With more and more stores moving to the online world, it’s becoming increasingly difficult for companies to diversify their products. If you are the owner of an e-commerce store and you’re wondering what you can do to set yourself apart from the competition, follow these helpful tips:
1. Identify your niche
If you don’t know the customers you are targeting, how can you effectively target them? Ask yourself what your background is, why you started your company and what your products stand for in order to find your focus. If you’re aimlessly targeting people outside of your brand, chances are your conversion rates are going to suffer.
2. Test your products
A smart e-commerce entrepreneur will balance their cash flow in order to allow themselves a large enough budget to account for marketing, management and inventory expenses. To cut costs, experiment with using drop shipping. This is essentially when your store doesn’t hold inventory, instead purchasing an item from a third party and having it shipped directly to the customer. Although you don’t actually see or handle the product, your costs will be substantially cut.
3. Invest in branding
Set yourself apart from an industry crowded with e-commerce stores by investing in branding. Traditional branding techniques, such as billboard advertisements, work really well, as do digital forms, such as social media. Do your best to grow a large following, interact with your followers, as well as utilizing social media influencers who have a large following.
What are your top tips for diversifying your e-commerce store? Share with us in the comments or tweet us @numinix