If you find your niche and use the right strategies, running an eCommerce store can be an excellent source of income. Maybe you currently own a brick-and-mortar shop and are interested in expanding online, or maybe you’re completely new to the world of retail. Whatever your background, you have the ability to create a successful eCommerce store if you put in the time and effort.
eCommerce sales grow year after year. More and more people are choosing to do their shopping online because of the convenience and because of the limitless variety of products available. However, the number of eCommerce stores on the web is also growing, so the competition is tougher than ever. The eCommerce strategies that worked 10 or 15 years ago may not be helpful in today’s market, so you have to be certain that you’re using the most up-to-date techniques.
Here are 10 tips for making money from your eCommerce website in 2022:
1. Identify a gap in the market
If you’re new to the world of eCommerce, one of your first steps is to decide what to sell. You might already know exactly what your brand is, or you might be unsure of the direction you want to take.
Because the current eCommerce market is so competitive, the best way to gain customers and make sales is to find a gap in the market. If you can sell a highly specific product that no one else offers, your chances for success are far greater.
2. Know your audience
One of the biggest mistakes that small eCommerce retailers make is marketing to everybody rather than to a specific demographic. This can lead to low conversion rates and wasted advertising dollars, though. To make the most of your marketing budget, identify the audience that you’re selling to. Narrowing down your target audience will help you focus in on the specific group of people who are most likely to become customers.
3. Use personalization
Today’s consumers value personalization over almost everything else. When you offer a unique shopping experience based on the customer’s specific needs, they’ll be much more likely to make a purchase or to become a returning customer.
You can personalize the experience by segmenting your email list and sending only relevant updates and offers to different groups, or you can send a personal note to the shopper with their purchase. Anything you can do to make the customer’s shopping experience more unique and specific to them will benefit your brand.
One example of a company that’s taken this to heart is Urban Outfitters. Their mobile application provides users with a highly personalized feed and a discover tab that features a wide range of products, all selected specifically for each user. The more that users interact with the app, the more targeted the suggestions for products will become. The brand also knows the power of email marketing and sends customers customized messages for everything from welcoming them to the site to wishing users a happy birthday or alerting them that an item is back in stock.
4. Aim to keep customers
Returning customers are your most valuable asset as a small eCommerce retailer. Regular shoppers spend more per purchase on average than first-time customers, and they’re more likely to recommend your brand to family or friends. By creating a loyal customer base of returning shoppers, you may see a massive increase in your sales.
You can encourage customers to return by creating an email list and sending promotional offers, or you could create a loyalty program that rewards repeat purchases. Personalization is another key way to drive repeat sales as it helps your shoppers feel like your brand understands their unique needs.
5. Invest in paid ads
Paid ads can be expensive, especially for new or small eCommerce retailers, but they’re worth the cost. At the beginning of your eCommerce venture, most or all of your profits should go back into your marketing strategy, and you should see an excellent return on investment.
Platforms like Google and Facebook serve your ads to people in your target demographic, so your products are seen by people who are very likely to make a purchase. You should also consider investing in retargeting ads, which are served to people who have already viewed your website.
6. Strengthen your social media presence
Social media use is at an all-time high. Many people use social media to keep up with their favorite brands or to ask questions about certain products. Your business should have an active presence on all the major social media sites so that you can keep your audience updated on products or promotions and so that you can make personal connections with your shoppers.
7. Support a cause
Shoppers are more aware than ever about the ethics behind their purchases, and many consumers prefer to buy from brands that are environmentally sustainable or support a charitable cause. Explore different causes or values related to your brand, and choose one to support with your business.
You could donate a certain percentage of sales to a charitable organization, or you could focus on sourcing your products from ethical providers. Whatever you choose, your customers will appreciate that you’re promoting an important cause with your platform.
8. Start a blog
Blogging has always been a core element of a successful online marketing strategy. Not only does a blog provide valuable information for your shoppers, but it also increases your chances of ranking highly on Google. Your blog can feature events, new products, or promotions for your business, but you can also write articles that offer helpful information related to your niche. This establishes your brand as an authority on the topic, and it can help prospective customers find your products.
9. Use SEO
While paid ads are a tried-and-true way to get your brand seen by potential customers, virtually all successful eCommerce stores also use search engine optimization. SEO is the practice of designing your website and your content strategically so that it ranks highly on Google.
Using keywords in your page titles, headers, and meta descriptions is a great way to improve your search rankings. Increasing your site’s speed can also help. Google’s algorithm prefers websites that are informative, engaging, and easy to navigate, so improving the overall user experience of your site can help you boost your ranking.
To implement an effective SEO strategy, it’s important to have a technically optimized site.
And this the WiziShop ecommerce platform, which has just announced its international launch, understands well. You can find a complete article presenting the different optimizations on their blog.
10. Automate as much as possible
By automating certain aspects of your eCommerce store, you free up more of your time to focus on other efforts. For example, instead of spending hours inputting sales information into your accounting software, you could automate the process and use that time to plan creative marketing campaigns.
Optimizing your time will help your business grow and will reduce your workload as your sales increase. Setting up automated systems can be somewhat expensive and time-consuming initially, but the results are worth it.
Your eCommerce store has a great deal of potential, but the market is competitive. To make a profit with your business, you should be prepared to carefully strategize during every step of the process. By being thoughtful and intentional with your branding and marketing efforts, you can reach your target audience and establish a loyal customer base.