One of the best things about any e-commerce platform is the access to data. Sales numbers, reports, facts and figures, target market demographics – if you are not reading and leveraging platform data, along with data from other sources, you are leaving money on the table. Why not use data to refine your strategy and earn the highest possible revenue? Here are some tips on how to do this:
- Select Your Audience
There are many e-commerce platforms and they appeal to different audiences. For example, LinkedIn is good for connecting business owners for B2B networking and brand building, while Amazon is good for B2C selling. Identify your audience, then match that with their preferred platform.
2. Select Your Geographical Preference
E-commerce gives you a worldwide marketplace but that can be a drawback. With cultural and social preferences, your product may not fit in every geographical market. Unless you have the resources to refine your marketing strategy for every country, choose a target geographical location and put your energy into marketing to that region.
3. Analyze Your Demographic Market
Within your geographical market is a demographic market. Does your product appeal more to women or to men? To Millennials or to Gen X?
4. Respect the Political/Social Climate
Whatever your personal beliefs are, marketing strategies that mock sensitive issues are never a good idea. We have all seen poorly timed strategies that hurt the brand, even if the brand had good intentions. Here is looking at you Burger King, Pepsi, and Dove!
5. Read Reviews
Reviews are important. Buyers use them to select among you and your competitors. Reviews are among the best data you could hope for because reviews are a snapshot of your consumer’s experience with your brand and your product. If you are getting negative reviews, find out why. Perhaps the product is faulty, shipping is slow or your customer service could use some work. If you are getting good reviews, don’t just smile and keep going. Find out exactly what your customers like and incorporate that into your branding and marketing.
Why Data Matters
There is the temptation to think of e-commerce as a side gig or part-time hustle, but it is a viable business. Many e-commerce businesses that start out as a way to earn extra cash turn into full-time jobs. With Amazon, Shopify, Etsy, and many other platforms out there, there is no reason why e-commerce cannot be your career of choice. So, treat it like any other business – and every successful business analyzes data and uses it to make smart decisions.
Thanks to the digital revolution and the rise of e-commerce, data is easily accessible. Your selling platform provides it, the census provides it, numerous studies and surveys provide it, and the chatter online and in the news provides it. Reading, analyzing, and leveraging data is a fast and free way to take your e-commerce strategy to the next level.
Want to learn more about selling online? Check out Wizards of Ecom for tools, classes, networking, and more.