The e-commerce world is one of the most profitable industries to be involved in, but the great rewards offered have led to tremendous competition. A quick search of online stores on Google reveals hundreds of stores that sell the same. Some insider knowledge along with careful planning and dedication is all you really need to be successful.
The best part of Ecommerce is the small capital needed to get started in relation to unlimited potential revenue. An initial investment of $ 10,000 can result in an annual revenue of $ 1,000,000 + in just 3 years. This may seem a difficult task, but this guide provides some useful tips that can help you achieve this goal!
Website Design
You need a beautiful website to be profitable. The competitive nature of e-commerce means that your site should stand out. All the successful online stores have functional and professional webpages. They have spent years and money money to perfect their websites, so take time to go through the biggest online stores and incorporate their best features into your website.
Building a Professional Website for Under $ 10,000
A premium graphic design and web development company will charge around $ 40,000 for a fully functional and professional website. You can get the same quality for less than $ 10,000 if you follow these steps.
1. Find a local university that has IT courses and put an ad on their bulletin board looking for people who finish their degrees. Post-graduate students have all the necessary technical skills, and they charge one third of the course at large companies.
2. Use an existing open source shopping cart platform like Magento, so most of the work has already been done.
3. Use time to investigate and design the properties on the site itself. Having a clear vision of what you want will save thousands if you do it yourself, rather than paying your designer for this.
Planning and preparation
Keys to success are to plan and prepare before you start. Every minute details of the company must be recognized and an action taken. Everything from handling inquiries, processing sales, through the organization of returns, must be planned to the smallest details.
Strong connections with suppliers
When you first join a distributor, make an effort to meet them personally or at least spend time talking to your sales representative about your vision for your business. If you have a good relationship with your distributor, they will actively help you succeed and achieve your goals. You can then request special pricing that will give you a competitive edge on the market.
Repeat customers
As soon as stable trading begins to develop your focus should be towards your customer base. The following tactics are a sold basis for getting your customers to return.
o Weekly newsletters with discount vouchers and offers
o Automatic emails sent 1 and 2 months after an order reminding the customer of your existence
o Referral programs that give retail credit to those who refer friends to your store.
By following these tips and having a strong marketing campaign, you can turn an initial investment below $ 10,000 to an annual revenue of $ 1,000,000 in just 3 years!
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