The present era marks an unparalleled opportunity for venturing into ecommerce. Supported by substantial evidence, it is indisputable that more people are engaging in online transactions more frequently than ever before.
Globally, the inclination towards online purchasing has seen a remarkable surge. In 2019, a mere 13% of sales were conducted online, a figure that escalated to 19% in 2021. The annual valuation of global ecommerce has now reached approximately $4.89 trillion, with projections indicating that nearly 22% of all sales will be online by 2024.
The surge in mobile commerce is particularly noteworthy, with 75% of shoppers utilizing their phones due to its inherent convenience. Mobile commerce boasts a 25% compound annual growth rate and is expected to reach $488 billion by 2024, constituting 44% of ecommerce transactions.
For those with exclusive online businesses, this presents an opportune moment to ride the wave of heightened consumer demand. However, for entrepreneurs with brick-and-mortar establishments, it underscores the imperative of establishing a robust online presence.
The days when a business could thrive without an online presence are long gone. Even legacy brands catering to senior citizens, such as those selling compression socks, are forfeiting a substantial portion of potential sales without a website. As digital immigrants become scarcer, replaced by a predominantly digital-native population, neglecting online avenues translates to accumulating losses over time.
In this increasingly digital landscape, any ecommerce ideas conceived have fertile ground to flourish. Employing diverse strategies not only widens the routes for customer engagement but also aligns with the evolving preferences of a digital-savvy audience.
As Jesse Sumrak elucidates, ecommerce marketing has transitioned from driving attention to physical storefronts to directing traffic and sales to digital marketplaces. The spectrum of ecommerce marketing is vast, encompassing social media, content marketing, email marketing, and even offline strategies like billboards. Cultivating an ecosystem with social, display, content, and email components ensures multiple avenues to reach and engage consumers.
To propel ecommerce efforts forward, entrepreneurs need to adopt an innovative mindset. Rather than waiting to execute a major idea, smaller initiatives should be continually pursued. Conducting A/B tests, tweaking landing page elements, and experimenting with cost-effective strategies ensure continuous momentum.
Seven crucial questions serve as a litmus test for the viability of ecommerce ideas:
- Is this idea actionable?
- Is this idea measurable?
- Is this idea financially responsible?
- Is this idea time-bound?
- Is this idea sustainable?
- Is this idea realistic?
- Is this idea going to help me stand out from the competition?
A positive response to at least six of these questions signifies an idea worthy of immediate implementation. The philosophy of “You’re either green and growing or ripe and rotting” applies aptly to the ecommerce domain, urging entrepreneurs to consistently innovate.
Embarking on the journey of ecommerce excellence requires a multi-faceted approach, embracing social, display, content, and email elements. Each implemented idea sets off a chain reaction, building momentum across the business.
The article concludes with six ecommerce business ideas to contemplate:
- Leverage Upselling: Enhance the average order value by presenting customers with more expensive versions or add-ons.
- Launch a New Product: Evolve consistently to cater to changing consumer tastes and outpace competitors.
- Reintroduce a Product: Consider reviving a discontinued but popular product to resonate with existing customers.
- Use Influencer Marketing: Tap into established communities by partnering with influencers to access their followers.
- Collaborate with Another Brand: Form partnerships with complementary brands to introduce products to new audiences.
- Improve the Purchase Process: Focus on reducing friction in the buying process, such as providing expedited options or diversifying payment methods.
In summary, entrepreneurs should harness a spectrum of strategies, continually test and learn, and capitalize on proven business courses to navigate the dynamic landscape of ecommerce successfully.