Updated: 3 days ago
If you are looking to build your own eCommerce business and are serious about doing this the most efficient way then you might want to read on...
Well, to gain the knowledge to be successful in the eCommerce you basically have two options:
1. Go it alone and spend literally hundreds or thousands of hours reading free materials or watching YouTube's and then by trial and error seeing what works (and does not!);
2. Find a good course and support that will fast track your knowledge and help you avoid the typical challenges encountered
It is true that most of the knowledge to be successful at eCommerce is available online, the same could be said for learning to be an airline pilot. Ask yourself, would you prefer the pilot of the next plane you travel on to be self-trained from YouTube content or by a qualified instructor? I think we know the answer, and like an aircraft, your eCommerce store has a significantly better chance of liftoff with the help of professional guidance.
So if you are serious about eCommerce you should seriously go with option 2.
If that is not a good enough reason here are some more reasons...
When building a high conversion eCommerce store in 2021 there is a lot to consider including:
Validate Target Market & Product selection.
Understanding What products sell online and why.
Branding & why it is important
eCommerce business plan
Building Your eCommerce Store
Fulfillment & Shipping (outsource or DIY)
Video production and edits
Marketing, lead generation & re-marketing.
Customer support and backup plans.
How to scale your product sales once all indicators are go!
eCommerce can provide the freedom to work from anywhere with minimal capital required. In 2020 eCommerce grew faster than at any time in history, this trend is expected to continue in 2021 and beyond.
Now let's taking a look at what challenges are typically encountered by those entering the world of eCommerce for the first time (and second time for some...).
eCommerce has some serious challenges for the novice, which is why 99% of those that try this business fail! When starting out if you follow the 'normal' path you can expect you’ll be dealing with several challenges such as:
Most suppliers won’t want to hear about your endeavors;
Expect a percentage of customers to ask for refunds every day;
Shipping times can be super slow depending on the product and origin;
Your margins are low, around 10 to 15% which doesn’t leave much;
PayPal will monitor your account closely for defects & refunds (and put you on hold if deemed high risk);
Customers complaining about product quality;
You’ll be paying monthly to use hosting platforms such as Shopify and other tools/apps;
Marketing spend with lackluster results;
Getting suspended from Google Ads, Microsoft Ads, Facebook Ads;
A crazy amount of time is spent dealing with customers (while you are thinking this was supposed to be easy and setting you up for freedom)
There is a lot of information available out there that will show you how to either completely avoid these challenges or minimize them so that they are not a concern.
Our preferred eCommerce course eComm101 is worth taking a look at if serious about eCommerce and avoiding the common pitfalls and associated pain.
Of all of the challenges product quality and shipping are probably the two biggest causes of failure in this business. In fact, these two issues are the root cause of all the other issues, it's a knock-on effect.
By following the strategy, tactics, and recommendation presented in the eComm101 course combined with hard work you have a much greater chance of being the 1% that succeeds!
Understanding The Plateau Of Latent Potential
Before trying and 'failing' at eCommerce it is worth taking note of these graphs by author James Clear.
The 'Plateau Of Latent Potential' can be applied to eCommerce and correlates to real life from our experience.
Basically, you put in lots of effort, apply you knowledge then you find yourself in the 'valley of disappointment'.
It is in this phase where 99% of eCommerce start-ups fail and give up. But for the 1% ers that are consistent and persistent breakthrough and succeed exponentially.
At Nxsys we have absolutely failed multiple times in eCommerce, however, we persisted and refined our strategy and tactics over time and finally broke through what seemed impossible in the early days.
Taking on a course like eCommerce 101 which includes free coaching and support may not completely avoid the 'Valley of Disappointment' however will significantly reduce the time you would have otherwise spent in this phase!
The Power Of Tiny Gains
There is one more important concept you should understand. The 'Power of Tiny Gains' is a valid concept that directly related to eCommerce as with other business in general.
As you get started in the world of eCommerce understand that getting 1% better everyday delivers exponential improvement. On the other hand 1% worse everyday will destroy your business.
Stay focused on getting that 1% better each day!
eCommerce is complex business however with access to the right knowledge and tools can deliver on the promise of extra side income, full time income, and complete financial freedom for those that are focused and consistent.
For more information on eCommerce check out our services here.