Updated: May 16, 2019
How does your business stack up against other Ecommerce companies?
Whether you’re just getting started or your e-store is well established, you need to keep up with the latest trends of successful online companies. Here are some insights we’ve garnered about the most successful Ecommerce/online businesses.
Why choose Ecommerce?
As technology becomes easier to use and more readily available, many people are opting to work on a side-hustle while keeping their day job. There are also many who opt to choose an online location instead of opening a physical brick and mortar location. There’s even a rumor circulating that in the future, cities will be empty and people will have more suburb/home offices than large city skyscrapers. Where would this rumor come from?
Well, when you open a physical location, the business is restricted to:
The target population available and their interest level
The time frame available
Let’s say you start with a possible 10,000 people in your general area. This number drops to 2,500 people who have an interest in your product (if you’re lucky). Further compounding the situation, you are only open 9-4pm M-F, which is generally work hours. So the 2,500 people decrease yet again to the die-hards that love your products or are so interested in them that they will chance to come by when you are actually open. You could be looking at as little as 25 people.
If you can keep those people happy, great! But if you can’t, you might be better off running an Ecommerce shop for your product.
Location and time don’t restrict you
You can utilize social media to leverage groups related to your target market and be where they are
You can offer the product to the people who have a true interest in your product and give it to them anywhere in the world, at any time they find out about it
What are the most popular Ecommerce Businesses?
Some business models lend themselves better to the Ecommerce platform. The following are business types that can experience success with running their company online:
Online Boutiques. Design it, buy it in bulk, then offer huge discounts on a few items to draw in interest. This field needs to participate heavily on social media, organic reach, and amazing pictures—free shipping doesn’t hurt either!
Grocery Ordering/Restaurant Delivery. People don’t want to wait in line anymore—not even for groceries. Life is so much more productive when you don’t have to wander around the grocery store looking for the items you need and finding many items you don’t need. Then there’s the added wait when you get to the checkout line. Having to race home after all that to make dinner is exhausting. Many want to skip the wait and have their groceries—or their dinner—delivered straight to them. Businesses that offer these services can be lucrative, but these are highly intricate and require quite a bit of tech savvy coding for their websites. Fast delivery times, free delivery, and free food points help a lot when starting out!
EBooks. This can be really hard to break into so make sure that your topic is interesting to your target market and you are marketing to the right group for your product. These can be How-To manuals or inspirational coaching.
Bitcoin Business. Tax companies still waiting for Bitcoin to phase out will be sorely disappointed. This is still a profitable business model if you know how to leverage blockchain technology.
Graphic Design Business/Web Development. Many small business owners need these things but don’t have money to pay for a full-time staff member. Individuals with graphic design or web dev skills can offer ad hoc services online to tap into this market.
Blogging/YouTube Vlogging. These are popular options because the blogger/vlogger can monetize their content. However, they will need to understand SEO to maximize their revenue potential.
Freelance Writing/Content Creation. Many businesses struggle to produce meaningful content. They may know every detail about their products or services, but this doesn’t mean they know how to write about them. Skilled writers can offer their services to companies or sell templates that small businesses need for newsletters, web content, etc.
What does it take to set up an Ecommerce business?
Business owners will need some items in place before launching an Ecommerce site. This includes amazing pictures of their products, clear descriptions of their products/services, and a simple, well-tuned website. Shopify is a great option as it offers templates that are easy to use even for those inexperienced with making websites. Businesses will also need strong SEO skills to make sure messaging goes out properly on the backend, consistent social media posting, and creative social media contests to drive engagement.
What should you NOT do with an Ecommerce business?
If the company isn’t organized before they go live, they’ll wind up putting a whole lot of effort into products that won’t sell. Another important consideration is that, while it’s great to have freedom from constraints like location and time, it also injects a company into a much larger sea of fish.
To stand out, you’ll have to have your messaging down, spend your money and time on producing a polished website, participate in social media, and craft newsletters that contain content that helps the individual without bugging them.
Whether running a brick and mortar store or establishing your online presence, Gerber Business Solutions can help you with the strategy and tools you need. We can even put them in place for your team and train you on how to use them! Click here for a FREE Strategy Session!