E-commerce business is king at this time of a convenience economy, a pandemic, and expensive gas. In this post, we'll explain how to overcome such difficulties and set out for success while building a brand in a highly competitive market and industry.
The Example Of An Entrepreneur In E-commerce Business
Abdullah had a passion for problem-solving and spent his career addressing issues. In 2016, as a public policy analyst, he analyzed data and presented suggestions to legislators. In 2017, He identified a need for affordable clothing. He ventured into the retail field, despite limited prior experience selling merchandise or running an e-commerce business.
Due to the fact that Abdullah and his partner had a very limited budget, they had to be smart and careful with every Riyal they spent. Because the start-up expenses are comparably cheap to brick-and-mortar enterprises, one benefit of e-commerce is that it acts as a good leveler for small firms, perfect for the heroes of our story.
What Are The Two Secrets Of E-commerce Brands?
It takes innovative and smart thinking from a business and marketing standpoint to build a strong e-commerce brand. The two elements Abdullah discovered to be most crucial when creating a concept or a brand are:
1. Determining your goal.
What problem are you tackling, and why should others care? Companies like Wafeq solve problems. Our founders recognized the need for automated, state-of-the-art accounting software that would offer affordable and accurate solutions for all kinds of businesses.
2. What sets you apart?
What will convince someone to select you over your rival if you work in a field where there are many competitors? Find every single rival that you can. Look into their price, branding, and products.
Determine how you will set yourself apart from the competitors, whether via the design of your product or merely by cost. Many clothing businesses, such Shein, are quite popular just because they are one of the most affordable alternatives for a certain type of apparel.
Abdullah and his partner started with pants, a more niche product, at a lesser cost to offer a second level of distinction to set themselves apart from the thousands of other companies at the time.
Abdullah mentioned that e-commerce has the edge over brick and mortar since you can operate a lot of leaner business with less initial cash. The drawback of this low entry barrier is that more brands may enter the market, which raises competition.
Run your business better
Don't worry about your accounting with Wafeq where you can keep all your expenses and revenues on track, manage payroll and inventory, plus generate over 30 financial reports from one place.
The Top Investment You Can Make Is SEO
Let’s examine Shein, a successful e-brand, again. Not all of Shein's success as a fashion brand can be attributed to its affordable apparel. Chris Xu, an expert in SEO marketing, launched it in China in 2008. His knowledge of search engine optimization likely aided the success and exposure of the internet brand.
Every day, Google does around 9 billion queries. Being well-positioned for SEO is like having your goods right at the cashier. Because he emphasized this, Abdullah’s website will appear on one of the first three pages of a Google search for "affordable clothing" or a variant of those phrases. Over 70% of all clicks go to the first ten search results.
Lesson: You are last if you are not first.
Creating Content Is A Wise Investment
Spend less money on experts who will help you create catchy slogans and "customer personas" for your business. Spend it on photographers, writers, and social media influencers instead.
The majority of customers decide whether or not to buy your goods in less than 10 seconds. Most of those choices are made unconsciously; thus, your product's packaging and images are crucial in making a great first impression. A listing with attractive photographs will draw interest and convert at a far higher rate than one without.
How To Keep Good SEO, And Why Is It Useful?
The first sale may come through SEO, content production, and price strategy, but without strong execution, it can be your only one. It's no longer sufficient to succeed just on price and quality, according to Yotpo's annual research on brand loyalty. After one or two transactions, consumers no longer feel linked to a brand; it might now take more than five purchases for them to consider themselves loyal.
When making decisions, consumers consider trust, a positive shopping experience, and customer service. It is crucial to have a system in place to address client feedback, monitor shipment times, and provide quick, considerate customer support. Execution makes this feasible. If you spend money acquiring each customer, you want to be sure you're obtaining the maximum lifetime value.
Be it the imaginary example of Abdullah and his friend or great global companies like Shein, booming e-commerce comes down to simple things like proper differentiation, real problem-solving solutions, and clever marketing. SEO, content creation, and social media should be on everyone’s priority list, for they have the potential to launch businesses to the realms of long-term success. If you want to see how to get your finances in the right order, check out one of our related articles about the balance sheet, accounting, income statement, and more—see you there!