How to build a top-tier online store that has a loyal customer base
The idea of building an online store is pretty straightforward, but for many companies, building a profitable business isn’t as easy as it seems.
According to the latest data from the online marketplace marketplace, Shopify, which is owned by eBay, there are more than 10,000 companies in the US who have more than 1 million customers.
This means that for every one of those companies, there is at least one competitor that offers a better deal.
“Most of the time, a competitor is not that profitable,” said Richard Crampton, founder of the marketing and sales consulting firm, Cramton and Associates.
“It’s not that the customer’s money is better, but it’s not necessarily that the product is better,” he added.
The key to being a top contender in online retail is getting your product to customers who are likely to be loyal.
“If you don’t do it right, people won’t want to buy your product, and the customers who do buy it will not like it,” said Ryan Miller, founder and CEO of Shopify.
Miller explained that online stores can be especially difficult for companies to build if they don’t know the right people to work with.
“You need people who have a proven track record and are willing to be involved,” he said.
“I have a lot of customers who I’ve worked with for the past five years who are going to hate my product and the experience,” Miller said.
But if a store has the right team, the company will have a better chance of selling to loyal customers.
The most successful companies that sell online products are those that have a solid social media presence.
Miller said Shopify is a great example of a store that built a following with social media.
Shopify has more than 30 million followers on Instagram, and its social media platform is also popular with retailers.
“Social media is a very powerful way to get new customers to shop,” Miller explained.
“People don’t usually think about the value of that when they buy, and they don to spend money.”
Shopify said that its success is partly due to a strong product portfolio.
“Shopify has been very successful at bringing people together across many different social channels,” the company said in a statement.
“We have a strong portfolio of great brands like Bumble and Pinterest that sell products and are popular with both men and women.
We have a wide range of products, and we are well-known for being flexible with our pricing.”
It’s a strategy that has worked well for Shopify in the past, but Miller said the online retail market is growing rapidly.
“The reason we haven’t had a lot more success is because people are getting more savvy,” he explained.
Shopifies sales team is also able to focus on a few big areas.
“For example, we can make sure that we have great product that has proven to be a success, which gives us a strong base to build on,” Miller added.
“One of the best things we’ve done over the last couple of years is we’ve hired a team that is very creative and creative with what they do, so they are able to build an inventory that people can actually buy from.”
The biggest challenge, according to Miller, is finding customers who know how to shop.
“That’s a big challenge for us because we’re a really big brand, and it’s hard to find a group of people that will shop with you,” he pointed out.
“There’s a lot to learn about a customer, but most of all, it’s a question of what do they like?”
With more people choosing to shop online, Miller said it’s important to be able to find customers who like what you have to offer.
“When we talk about customer acquisition, we want to build brand awareness and that means building a strong customer base,” he continued.
“And that’s why we have so much respect for brands like Walmart and Kohl’s.
You can’t just buy something and expect it to make people happy.
You need to understand what people want to do with it and make them happy.”
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