What’s the Most Lucrative Strategy For An eCommerce Business?
The most profitable eCommerce business for you to run, is an entirely subjective matter. What is lucrative for me, won’t necessarily even be successful for you. It all depends on your circumstances.
For example, I began selling saunas and spas to health clubs before I stumbled upon the beauty industry and ended up running my company www.jerseybeautycompany.co.uk. It was profitable for me to do so as I had access to health clubs in Jersey, so I could easily sell products through the clubs. I also had small warehouse space attached to the Jersey health clubs, to fulfil eCommerce orders. I already had staff and connections to source quality products. This may not have been lucrative had my circumstances been different, but it certainly was the right market for me to tap into, when high-demand for online beauty products was rife.
Once you have a product that makes sense for you, I think the best way to succeed at eCommerce is using the JERSEY Framework.
The JERSEY Framework is a 6-part system that I created after running my 8-figure online beauty business for 13 years. I recognised that having a profitable eCommerce business does not happen simply by focusing on one or two areas, it requires an all-encompassing perspective.
Here’s what the JERSEY Framework looks like…
JAMJAR - Picking a product that makes sense for you, and a product that is in high-demand is essential. As I mentioned, head over to my video ‘What are the suggested products that could be sold online?’ as a starting point.
ENGINEER - Once you have a product that people genuinely want to buy, you will need to set up a website that is easy for customers to shop. All too often, eCommerce entrepreneurs stock a brilliant product, yet their website is cryptic and their messaging does not make sense. There are a number of pages your website must have in order to succeed, and running throughout your site should be good, clear messaging. A great example is Apple. The website is clear, easy to shop and the messaging is simple. See for yourself at www.apple.com.
RESONATE - You need to understand who your customer is and how to engage with each type of customer that comes your way! Not all customers will be familiar with your site, so how can you show them that you are trustworthy? Some might not have a high knowledge of what you do, so you might need long-form product pages to engage your customers and convert them into a paying customer. I call this the art of engagement! If you have an engaging website, that appeals to a variety of potential customers - you are on the money!
SEND - Once you have a brilliant product, strong messaging and a website that engages every customer possible - you need to know how to send traffic to your website. Most eCommerce websites will focus on their traffic before making their website engaging - this is a waste of money and can result in money-loss early on. The truth is, valuable traffic costs something so you need to make sure you get it right and spend your dollars wisely to break even quickly and start making substantial profit within 3-6 months. Google ad-words and Facebook ads are worth trying when you are ready to start sending traffic to your website.
EXPERIENCE - You could have the best product, with the shiniest website. You might have all the web traffic you could ever hope for… but if it takes a week for your product to arrive with your customer, or if your customer service team is non-existent - you will have problems building a lucrative business.
YO-YO - In order to scale your business, you need to have monthly systems in place. When will you get new products on your website, what offers will you email to your list this month? You need to set up in-house systems that keep your website current, fresh and profitable. With technology fast-developing, eCommerce is all about being one step ahead of yourself and having the vision for your company in the months ahead.