ExecutiveChronicles | 3 Tips for Running a Successful eCommerce Business | Virtually anyone on the planet can start an eCommerce business nowadays, and all you need is a Shopify account to start competing with the biggest names in the industry. Being successful in the eCommerce field is a whole other story, however. It requires a lot of research and understanding of the sector you’re in. You also have to beware of some of the most common pitfalls eCommerce entrepreneurs need to avoid. Here are some of the tips for running a successful eCommerce business.
Explore Different Models
There are so many different ways to make money with eCommerce. Dropshipping is great, but other models might be better suited for you. You could use Amazon FBA, for instance, or sell private-label products. Or you could work solely on commissions. You don’t even have to sell physical products. You could sell info products or services using techniques like arbitrage. So, don’t make the mistake of going with a model simply because everyone is using it, and explore the pros and cons of different models before you make your final choice.
Start with the Right Tools
Too many people start in this business without studying the different tools they can use to streamline their operations. They also often underestimate all the logistical work that comes with it and how much easier they could make things for them by automating some processes.
Some of the most important tools you’ll need in this line of business are CRMs, payment gateways, omnichannel fulfillment tools, marketing tools, and accounting tools. All these tools will have to be able to communicate seamlessly with each other too.
This is where APIs and API management comes in. APIs are responsible for connecting apps with each other, and they have to not only perform great on their own but be consistent when communicating to avoid errors or breaches. SaaS API tools can help you keep an inventory of all the APIs you’re using and monitor their performance. Proper API management will allow you to test different APIs, make modifications if needed, and pick APIs that integrate well with each other.
Diversify and Master Marketing Methods
People who understand how to use different marketing methods and use as many as possible will have a much better chance in this business. So, learn about techniques like PPC, SEO, and email marketing before you start. The most important one is SEO since it will directly affect how much traffic you get to your site organically. Good SEO will pay for itself after a while too.
PPC is another method you should learn inside and out as it allows you to pay for results only. Email marketing will allow you to reach thousands of people for pennies and breed loyalty. Social media could work too, but it can be hit or miss, so don’t assume that you’ll be able to be successful simply by posting pictures on Instagram or having a nice Facebook business page.
These are all things you’ll have to do if you want to be successful with eCommerce. The most important part is to constantly keep learning and use the right tools for success.