Is your contract furniture business ready for E - commerce? Part 231 Oct 2019
Great news, you’ve decided to take the plunge and want to understand how to get started.
If you don't know what we are talking about read the Part 1 of the blog
Step 1: Identify individual platform you want to sell on
- Other Industry Aggregator Sites
- Your very own store
If you’ve chosen any of the first two options, chances are the logistics company associated with the platform will pick up the products from your warehouse/store when an order is placed. If this is the case, your sole focus would be to ensure you have the appropriate:
- Stock Availability
If however, you’ve decided to tough it out and create your very own store, be well aware this is a commitment that will test your finances and will need your undivided attention.
I’ve been often reminded that the budget required for a small web store is the same as accounting for a GOOD salesperson in your business. If you had to pick one rule of thumb, keep that in mind.
Step 2: Finances
- Creating a Web Store with a Developer of your choice
- Connecting Payment Gateway and Bank Accounts
- Digital Marketing
- Ad Words
- Physical Marketing
- Logistics (Product Delivery Partners)
- Photography (per product)
- Blogs (outsourced journalist)
- Experiences (Animator or graphic Designer)
Assuming the first section on finances hasn’t scared you into submission, let’s get you ready for the big day.
Step 3: Goal Setting:
You’ve invested money and you would like to see some results - Where do you start
Everyone needs to know your store is open - You can do that by marketing the launch on social media, email newsletter or ad campaigns. Ensure each of them are trackable & measurable. Sit with your Digital Marketing Resource every week and understand how many have visited your store, which referral point they’ve arrived from and how long they’ve stayed. This metric will give you a great benchmark to improve week on week.
The first month has been good to you and you’ve got a few purchases of the store! You’re eager to turn the dial-up in the second month! Address the low hanging fruit - review the abandoned carts
Definition: Your customer has picked out the options of the product they desired but have chosen to abandon the purchase due to the complexity or length of the process
Understand what the reasons are and address them quickly
It’s been six months, sales have been decent and you are looking to turn up the dial on the revenue. It’s time to introduce promotions
Reach out to your regular customers with a promotion code and see how they respond
Bundle your key products with complimentary products for a discounted price
Create promotional offers with industry events & partners to encourage buying at your store
The process of tweaking and measuring is ongoing and as any business lined with peaks and troughs. If you ensure to check in with your customers personally and reward them for their loyalty, your business will gain the momentum and social equity required to succeed in the long run.