Increasing Revenue &
Product Sales
as an
E-COMMERCE ENTREPRENEUR
Aliya Putri
Becoming an entrepreneur in an online marketplace is growing to be an increasingly popular method for individuals to make income. In fact, many e-commerce sellers have succeeded at improving their economic welfare and expanding their business. Instead of simply relying on the quality of goods as the sole force to attract buyers, e-commerce entrepreneurs also implement a variety of marketing strategies, starting from conventionally promoting their products to utilizing technologies provided on various forms of media.
A large number of online shop owners are adept at utilizing the features available on e-commerce platforms to the fullest. Apart from focusing on sales activities, successful e-commerce entrepreneurs also analyze the search algorithm from the perspective of consumers, using their analysis to develop their operations strategy. Additional marketing strategies include (but is not limited to) promoting via ads services on other platforms as well as forming partnerships with other enterprises, organizations or personal blogs. By and large, such strategies implemented by entrepreneurs would increase the scope of their target market, attracting more customers to purchase their products
Reported from several sources, here are some tricks generally used by e-commerce sellers to increase their product sales:
1
Create Keyword Ads
This action can be directly done by utilizing features on the e-commerce platform. For instance, Shopee provides a "keyword advertising" feature for sellers, which, when used, would allow goods from the advertiser’s store to appear first on search results whenever a potential buyer searches the product’s keywords. With this applied, the likelihood for buyers to see and even buy the product becomes greater.
2
Use Collaborative Ads on Social Media
This strategy is somewhat similar to the aforementioned marketing method in the sense that it relies on the features available on certain platforms, but this one takes advantage of the ads feature on social media platforms. With features such as Facebook Collaborative Ads or Instagram Ads, advertising on social media allows e-commerce entrepreneurs to increase product engagement and expand their outreach. Because social media platforms are often more universal and versatile, more potential buyers can be reached without requiring them to manually open e-commerce platforms.
3
Endorsements from Social Media Influencers
The title of an ‘influencer’ is certainly fitting - these public figures’ influence has certainly grown to become significantly prominent. Entrepreneurs benefit from collaborations with these figures as followers of these influencers are introduced to their brand and may consequently be inclined to purchase their products. Those with large social media followings typically have the potential to bring in more revenue to partnering enterprises - but this method may be more costly for some because more well-known influencers typically charge higher endorsement fees.
4
Join in on a Trend!
Social media undoubtedly plays a substantial role in appealing to the interests of potential customers; so joining in on social media trends. For instance, if a particular sound or challenge has recently gone viral on TikTok, business owners may take advantage of this to introduce their product by including it in the videos they make, or even creating special content related to the product using the sound that is currently on the rise. Even though not everyone who sees it will buy it, the product - and the brand - would certainly gain public recognition.
5
Taking Advantage of Free Shipping Programs
E-commerce platforms often host free shipping programs or events, typically within a limited period of time, wherein products from certain stores can be shipped to buyers for free. Just like how discounts and sales persuade customers to buy more, collaborating with these platforms to be included in such programs could generate sales as potential buyers can purchase products from these entrepreneur’s stores without having to pay additional shipping fees.
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These are just some among the many ways for e-commerce entrepreneurs to maximize sales and revenue. With the methods above, merchants should be able to increase the scope of their target market and enhance brand engagement with potential customers. Small business owners should be able to develop their enterprises, even potentially increasing social impact by opening job opportunities for resellers or dropshippers.
Street Smart Society is a nonprofit organization dedicated to resolving income inequality by teaching lessons on financial literacy and entrepreneurship skills to underserved communities. Donations can be made to BCA 7105103361 (Marianne Charleen Sabini). All proceeds will be allocated to donations for the communities that we partner with.
References
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Saima & Khan, Mohammed. (2020). Effect of Social Media Influencer Marketing on Consumers’ Purchase Intention and the Mediating Role of Credibility. Journal of Promotion Management. 27. 1-22. 10.1080/10496491.2020.1851847.