Updated: September 2, 2020
Today, it’s easier than ever to build and run your very own online business than putting up a traditional storefront business. And you don’t even have to invest in robust e-commerce platforms like Shopify to get started.
Thanks to social networks like Facebook, you can conveniently promote products, connect with potential customers, and close sales through your business page.
All these without spending a single centavo!
But running any type of online business will still have its challenges, especially in growing revenue.
In this post, we’ll discuss seven proven strategies that will help maximize your profits. Rest assured that, regardless if you’re an established seller or an absolute beginner, you’ll definitely learn something useful.
1. Use Visual Content to Spice Up Promos
Trying to promote a new product or a promo? You don’t need a professional graphics designer to catch your audience’s attention.
There are free online tools, such as Canva, where you can start creating your own visual content using only the drag-and-drop interface.
The learning curve is comparable to using a mobile app. You just pick a background, insert stylized text, add icons, and apply filters as you see fit.
Of course, the visual content you create with Canva can also be used to improve the look of your official website.
2. Create an Instructional Infographic
Another way to utilize visual content in your online shop business is to create instructional infographics that educate the audience about your product.
This will enable you to highlight your product’s value in a more charming way.
However, you may need the help of a professional graphics designer to create your branded materials. If you’re low on budget, consider hiring freelancers from marketplaces like 199Jobs.
3. Expand Your Product Line
One of the main benefits of running an online store is the freedom you’ll get when it comes to entering new markets. For online retailers, a good strategy is to listen to your existing customers.
Do some of them ask if you sell a particular product? Are they requesting for recommendations on something you don’t have?
The same, customer-oriented approach is also needed for businesses that manufacture their own products.
Ask yourself: what can I do to make the product useful to another demographic?
It may take a ton of research before you can add new, profitable products into your online catalog. But if you succeed, then it’s one of the best growth strategies you can ever do.
4. Encourage Product Reviews
If there’s one thing that can convince people to purchase something online, it’s the genuine review of a previous customer.
You don’t really need to do anything fancy to encourage customers to share reviews. Whenever they ask questions about your product, promptly answer them, and then remind them to post a review.
You can also set post-sale messages that request for reviews whether through popups or follow-up emails.
5. Piggyback on Existing Platforms
Building your own online store from scratch will indeed make your business look more legitimate, but it’s not always the most cost-effective move for new businesses.
They can be expensive to maintain. And it can also be extremely difficult to bring visitors to new sites.
The good news is, you can always piggyback existing e-commerce sites like Lazada or OLX. This will significantly reduce your overhead costs as well as immediately expose your brand to their existing user base.
6. Keep Things Simple
Let’s face it, the e-commerce industry is still at its infancy in the Philippines. A lot of buyers are intimidated enough with the idea of online purchases, so best keep everything else in your selling process simple.
For example, you should support as many payment options as possible to cater to different customers.
And to improve their confidence with your business, be accessible and responsive to their concerns — whether through social media messages or emails.
7. Sharpen Your Knowledge
Just because you run a successful brick-and-mortar business in the Philippines, doesn’t mean you can penetrate online markets with ease.
You’re on an entirely new playing field now, so put your learning cap on and look for knowledge gaps you can fill.
In the online world, there’s always an answer to every question. What is an e-commerce platform? What are the best online marketing strategies? How do you run online advertisements?
Google is your friend and information is free. If you recently founded an online shop business, then you’re in for a long journey.