The total e-commerce sales for 2019 in the US were estimated at $601 billion, an increase of 14.9 percent from 2018, according to the US Census Bureau. The e-commerce industry has come a long way in the past decade, and it is expected to continue its rapid growth and upward trajectory in the coming decades. However, while the e-commerce industry is poised for strong growth in the future, this does not automatically mean that any e-commerce business you start will succeed. You can only expect to see positive results if you approach it in the right way and follow these critical tips.
Learn from the best
Starting and running a successful e-commerce business requires a lot of knowledge that you may not possess. Luckily, many American Universities have started offering various e-commerce courses that can help you learn the ropes of the industry. You can also find online courses designed by reputable individuals that have already achieved great success in e-commerce. For instance, if you want to become a master of Amazon affiliate marketing, the Amazing Selling Machine is a step-by-step program that will teach you how to start, run, grow and scale your Amazon business.
Identify an ideal niche
There are countless kinds of products and services that you can sell online; you just need to find the right ones. Before deciding what products or services you’ll be selling, you need to do extensive research to identify an untapped market that works well for you. Thankfully, the internet has various resources that you can use to conduct a thorough market analysis. You can start by reading online reviews, feedback and survey forms on various products and services to get to know what customers like. You can also do competitor analysis, identifying other companies’ strengths and weaknesses so that you can create a product or service that wins the market.
Track your key performance indicators (KPIs)
Key performance indicators are instruments of measuring how well your e-commerce business is doing. Some of the important KPIs you’ll need to track include your website traffic, conversion rates, average time spent on the website, average order value, and the cart abandonment rate. By tracking this information, you will be able to tell what works and what doesn’t so that you can make smart decisions about the direction of your business.
Anyone can start an e-commerce business, but few have what it takes to achieve long-term success. While there’s no cheat sheet for e-commerce success, you’ll greatly increase your chances by taking the time to learn, identifying an appropriate niche, and keeping a close eye on your KPIs.
