In the past month we had the honor to listen to the stories of two successful masters in the field of e-commerce. The mutual thing they have is they both come from the UK. The two of them shared tons of useful tips and tricks, do’s and dont’s as our team discovered the secrets for wealth in the online world.
Two guests, one subject. James Lum and Oliver Pugh are young and enthusiastic entrepreneurs who are not afraid of taking risks and they have already built global and sustainable businesses.
Who is Oliver Pugh?
Oliver is an entrepreneur, digital marketing experience with extensive experience in raising significant capital. He started his own business empire at the age of 20. Currently, his main focus remains his own – Early Bird Fight Club – Internet-based business that promotes early bird travel deals from United Kingdom to the whole world.
Who is James Lum?
James’s greatest expertise is the e-commerce growth and media buying (from Google, Amazon, Facebook and etc.). Also, he has a deep knowledge of the whole process of creating new products to the phase where they convert and drive repeat business. Owning an Amazon business in the USA as a past experience, now he is the owner of the online business – The Watch Cabin Limited.
Top 5 secrets of e-commerce success
Once we’ve summarized the given insights by the best e-commerce professionals we’ve met so far, we are sharing 5 useful advice with you here, in this blog post.
- What to target? What to track?
It’s likely to be a great mistake if you don’t target a niche market. Niche market is a highly specialized market segment, a subset of the market where a specific product is placed. This market does not exist by itself. Consequently, you should identify needs and wants that are not being addressed by the competitors and offer the product and/or services that will satisfy your niche market customers.
Tracking is very important, too. You should keep track of all the activities and processes that happen both external and internal for your brand. The premise is simple – you can manage what you measure. Usually, measuring results with one metric is not a good enough strategy. Use a combination of metrics to measure the effectiveness of the processes.
- Have you built the MLP?
No, it is not a typo. As an entrepreneur, startup founder or manager, you should strive in creating the minimum LOVEABLE product. Furthermore, it means going beyond the minimum viable product.
This version of your product brings back the maximum amount of love from your early tribe member with the least effort. Therefore, it’s better to build something that a small number of users love, than a large number of users like.
- Always speak to your customers!
They have so much to say! This is the best way to build a successful business on long terms.
Ask them questions, read their opinions and reviews and include them when brainstorming about your product/service-related decisions. At the end of the day, they’re the one using your product and satisfy their needs by listening to their opinions.
- What is the best policy for your business?
The best policy you can implement то your privacy policy and terms and conditions is not even written there.
Always be honest! It is the most important thing to practice right from the start of doing business. Use your honesty as a competitive advantage. You’ll find it building trust in your business and can bring unexpected results.
- Zig when others zag!
It is one of the rules for success! So, it means doing the opposite, but not in negative connotation.
When it comes to e-commerce the trends are changing right at this moment of reading. And it is a constant battle to win an online customer. It is your job to follow the trends even be ahead of them. The latest trends show a great increment in using Facebook Messenger Bot for promotional activities as well as gaining advantages of Google Shopping and Google Display.
Finally, the thanking part goes to Swiss Entrepreneurs in Residence program who powered the attendance of James Lum and Oliver Pugh at GSIX.
Shout out to these awesome guests for giving us some of the most useful advice ever!
Till next time
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