How much money can you make with an ecommerce store?
Creating an eCommerce store is not as expensive as one might think. The costs of building an eCommerce website range from $30 to $100 per month, and the costs of marketing average about $5-10 per day.
You can make a lot of money with eCommerce stores, if you do it right. There are many different models that have been successful in the past, but the most popular one is when a company has a physical store that they sell through their eCommerce store online for customers who don’t want to come in person.
We’ve created this blog article to show you how to start making sales with your ecommerce business.
Let’s get started.
Generating traffic is a must for successful ecommerce store
Customers are always looking for something new in their world. It’s important to stay visible and have plenty of traffic so that potential customers will be viewing your products. You have great products at affordable prices and it is time to let that go viral. Traffic and revenue are just a matter of time.
Ultimately, you may not see a flood of traffic to your store straight away. It’s important to utilise the right marketing channels as well and use creative techniques to generate traffic. To make an informed decision about the marketing channels that might best suit your ecommerce business, it’s important to know how much traffic you will need to generate in order to reach your sales goals.
Fastest way to generate traffic
Marketing-driven traffic is the best way to grow your store. Campaigns can be deployed on a variety of channels and target different customer groups to give your business the all-important exposure it needs to succeed.
Some marketing channels work better for some kinds of businesses while others are better for others. You’ll have to consider your business type, product and marketing channels when building a strategy.
We’ve sorted marketing channels into categories so that you can make the best decision for your online store.
Numerous studies show that email is one of the most valuable channels for marketers. In addition to giving you easy instant access to your audience, emails can also drive a return on investment up to $32 for every $1 spent.
Crafting a well thought-through email strategy often leads to an effective channel for pushing traffic to your site on a regular basis and introducing your product or company to new audiences.
A few good examples of campaigns would be giving away free informational content, hosting & running giveaways, giving out discounts and sales codes, and sending coupon codes for refer a friend. You can also send invites to preview new products before the rest of the world.
If you want to see an increase in your audience, it’s important to nurture your subscribers and keep them updated. This might mean sending out an email every two weeks as a way of letting them know when they’ll get a new one.
You can give your audience a more personalized experience by segmenting them, for example by their demographics, what they want from you and so on. This will make them feel happier to visit your website again and again.
When you provide your audience with customized content that speaks highly of them and their lifestyle, it becomes much easier for them to share your products or services with people they know. One way of doing this is by giving your content a personal touch.
PPC marketing offers businesses an opportunity to generate more traffic. They do this by paying for a better chance to do this instead of just relying on the company website or social media content.
If you’ve ever noticed the ‘Ad’ or ‘Sponsored’ labels before clicking on an article, you know what Adwords are. Successful ecommerce stores typically have some PPC marketing campaign going.
PPC is a great marketing strategy for generating traffic, increasing awareness for your brand, and ultimately increasing the number of sales you make. You’ll receive results from your campaigns quickly and you’ll only “pay” when people actually click on it.
For search engine marketing, there are three main platforms which you can use: Google, Bing, and Facebook.
If you choose to advertise with Google or Bing for your PPC marketing, you will be able to see the number of people searching for what you are posting which will make your ecommerce store’s advertisements more successful.
The downside of using Google and Bing is that you may not have accurate information about your target audience, which could include age, gender, and interests.
You can track the age, gender, and interests of your audience with Facebook ads which is something you won’t be able to do with other social media sites.
If you’re interested in trying out PPC advertising, then you should take a look at Google Adwords or Facebook Ads.
Social Media Marketing
Social media is a really powerful marketing channel that can provide cost-effective exposure. It doesn’t cost anything to promote yourself on social media and you don’t need to create new content every time.
Using social media to share blog articles, products & services, positive reviews, company news, and videos in a non-sale way can help grow a following who will share your content with others to help you grow your business.
Nowadays, social media is not just used to communicate with your existing customer base, but also as a great customer service tool. Channels like Messenger and marketing can boost this effect.
Companies like Chatchamp help you automate sales qualification, remind customers of abandoned carts and some even offer services for forwarding new products to your followers. All options can be chosen through Facebook Messenger or WhatsApp.
In this day and age, it can be easy to spread yourself too thin by trying to maintain a social media presence across more networks than necessary. That’s why it’s sometimes important to examine where your company needs the most help, and spend time optimising for that specific profile.
This can lead to increased website traffic and improved online store profits.
Search Engine Marketing
SEO is necessary for every company to carry out, regardless of their size. It’s a way to get huge amounts of traffic from search engines without paying any advertising.
SEO is all about making sure that your website ranks high in search engine results so that people will be able to easily find what they’re looking for.
Young websites should work on optimization for on-page elements, including content optimization, meta-title optimization and image optimization.
Link building and social media are two ways to grow your website traffic for free. It is, however, hard work as it relies on constant effort to keep up with changes in the online sphere.
Low-Cost Marketing Channels
There are many ways to market your business and the following are a few low-cost options that you can use.
PPC might not be your choice for any marketing campaign that lasts longer than a few months. Low-cost channels like SEO and content marketing can be sustained in the long term without breaking your wallet. Their effectiveness in growing your audience will depend on how you implement them correctly.
Content marketing is a popular low-cost marketing strategy that can help generate traffic to your online store.
It’s great that you’re publishing content on your blog that relates to your products. This is really good for building the organic search rankings for your site, and enjoying a higher level of brand authority in the long run.
With marketing on social media, you have the opportunity to post about new products, sales or announcements related to your small business.
There are also discussion forums, like Reddit, where you can generate more traffic for your online store. Reddit has a variety of specific categories called Subreddits that you can engage with other users who share interest in that subject matter.
If your content marketing strategy includes any content creation, then you can post it on Reddit relevant to a discussion that is occurring. As you know, these users are familiar with your niche which means that their interest is high and they will most likely become high-value customers for your company. Not only does this mean more success for you, but it also means more customers for the online store.
Working Out Your Profits
You can work out how much your online store has earned by multiplying the price you’re selling a product for by the number of products you’ve sold.
In order to calculate net revenue, you’ll first need to find the cost that you pay for your products for and multiply it by the number of products that your website has sold.
When you’ve completed that sum you simply subtract your result from the gross revenue and you’ll arrive at your small business’ monthly revenue
The amount you have left in your profit after subtracting the costs of marketing your store in a month is calculated by how much revenue you have left over from the previous month, minus all of your marketing costs for that same month
It’s Time to Start Earning Money with eCommerce
It’s no secret that ecommerce and dropshipping offer a lot of opportunities for profit. And now with access to the tools and knowledge you need to reach your financial goals, it’s time to focus on earning money.
One last note for you is that you should test your marketing campaigns and product prices before going live. This will make it easier to grow your ecommerce store.
Experimentation and testing are important for a successful Adwords campaign. If you find your campaign isn’t working out as planned, it may be worthwhile to try another platform like Facebook. It may also be worth adjusting the prices on your products— if customers are willing to spend more, you will gain more profit.
Good luck with your ecommerce store !