one of the companies I used to own is
actually ecommerce business it's one of
the most successful ventures that I have
done in my career and we were doing
millions and millions of dollars every
year and actually won the online
retailer that year award by Canada Post
so when it comes to e-commerce maybe
you're thinking about starting an
e-commerce business you don't know where
to start today I want to give you three
keys it's kind of feed lessons I've
learned during that time before I saw
the company number one when it comes to
e-commerce conversion matters a lot
conversion matters a lot so you should
be constantly measuring your conversion
rate on different pages your your bounce
rate meaning people hit your home page
where are you seeing people exiting from
your site where are you losing people
now one of the things that we noticed
when I was running ecommerce business
that we were losing a big chunk of the
customers at their checkout right and
the checkout page we are losing a bit so
they like the product they click the
product they Add to Cart
by the time they get to you buy we lose
a whole lot of people so I was saying to
myself okay this is not good what could
we do so then we added a lot of
different things example we added
actually testimonials during the
checkout process we streamline and
simplify the checkout process so in the
beginning back then I didn't know we had
a multi-step process and then we change
order that to make it much shorter right
they see the product they click if they
are adding the card they continue as a
guess that's fine
or credit card information instead of
that many steps we shorten it to this
many steps and we notice cells
dramatically increased so conversion
matters you have to measure everything
you're looking at data they're looking
on your pages you have to know exactly
what it's going on it is not so much
about the product it's about your
customers visitors behavior right and
when you have got some products that are
selling well make sure you feature those
on your homepage that's key number one
key number two you need to have a
content strategy as well as a pay
strategy
so we were running a lot of ads on
Google pay-per-click we were spending a
lot of money right but in the beginning
especially no one knows why did you come
to our store online store so we were
just doing a lot of that but then later
on we also spend quite a bit of money
optimizing our website for search engine
traffic just organic traffic so we were
creating a lot of pages and ranked
certain keywords in Google so people
could find us just organically so in the
beginning what's interesting it's 90
somewhat percent of our sales were
coming from paid pay-per-click we're
spending a ton of money right to get
some traction but later on actually
later a few years afterwards within a
company the revenue then it's almost 60
40 60 percent of our sales were coming
from organic free traffic
why would I say they're entirely free
because we do invest time and money
creating content for them but only 40
percent comes from paid so to do
ecommerce I believe if you have your own
store meaning you're not selling through
Amazon because Emma's already has all
the traffic but let's say you're not
selling through Amazon you have your own
e-commerce store I believe you need to
have a very good organic strategy as
well to pay strategy and last lesson I
want to share with you when it comes to
e-commerce is inventory kills inventory
kills what would kill you the most is
you have way too much inventory of
products that you don't sell depends on
what kind of products you sell do they
expire assuming your products don't
expire you're gonna sit on a lot of
products that don't sell and you're
sitting in a lot of cash right so you
got to be very very careful when it
comes to inventory management now before
I saw the e-commerce company we were
sitting on millions millions of dollars
worth of inventory now I'm glad I could
sell all of that right and get all the
money back otherwise if there's any
problem we would have been sitting on a
bunch of debt inventory so be very very
careful very mindful when it comes to
inventory I will rather you have fewer
products in the beginning test it out to
see what your customer your marketplace
likes right whoever your audience is
what they liked first before you go
crazy and have so many skew have so many
units and products I'm gonna buy 1000 of
these 2,000 of these because you'll be
tempted wow you know if I order way more
and my cost per unit goes goes way down
but what you don't think about you don't
consider factor in is what if it doesn't
sell now you're sitting on thousands of
something that it doesn't sell it
becomes because a big problem
so inventory kills and this is also why
I stress if you're thinking of earning
more money before you go out there and
start an e-commerce business I talked
about that through my wall triangle you
should tip up your high income skill
first you can go watch my high income
skill video I talk about why it's so
critical to develop your high income
skill first before you go out there and
start there
scalable business before you start their
e-commerce business so go watch that
video