Are You Following These 5 Rules for Killing It in E-commerce Startups?
As the holiday season is upon us, e-commerce startups are gearing up for the most active time of the year. However, the odds are stacked against them when it comes to building a billion-dollar business from scratch.
In this age of Amazon, the online retailing industry is going higher and lower, with notoriously low margins, making it nearly impossible to achieve sustainable success.
GIF source GIPS-Guwahati
Some new-waver innovative startups have managed to hack traditional business models in clever ways. Budding entrepreneurs who start businesses use the strategy of growth hackers.
What does it mean?
If you want to retain your customers online and offline, you have to follow this never-failed strategy--use creativity, offer your product at low cost, and focus on increasing the value of your content.
If you succeed alone, Amazon might end up competing with you, buying your company, or even doing both. This could mean a less lucrative outcome for you. Having said that, there are a few breakout stars in the online retail world, such as Fab. It has become one of the fastest-growing online retail brands in the US, with sales expected to exceed $150 million this year. Guess what? During the holiday season, they are ranking in $1 million in sales per day.
Here are the top entrepreneurs' rules to make billions of dollars of brands. Here are the rules you can implement on your brand:
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Rule 1: You can't find everything on Amazon
Many unique products can't be found on Amazon, and this is important too. Many products of particular brands are not available ensuring that they maintain a competitive edge. Whether you look for your favourite colours, design, and what else, 90% of it is not on Amazon, so it cannot be undersold and out-delivered through this.
Rule 2: Personality Matters
The importance of having a personality, provide customers with functional items that tell a story while also solving a problem. Focus on finding practical, vibrant items that tell a story and solve a problem. If are selling various products, it is vital to maintain a balanced selection where no one product overshadows the others instead of relying on a single standout item.
When consumers haven't seen similar products elsewhere, it ensures a steady supply of popular products. Additionally, store-branded goods bring a good percentage of profit margin
Rule 3: Mobile Accessibility
Many successful entrepreneurs prioritized mobile accessibility. He believes their store functions even better on iPad and mobile devices compared to the web. The preferences increase profits, especially in weekend sales or festival seasons. This trend is encouraging, because holiday shoppers on iPads are converting into buyers at a higher rate than PCs -17% versus 12%. Before the holiday rush, conversion rates were 7% on iPads, 5% on Phones, and 4% on the website. Streamlined mobile interface that minimizes distractions and the natural ease of making purchases with touchscreens. Additionally, you can introduce new product features to your mobile app before available on the website.
Rule 4: Let's be social
Keeps things social. Creating a creative feed can lead to double your sales by buying, liking and sharing on Facebook and Twitter. Social activity is woven into everything you do. Facebook ads find them "very effective for us" and you would invest more if you could, but good inventory is hard to come by.
Rule 5: Think Big From Day One
Think big from day one if you launch a brand. Sell in different countries as much as you can. Then, an impressive percentage of sales comes from those countries that most probably increase your sales and the name of your brand, of course.
