What Growing an E Commerce Business Successfully is All About
What is e commerce business? E-commerce is the activity of buying or selling of products on online services or over the internet.
how to establish e commerce business? Start With Your Business Name, Secure Your Domain Name and Website, Select The Best Business Structure and Register Your Business, Get Your Employer Identification Number, Apply for Business Licenses and Permits,Find the Right Vendors, Start Marketing Early, Get More Productive with the Right Software, Stock Your Inventory and Make Sure Your Business Stays Compliant.
For many years now, the e-commerce economy has been booming and experiencing rapid growth. The opportunity for success isn’t just exciting but it’s also holds so much promise for those who already have an eCommerce business or are planning to get started.
However, anyone who has started and ran one will tell you that putting up an e-commerce business is hard.
Why? Because numerous factors come into play when determining whether your online store succeeds or not.
Although there’s so much information out there, few offer tried and tested tips that people can recreate in their own businesses. That’s why we’ve put up a comprehensive article filled with expert advice compiled from successful e-commerce business in different fields so you can reap all the benefits of them having made it!
What defined success early for your business?
All the businesses we interviewed stated it was sales that defined their budding success in business. After all, what’s a business if it didn’t earn any revenue? In e-commerce, it was the lifeblood and foremost goal of every owner with the aim of having consistent, sustainable sales for the long-term.
Concrete Camouflage CEO, Earl, stated that “sales were slow, but with hard work, we gained traction. Like other concrete acid stain distributors, we only sold our products to contractors, but in 2004 we became among the first to sell directly to ‘do-it-yourselfers.’”
While for Maple Holistics marketing manager, Nate, it’s all about “having enough income and activity in my business to walk away from what was a successful marketing career. Until that point in time, my business was for all intents and purposes a ‘side hustle.’ I don’t think it feels ‘real’ until it represents your 9-5 and primary source of income.”
What was a pivotal make or break moment?
A pivotal make or break moment is usually different for every company. But one common theme we noticed is that the said moment always came with change. Whether it’s adding more investment into their business or reaching new milestones. Success for them is all about trying uncharted waters.
For JAM Paper and Envelopes, it was “hiring our first e-commerce employees. We had to break down a section of one of our stores to make room for the desks!”
While for Smartbooks Corp Inc., it was as simple as crossing the $1,000-month mark. Stacy, owner, says “It was a make it moment for me mentally as it made me realize the business was scalable and I could make a living off of it.”
What software was most beneficial to your success?
Most businesses use software of some kind and this is especially integral for e-commerce businesses. There are a wide array of tools that are being used nowadays, but what are actually some that made a difference?
For Jeff Moriarty of Moriarty’s Gem Art, it was Magento. He says, “This was the platform we built our online business on. It was more scalable than anything else we tested. Also, no other platform could handle the customization we needed. Without Magento, we would have had to build the website from scratch, which would have never happened within our budget.”
Jason of TheMediaCaptain answers, “I’d say our entire WooCommerce website has played a big part in our success. We’re able to constantly add new plugins and grow within the framework of WooCommerce. “
“TrustPilot has [also] been great in helping us acquire reviews that will popular in Google Search for our advertisements. This has increased click-through rate and conversion rate percentages.”
Who set up the software and what was that process like?
Almost all businesses got developers to work on their software while other utilized their own network for helo. Although the process varies for each e-commerce business, there are a lot of insight we can learn from each.
Stefanie Parks of DermWarehouse says, “My brother owns a marketing agency so he has a developer on his staff I utilize. The process was simple. I explained to him what needed installed and he helped install it.”
And similarly, Earl of Concrete Camouflage said, “I jumped on a call with my CanIRank team, provided some background on my business and what keywords are important for ranking, and they set up the rest of the software based on that information. Because they took care of setting it all up, the process wasn’t too grueling. Plus, that call reassured me that we would all be working together as a team, and that they actually valued my input.”
While Dylan of JAM Paper and Envelopes said “Hiring developers early on was extremely important.”
What advice would you tell someone starting out?
For e-commerce business who have already made it, sharing their tried and tested wisdom will definitely make a difference for those who are just looking to start.
Nate of Maple Holistic succinctly summarizes his experience by saying, “Don’t hold back—just go for it. Don’t take on too much financial risk, but at the same time there is something to be learned from failing if failure is what you’re afraid of. Ultimately, most good ideas falter not due to poor execution but a lack of execution.”
“If you’re only starting out with your business, don’t keep your expectations too high and give it your best shot. That’s the only way to move on in life absent regret.”
What emotional rollercoaster did having the business cause for you and your family?
Putting up any business is bound to come with its own ups and downs. The key is to know how to roll with each setback thrown your way so you come out better and with more knowledge when it comes to running and making your business thrive.
Stacy, owner of SmartBooks Corp. Inc. has have to grapple with the common stigma associated with being a solopreneur. She says, “It’s always tough because people don’t always think you can make money on your own not working for a ‘boss.’ It is more of something I have to show with results to get support or belief from particular people.”
While Jeff Moriarty of Moriarty’s Gem Art claimed that, “It is a family business so we all went through almost the same stresses. You are going to argue, you might cry, but if you can pull it off it’s going to bring you closer together when you become very successful.”
Those are just some of the valuable insights on the above successful e-commerce business have shared. Make sure to take notes and see what advice would best fit your own business. After all, making a business work isn’t just about trial and error but learning from others’ mistakes as well!
JAM Paper and Envelope is a major e-commerce office supply retailer that sells more than 10,000 products both in retail locations and online through companies such as Walmart, Amazon, Target, Staples and their own e-commerce site.
Concrete Camouflage is an e-commere company that designs and sells its own proprietary concrete staining supplies.
Moriarty’s Gem Art is an exclusive jeweler in Crown Point, IN. They sell gemstones, engagement rings and diamonds of all kinds.
SmartBooks Corp is a company that offers outsourced bookkeeping and accounting services.
Stefanie Parks is the co-founder of DermWarehouse, a dermatologist backed skin care and beauty e-commerce website that sells its products throughout the United States.
Maple Holistics sells beauty products inspired by nature that makes use of all-natural products.