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  • 21 Things I have Learnt in Building An eCommerce Business

    So, my name is Collins Onwochei and a few years a go, I was a struggling IT manager for a fledgling startup.I was crazy enough to quit my 170k per month job because I heard money was in entrepreneurship. They didn't tell me that real life was different from reading Rich Dad Poor Dad. 

    But my biggest enticement for going into business was the freedom. Freedom to do as I pleased with my day but still have the ability to make the money that I needed.I was salivating.Until reality hit me in the face. 

    Account gree balance? I was running an IT consulting business, basically freelancing and selling IT equipment (laptops, printers, etc) on Konga and what not.But things were not adding up until... About 2 years ago, I got into social media and shortly after, decided to give ecommerce a try.That's when things starting happening. 

    I paid serious money to a number of gurus and spent hours in mentorship but what I'm going to reveal to you now are some very important secrets you haven't heard before that will make or break your success in this line.Let's get things straight:ecommerce has many names but it's basically buying and selling whether they call it mini-importation or arbitrage, it is still buying and selling.Only this time you are buying from d cheapest source abroad so you can make the most profit possible 

    So friends,Let's go.This list is by no means exhaustive and it is not in any particular order of importance. Also, there will be some new stuff that you will see and some other already known to you. Just know that they have all been tested on my journey so far. 

    1. The shorter the time between when the customer orders your product and when you deliver to him/her, the higher your chances of closing the deal. 

    2. Closely related to that, is the fact that you can't say you have made a sale because you see "12 New Orders" in your notification until you have delivered and money is in your bank account. 

    3. Pay on Delivery is a silver bullet that opens your customers' wallets faster than pay before delivery.

    Naija people still get serious trust issues for online matters and several broken promises by online retail giants is not helping that. But there's a huge opportunity in that 

    4. Deliver on your promise to your customers and you will have made repeat customers out of the most skeptical window shopper your convert.

    5. Don't deliver what you promise and you will need to spend more money for new sales every time. 

    6. Don't reinvent the wheel - successful products are hiding in plain sight. Model what works. 

    7. Modeling what works will save you time and money you would have used to test new products. The market is big enough for competition. May the best marketer win. πŸ˜‰ 

    I like this next one:

    8. A product that will do well is that product that pays for its ad cost, shipping and still leave you sweet profit. We can expound on this all night long but let's move on. 

    9. Focus on your immediate market and use the profits to grow from there. I initially started with only Lagos market because I wanted to get paid same day.

    As I got liquid, I started pushing to out of Lagos because I could afford to wait 1 week or more to get my money 

    10. You lose your fear of losing ad money when you see how much the ad brings back to your business. It's all in the proper deployment of the ad. 

    11. The more people see your product, the more sales you will make. More traffic = more sales. It's simple but most people don't know this. So pay for more traffic as soon as you can. 
    I'm having so much fun. the anointing is just coursing through my veins. Uncle @ronaldnzimora no tell me say to do thread dey sweet like this. 

    Are you enjoying this? Are you learning.

     12. Your product should not be easy to come by or else it won't do well. Your ad result will confirm this. 

     13. Even if you product niche is popular, you can still find a unique product that will be hot and sell well. Look well. 

     14. Too much orders at the same time can actually be bad for your business if you don't have enough logistics arrangement to deliver in time.
    Remember you have to deliver as quickly as possible. Better to sell as fast as your logistics can handle. 

    This one next is very important:

    15. Reinvest your profits. That's the only way to grow your business. Don't start balling immediately you start seeing money. Delay gratification. 

    16. Only about 3% of the traffic that comes to your ad will eventually buy - probably less if you the product or offer is highend.
    Keep that in mind so you can disappoint initial disappointments. 

    mentions 

    17. Stay online and respond to all inquiries if you want to improve your sales conversion. Some people will never go to your website to place the order. they will rather send a message or leave a comment. 

     Yes, you will get a lot of nosy lousy comments but stay with it. It's your money we are talking about here. 

    mentions We are getting there...

    18. Stay professional in all your communication. Resist cursing out the annoying customers - this is social media. One bad press can ruin your business. 

     19. If you can avoid product with sizes initially, do. they are problematic and suffer a high rate of return. 

    20. Exclude unprofitable regions from your ad locations. For example, we don't show our ads to people in Epe or Badagry (horrible roads) for some of our products because the expense to get it to them is high. 

     21. Say everything about your product in the ad and in the copy. Don't leave anything out. What you don't say may be what will sell that customer 

    To be continued...

    Friends, I have to stop here. πŸ˜₯😭And I have even more but the time has flow by.Shall we continue this another day?Let me know if you've enjoyed this today.

    Cheers. 

    Thank you for coming out. I hope this helps you move closer to your goals 

    Author

    Updated on 8:42-am October 18,2019


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    Tags: eCommerce

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