This year, 2.05 billion global buyers will be online. Many first-time e-commerce founders struggle with whether to keep their products native to their site or add them to Amazon because of the it upfront investment of time and money to build out the advertisements, sites, and funnels.
Aside from the laundry list of tasks you must complete to start an e-commerce business (legalities, domain name, building a website, marketing the product), here are a few tips that can make the difference between a successful and unsuccessful e-commerce launch.
- Don’t settle when it comes to your funnel’s conversion rates. Never underestimate the importance of your product’s sales funnel, which is arguably more important than a website (and can entirely replace a website in some cases). It may seem too expensive and time consuming to ‘split test’ (compare how two different funnels perform side by side), so first get feedback from mentors and other reputable e-commerce connections on your original copy, then add in elements such as an ‘exit pop.’ An exit pop is a notification that offers an appealing discount for your product if they buy now. If it works, you can assume that the funnel got them halfway there. If that still doesn’t incentivize purchases at a normal conversion rate, you know you have more work to do on your funnel to get them to a place where buying your product at a discount sounds appealing.
- Don’t rush the launch. The best businesses had a diligent starting up process, including steps like market research before any type of website or funnel was even created. Allow your project the full life cycle to verify the demand, check every detail, and make sure everything is running smoothly. Remember, this is your business. If even one tab on your website doesn’t work or one word is spelled wrong in your funnel, a potential customer can be immediately dissuaded. They can tell when it’s rushed, and you instantly lose credibility.
- Document your journey on social media or your blog. Remember that part of building a brand is building a personal brand. Think about it: who are some people you follow on social media who have documented the highs and lows of building a business? It’s hard not to root for someone who is out there going after a vision. And the more that friends and followers are rooting for you, the more likely it is that they’ll purchase your product or recommend it to someone else.
SOURCE: forbes.com, 1/24/2020