Reaching the coveted $1 million mark as an e-commerce website owner is a distant dream for many. However, this feat is not impossible to achieve. There is an approximate 12% of e-commerce websites that make over $1 million in sales.
As the world of e-commerce continues to flourish, you can only expect more companies to continue growing to higher revenue tiers.
But what can you do as an e-commerce website owner to make things better?
You could use some tips from those who have done it before, which is why in this article, we draw lessons from millennials who have made strides enough to hit the $1 million mark.
Below, we summarize some of the most relevant lessons we learn from millennials who have made a name by going over the $1 million mark.
SEO and Digital Marketing
As an e-commerce website owner, you understand that SEO plays a big role in driving organic traffic to your site. A proper SEO strategy is useful because it increases the number of visitors on the site, and out of three visitors, two are likely to convert into customers.
To make SEO work in your favor, customize your content around top-ranking keywords. Also, affiliate programs are great as they help you get recommendations. When your business is recommended, you are likely to get new customers.
Also, work with influencers. Influencers are beneficial because they are well-liked and trusted in their social circles. When you work with an influencer, your products get a wider audience, and you gain from your association with their brand.
Michael Coghlan, while describing his journey towards reaching the $1 million mark at SimpleTerra, explains how he used SEO knowledge to help him grow his business. Leveraging the power of keywords and search terms changed the way he saw e-commerce and ushered him into a phase of growth he never anticipated.
Keep on researching to understand what makes an e-commerce website tick until you find what works best for you.
Network with People who Share the Same Vision as You but are Better than You
Amanda Goldman-Petri of MarketLikeANerd made her first million by the time she was 27. She credits her success to more than just email lists and working solo.
She advises that to reach the $1 million mark, entrepreneurs have to embrace teamwork. She believes in partnership and mentorship as she used her contacts to help her understand what the market is like and how to work her way through it.
To make it to the top, you will have to surround yourself with business owners who are already doing better than you. These kinds of connections will not only boost your confidence but give you a chance to get first-hand knowledge from those who have done it before.
With a strong support network, you will find that you can tackle the challenges on your way to the top with ease, confidence, and expertise.
Understand the Psychology of Sales
Understanding how your customers think is key to improving conversion rates on your e-commerce website. Here are some useful tips:
- Include social proof such as reviews and testimonials
- Offer timed discounts. Often, customers make use of such offers because they fear being left out.
- Work on your sales copies if you find out that your site does not appeal to your target audience.
- Bundle products to help you gain some extra revenue
Automate your E-commerce Site and Some of Your Tasks
Automating your e-commerce website works in your favor. As a general rule of thumb, stick to the 80/20 rule that specifies that 80% of your results should be a result of 20% of your work.
Delegate the work if you are not able to do it yourself. Also, you can defer the work if it is not important or does not need immediate attention. This way, you make time for more important things. Have a team that will help you and hire help for the tasks that you are not professionally qualified to handle.
Also, automation takes some bulk off your hands, giving you a chance to care for yourself.
Make use of tools such as Buffer and IFTTT that will make work easier for you.
Lastly, ensure you execute all your tasks on time. For your e-commerce website to flourish, you will have to put in the effort. Ensure you do it the right way.
Reaching the $1 million mark in e-commerce is not a journey up an anthill. Some exceptional individuals have done it successfully. Leveraging on SEO, networking with big names in your field of e-commerce and automating your e-commerce website are valuable ways through which top millennial e-commerce entrepreneurs have been able to change their fortunes. We hope that you will be able to move from good to better with the tips I have provided here.