What do you need to launch an ecommerce website?

What do you need to launch an ecommerce website?

We’ve been talking a lot about making sure your website is setup appropriately and up to digital standards, but what if you’re ready for your website to start selling? Do you have a product placement strategy for your eCommerce website?

Let’s talk about marketing and your products. When coming up with a sales strategy, it’s important to identify your product’s values to your business. There’s a share growth matrix developed by The Boston Consulting Group that helps categorize products. The matrix breaks them down into four categories: cash cow, star, dog and question mark products.

Cash cow products are goods that provide a smaller return rate but generally have a large market share. They’re mature products that provide a steady income and are usually reliable sellers.

Star products are those that have a higher return rate with high potential that are still in development, so they could potentially generate a good ROI as long as they sell to scale.

Dog products yield a low return rate with smaller scale that can even cost more to keep than to drop from your rotation.

Question products are those that are in the beginning stages of development, where you don’t have enough information on whether they are either profitable or bad investments.

Why, you ask, do you need to know this information? It’s important to identify these products in your inventory because they give you an idea of what you need to promote and what you should phase out.

When launching your eCommerce store, you should consider your question mark products and star products as a key point of focus on your front page. This will help you move the products that you don’t have enough information about as well as help you promote those that yield high return of investment and generate interest from your clients.

Additionally, having your cash cow products as a secondary support (maybe a featured products section) will help give your customers an idea of the products you know they look for and that you have available.

 

Where do you go from there?

Customer’s Journey:

Identifying your customer’s journey is important. You should identify related products your customers might be interested in and upsell them by using these as a recommendation section either on the cart or on the cash cow products themselves.

Inventory:

Having your ERP connected to your website is vital. Product availability is a priority on the digital market. A customer will be turned off from your eStore if they order a product and then get a notice that the product isn’t available.

This also applies to promotions and sales. You should ensure that whenever your have an item marked down, there’s enough inventory to account for the demand if that product is highly requested.

These are just the first steps to identifying a sales strategy based on your own sales information that might help generate sales once you’re promoting your website to your intended customer. Please keep checking back as we dive into online promotion and the steps necessary to spread the word on your new eStore.

Any questions? Be sure to write in the comments below or contact one of our sales team for more information on how to turn your website into an eCommerce Sales point.

Marketing your new ecommerce website Where should you invest your dollars.

One of the most important benefits from working on an ecommerce website is tracking of sales and attribution of investment. When you connect your ecommerce website to an ad platform, whether it be programmatic ad buying to Facebook, Twitter or Instagram, you’ll be able to track your customer journey throughout the web.

The way ad buying and targeting works is through cookie and device ID tracking. By inputting the right information into on of your platforms, you’ll be able to see whether the campaign you’ve created is effective or not to your selected audience. But how does it work?

First, you must determine your audience. Who is your ideal customer? What are their basic demographics? What are their interests? Do you have an idea of who they are at heir core and what they like to browse during their time online? You build the basics of your targeting through demo, after that, you can layer interesting details like interest, category and even in-market data your can purchase through different data providers depending on the platform but including NCS (Nielsen Catalina Solutions) or even Visa data information through private deals.

Where are they buying? Which websites are they visiting? If they’re on social media, which platforms re they using? Do you want to target them during website visits or during their social interactions? These questions can help you identify which media you will use.

If you decide targeting website they visit, programmatic ad buying through platforms like the Amazon DSP, Google DV360, Mediamath, Google Ads and others are available for both small and medium businesses.

If social is your cup of tea, then Facebook and Twitter targeting provide data solutions that might help your target the customer that you need to reach.

 

What then?

You need to connect your website data to any of these platforms. In order to optimize your ad buy, you need to see results in real time. By connecting tracking from your website and logging sales as a main KPI in your ad strategy you can get more efficiency for your buck as you target an audience or shift strategies depending on what works and what doesn’t.

We suggest taking a dive into the big world if digital advertising for any sort of online strategy. Being able to try different campaigns and ad formats will inevitably help drive traffic to your eCommerce website. Awareness is only the first step, so making sure you map out a branding campaign before your start selling is important, if not vital, to making your website start selling.

This might seem like a big step, diving into marketing, but making sure you advertise your eStore is a necessary step to helping your site sell. If Digital Ad buying seems like a huge leap, you can also look into leveraging your first party data. You can use your current client list and send communications for the launch of your website and send follow up emails with new launched products and inventory on sale.

Want to know more about our eCommerce solutions? Click here to explore more.