With every new year comes an opportunity to change. A fresh start and a clean slate. It's an opportunity to make changes in your business that will have a lasting impact for years to come. This year I figured I'd put together a list of 5 things you can do this Q1 to make this year your most profitable one yet!
1. Develop/Source A New Product!
One of the fastest ways to grow your online business is to be continually sourcing and developing new products to add to your existing product lines. More listings means more opportunities for your customers to make purchases which results in higher revenues. Try adding a new product or two to your line up this year and watch as your business expands! This is especially true for smaller sellers as each additional SKU has a larger impact on their overall sales due to the scale of the business.
2. Become A Multi-Channel Seller!
Whether you got your start on Amazon, Shopify, eBay, or any other eCommerce platform, there are always other marketplaces to learn and conquer. There are thousands of marketplaces on the internet, some bigger than others, but this year take the time to find where your business is going to go next. Expanding onto other marketplaces is a great way to grow your business without having to expand your product catalog.Here is my list of the 10 best US eCommerce marketplaces you should be selling on in 2020!
- Amazon
- Walmart.com
- eBay
- Etsy
- Jet
- Bonanza
- Cratejoy
- Wish
- Newegg
- Wayfair
3. Expand Your Partnership Network!
In eCommerce, just like life sometimes, it's not what you know, it's who you know! Every eCommerce seller has partnerships with various other companies. As eCommerce sellers we work with everyone from suppliers, to logistics, to creative and design services, to software providers. This year, take time to evaluate your current partnerships to see what is working and what isn't. This could be the year you add that key partner who can help to take your business over the edge! A great place to meet other eCommerce sellers as well as software and service providers is at conventions and workshops. Two great conventions we partner with are White Label Expo and RetailX. We'd love to see you there and meet you and your business in person!
4. Find New Customers!
A great way to get more sales is to find more customers. There are a lot of ways to do this, but let's discuss two of my favorites: paid advertising and social media. There are endless places and ways to advertise across the internet. It is important to try out different advertising channels and different types of ads. There are text ads, display ads, and video ads just to name a few! Try them all and find out what works best for your business. Also make sure you are taking advantage of social media. It is important to establish and regularly interact with all the major social platforms. Get out there and make your brand engaging and approachable. Interact with your customers by following them, liking their posts, and even commenting. By using both these platforms, you can greatly increase your customer pool and multiply your success in the coming year!
5. Start To Kit & Bundle Everything!
Kitting & Bundling is the best tool in any eCommerce seller's arsenal! By combining already existing products into kits or bundles you are able to multiply your listings exponentially! I've written an entire guide on how to kit and bundle effectively that can be found here! Keep in mind there are as many possibilities as you can imagine! So be creative!Tip: Check out our YouTube Video on how to kit and bundle by clicking here!
