If you’re an entrepreneur with a dream of launching an ecommerce venture, there is no shortage of obstacles to overcome. It’s tough enough competing with established retail giants like Amazon and Walmart; let alone attempting to do so while also contending with all the other aspiring startups in your region!
Yet, this startup – known as Koekez-Perfumes – managed to conquer all obstacles and emerge victorious! In fact, they’ve amassed millions upon millions of dollars worth of revenue! What’s their secret? Let’s take a look at how they did it…
When we talk about our industry, there’s a tendency to classify retail businesses into two camps: pure e-commerce sites or brick-and-mortar establishments. While the latter remains an essential component under most circumstances, the rise in online sales has created new opportunities for enterprises of all sizes!
The situation is quite different when it comes to funding. Venture capital has always been committed solely towards startups with established operations and sizeable revenues; however, venture capitalists have lately begun turning their attention towards those with initial traction and early success stories (such as Shopify). This abrupt change of stance reveals just how lucrative investing in ecommerce startups can be.
To help you gain some insights on how this process works, let us take you on a journey through the lives of Nick and his team at Fabulous.
Nick is the entrepreneur behind one of the largest storefronts offering handmade goods on Etsy. To date, he’s amassed over $5 million in annual revenue from this innovative platform and a dedicated workforce numbering in excess of 50 people.
When I spoke with him recently, Nick described why he decided to invest in creating a business plan: “When I decided to start my own company, I didn’t really know where it was going or what design this would take,” he shared candidly. “But one thing that I knew was that I didn’t want to raise money until I had something tangible to show.”
1. Track and analyze customer behaviors
When you are operating a business, it’s crucial to have an understanding of your customers’ behavior patterns. This can be achieved by employing analytics that provide real-time information about their actions and preferences.
Take advantage of the power provided by marketing analytics software like Google Analytics; this platform is accessible from any browser and allows for users to analyze their traffic patterns across all websites in existence, along with making custom reports based on any of its unique features.
With Google Analytics installed on your site, you will be able to identify not only who your visitors are but how they behave once they arrive. By analyzing those activities over time – such as frequency of visits or duration spent on each page – you’ll gain valuable insight into what works best for driving traffic.
2. Leverage influencers to increase brand visibility
Influencers are the go-to solution for brands seeking to drive awareness and generate leads. Influencer marketing is a cost-effective way of reaching your prospective customers and customers of like mind, all with the ultimate goal of increasing business.
In addition to generating any number of benefits for your enterprise, such as increased visibility and traffic to your ecommerce website, influencer marketing can also prove beneficial in other ways: for instance, it may help increase conversions and foster brand recognition.
Influencers can be anything from major celebrities or businesses who have amassed an online following; they could even be regular folks like you and me! Essentially, these individuals possess personal relevance for our target audience.
