Being an entrepreneur is tough at the best of times, but the current environment is one of the toughest we’ve been through. Fortunately, though, e-commerce is still doing well. The Q2 2020 Census Bureau report found that year over year e-commerce spending has increased 44.5 percent.
Reliable e-commerce growth is still possible if you use the right strategies, even with an increase in competition in digital advertising and many brands competing for the same customers’ attention. Entrepreneurs who are savvy can still take advantage. There are a few methods entrepreneurs are using to reliably grow their e-commerce business right now despite increasing competition from traditional retailers and an uncertain economic environment.
1. Focus On Quality Creative
Creativity makes you stand out from other brands in your space. So much of e-commerce success, especially specialty e-commerce, comes from effectively telling a story. Great e-commerce companies succeed because people like them enough to buy their products.
Price is hard to compete on, and it’s one of the hardest things to consistently be the best at, especially as a small retailer. If you’re not Amazon or Walmart the difference has to come from a compelling brand story, communicated in an entertaining and effective way.
“There are plenty of derivative ideas that find success,” says Lucas DiPietrantonio, co-founder and CEO of premier growth agency, Darkroom. “But they don’t find success unless they have a compelling and clearly expressed value proposition. And usually that comes down to creative. Ask someone like Patagonia, which has an authentic and consistent brand voice. Or Daily Harvest. They both nail creative, and you can see the results.”
2. Build A Strong Team
LuLu O’Sullivan created the most popular online retailer in Ireland with GiftsDirect.com, then took it overseas with TheIrishStore.com. When asked about the biggest contributing factors to her success, she was quick to call out the people around her as deserving of praise:
“Hire the right people around you. You don’t need to be sitting in every meeting. Delegate, and take time for self-reflection,” she says. “Have an excellent financial person beside you. I was all about sales and marketing and a beautiful website, and I had to learn that one. Know what you’re good at and not good at to fill the gaps in the leadership team.”
Many new entrepreneurs fall into the trap of trying to do things all by themselves because it saves money. In a lot of cases it may be cheaper in the short run, but ends up costing more in the long run.
3. Focus On The Differences
Female entrepreneurs are already doing something different and bucking the trend. By 2016, men comprised 60 percent of entrepreneurs in the United States, while women made up 40 percent.
Trisha Okubo, founder of Maison Miru Jewelry, argues that the differences are what make you actually stand out. “When you start your own company, one of the things that investors look for is what gives you an unfair advantage over the competition,” she says. “Your unique gifts — your point of view, what you’re drawn to, your personal expertise — that’s your unfair advantage.”
This is a time-honored principle of marketing, espoused by famous creative figures like Seth Godin (who famously called it the “Purple Cow” theory). Take advantage of what makes you different and find people who need what you can offer. Focus on the niches you do best — don’t compete with the big players on their own turf until you can do it better than them.
4. Tap Into The Right Audience
Mushie Feigenson came up with the idea for her baby products brand while on bed rest with her second child. She was hunting for natural, safe, well-designed items that she would feel comfortable giving to her baby and couldn’t find anything, so she determined to make them herself.
When she and her husband, Levi, launched their brand, mushie, she had already built deep roots with the mom community on Instagram and other social media platforms. They sent out product samples to influencers and moms that they thought could amplify their message and the company exploded.
“Our brand actually came about because of my frustration with many baby products that were out on the market,” said Feigenson. “We have the opportunity to work with some big influencers — including Jenna Kutcher, Cara Loren, and Megan Mitchell — but if it doesn’t come off authentic, it doesn’t matter what you do. They have to actually care.”
Finding the right audience ensures you’re getting the people who really care. That means choosing influencers carefully, and it means choosing the right social media platforms to focus on. That can help you grow your business the way the Feigensons did theirs.
In our turbulent times, reliably growing an e-commerce company is becoming increasingly difficult. However, by using these tips, you can grow your business no matter what is happening in the world around you.
