Introduction:One of the companies that most people own is actually the Online E-Commerce Business. It is one of the most successful ventures that many have done in their career. And, they make millions and millions of dollars each year and actually won the online retailer of the year award by Canada Post. Today I will explain three keys for you in this article.
First factor : Number one, Online E-Commerce Business is very important when it comes to conversion. Conversion is very important. So, you need to constantly measure your conversion rate on different pages. Your bounce rate, which means people hit your home page. Where do you see people exiting your site? Where are you missing people? Now, at checkout we are one of the e-commerce business to notice that we are losing a large chunk of customers, right? On the checkout page, they lose the big one, so they like the product, they click the product, they add it to the cart by the time they buy it, we lose a lot of them. What can we do?
So, then we added a lot of different things. They look at the product, they click, if they add it to the cart, they continue to be a guest, and that’s fine, all right, credit card information. Instead of too many steps, narrow it down to several steps. It is observed that sales have increased exponentially. So, exchange things. You have to measure everything. You’re looking at the data, you’re looking at your pages. You need to know exactly what is going on. It’s not just about the product. It’s about your customers and visitor behavior. And when you get some of the products you sell. Well, make sure you have someone on your home page. That’s key number one.
Second factor: Key number two, you need to have a payment strategy along with a content strategy. So, they run a lot of ads on Google, pay-per-click, spend a lot of money, right. But at the beginning nobody knew why they were coming to our store, online store. So, we are doing a lot. However, later, some money was spent on optimizing your website for search engine traffic, not just organic traffic. So, they are creating a lot of pages and ranking some keywords in Google so that people can find us organically. So, the interesting thing about startups is that 90 percent of your sales are coming from some sort of payment.
Pay-per-click, spend a ton of money, right, to get some traction. But then, of course, a few years later in the company, where the platform is, then almost 60-40.60% of your sales are coming from organic, free traffic. Well, I don’t think they’re totally free because invest the time and money to create content for them. But, only 40% comes from payment. So, I believe if you have your own store to do e-commerce, that means you are not selling through Amazon because Amazon already has all the traffic. Say you are not selling through Amazon, you have your own e-commerce store. I believe you should have a very good organic strategy as well as a payment strategy.
Third factor: And, the last lesson I want to share with you when it comes to Online E-Commerce Business, is the list is killed. Inventory kills. You have a very long list of products that you do not sell. Depending on what kind of products you sell, do they expire? If hits your products out of date, you will be sitting on a lot of unsold products. And, you are sitting on a lot of cash, right? So, you have to be very careful when it comes to inventory management. Now, before you sell an e-commerce company, you are sitting on a list worth millions and millions of dollars. Now, you can sell it all. And get all that money back, otherwise if there was any problem, you would be sitting on a dead list.
So, be very, very careful and very smart when it comes to inventory. You will have fewer products in the beginning. Test it to see what your customer likes and what your market likes. First look at what they like, before you get crazy and very distracted, there are so many units and products. Oh, you will be tempted because they buy 1000, 2000 of these. Wow you know, if they order more, my cost per unit will be reduced. But, what do you think about, you don’t consider, what is the factor, what if it doesn’t sell? Now, you are sitting on thousands of items that are not for sale. This becomes a big problem, so the list can be killed. And, if you are thinking of making more money, before you go there and start an e-commerce business, you will talk about it through my wealth triangle. You need to hone your high earning skills first