It is the era of ecommerce where Amazon alone is recording net revenue of $177.87 billion, while the industry itself has experienced almost 25% growth worldwide. However, despite this growth and the promise of opportunity ecommerce holds for entrepreneurs, many end up making costly mistakes. Here are some of the ecommerce essentials that every aspiring ecommerce entrepreneur needs to know:
Building a Pre-launch Audience
Many entrepreneurs wait until the launch of their store before starting their marketing efforts. However, digital marketing often takes time before it starts delivering consistent results. To avoid the web hosting fees and other expenses you might incur before you get the results from marketing, you should build a pre-launch audience. Create buzz and spread the word about your ecommerce services through product giveaways, social media contests and email list sign-ups.
Focusing on the Customer Lifetime Value
The average conversion rate is estimated to be around 1-3%; clearly, converting customers is extremely difficult. For your business to run smoothly and give you margins, your average customer will need to spend more than just a few dollars. Your success on this area heavily relies on how focused you are on the customer lifetime value (CLV), and not just the initial sale. Delivering quality customer experience and following up to see if they enjoyed shopping with you will ensure you get the highest CLV. In
Server Error
Service Temporarily Unavailable
The server is temporarily unable to service your request due to maintenance downtime or capacity problems. Please try again later.
That's what you can do