then add in all your business expenses to that amount, remembering to factor in additional self-employment taxes that you did not have to bear as somebody else’s employee. The final figure is the amount of revenue your business needs to take in before you can quit your part-time job.

If anybody is currently providing you with financial support, expect that they will have to continue doing so, perhaps even to a greater extent, once you make the switch. If you’re getting outside investors or if your company will be venture-funded, this may not have to be a consideration.

Examine your client base, and how much security that will give to your small business. If your client base is too small, even if it is bringing in adequate revenue, you may just be one client away from disaster.

Another very important factor is family and children, and how the transition will affect them, not only financially, but emotionally. Without that regular paycheck from your part-time job, you may find yourself compelled to work unreasonably long hours at your business to make up for it. In fact, although most entrepreneurs cite “being able to make my own hours” as an incentive to working for oneself, working one’s own hours too often ends up being too many hours.

Make sure that everyone involved–partners, clients, spouses, and children–see the move as positive, and most of all, don’t forget to take care of your health and your spirit during the transition.

Source: entrepreneur.com ~ By: Janice Bryant Howroyd ~ Image: Canva Pro