3 Tips for Starting an eCommerce Store
Customer Lifetime Value or CLV is the total worth to a business of a customer over the whole period of their relationship with that company. This important metric proves that it costs less to keep existing customers than it does to acquire new ones; increasing the value of your existing customers is a great way to drive growth.
One way to increase CLV is to offer branded merchandise through an eCommerce store. Many well-known brands have eCommerce stores. They all offer merchandise for fans to buy – many of them online in their own eCommerce stores in addition to retail stores.
Not only does branded merchandise add income to your business, but it helps to arm your fans with advertising in their everyday lives.
When your customer service is spot on and has created raving fans, it’s time to arm them with products to encourage word of mouth marketing.
Starting an eCommerce Store
Simply starting an online store without much thought will most likely lead to frustration. You may be able to iron out the wrinkles as the come, but it’ll take time, money and work.
Here are a few things to consider if you’re thinking about an eCommerce store to help increase your CLV across your business.
1.) Plan for fulfillment
Once a customer actually buys something, how will you get it to them? That’s the question of fulfillment.
You could store your goods in your own business, whether that’s an actual warehouse or just your garage. You could also rent space and travel there everyday to mail out your orders.
You could even hire a third party vendor to run your fulfillment and logistics. It all depends on your needs, how big your store gets and your budget.
2.) Consider the end user
Online stores obviously begin with websites. However, in today’s online business world, many small businesses build their following in social media. If that’s you, consider launching a real website with your own URL you own.
Also, when you have that website, plan for the end user by considering how we interact with websites today. Mobile traffic continues to rise in usage, so make sure your site is responsive.
3.) Think about the marketing
Finally, how will people know you even have an eCommerce store for your brand?
Promoting the store in emails you and your team send out, sharing in social media and even buying ads online can all help get the word out.
Another thing to think about is using prime real estate on your website – like your main menu or part of your header artwork – to tell people you have merchandise available will help.
One last tip related to all of the communication related to your eComm store – use video as much as possible. From the marketing to explaining the products you’re selling, video will soon overtake all other forms of communication for consumers.
If you’d like to learn more about using a third party solution to your eCommerce store needs, let us know. At EPI Marketing Services, we’re already serving some of the major brands across many verticals, to increase their CLV with online shopping and branded merchandise.
