4 Secret Tips To Building A Successful Ecommerce Business In NigeriaKehinde LAWAL
Imagine you’d tried everything possible to make money online in Nigeria but to no avail.
Imagine you’re broke!
Imagine the only option you have left is an eCommerce business, what will you do?
Would you create your own eCommerce store and start selling your own products, or would you register on Jumia and Konga and start selling other peoples’ product.
I want to tell you neither of the above options matters, if you don’t know the 4 secret tips I’m about to share with you. As a matter of fact, 80% of eCommerce business go bankrupt because they only focus on the product and neglect the core model of the business.
So what are those 4 core model of eCommerce business you should know:
#1. Don’t Look at Revenue… Focus on PROFIT!
A lot of people doing eCommerce business focus only on the Revenue/Income, It’s totally wrong. And the reason I say that is simple, you can make more money and still go out of business in eCommerce.
Your focus should be on your Net Profit because more profit guarantees that you’ll still be in business.
And the same applies with your online advertisement; you should continue ads that generate positive NET profit, and stop running ads that generate negative NET profit.
#2. Dont get ATTACHED to a Product/Niche
Besides profit, your focus should be on selling what the market DEMAND for.
Don’t waste your precious time in search of the perfect product, you’ll never find it.
And If the product or niche you chose for yourself isn’t profitable, move on to something better.
Whatever product you choose, the REAL test is if you’re able to sell it profitably.
Spending more ads on a product that isn’t profitable wont get you anywhere.
#3. Research Is Your FIRST Priority
Seriously, just stop dreaming about a 6-Figure eCommerce business on your first attempt.
Let’s get real and focus first on RESEARCH!
I can’t keep stressing the word(research) when it comes to starting and scalling an eCommerce business.
What you think you should sell is not as important as what the market demands for.
Know what the market want, and sell it.
I advice you search for best selling product on Jumia, Jiji, Konga, Aliexpress etc.
#4. It’s a NUMBERS Game
If you don’t know your math, you can’t be profitable in eCommerce over a long period of time.
Below is a rule you can follow or modify.
I call it the “one-third” rule! And it’s just simple math.
More importantly, If you run online advertisement and you want to increase the profit you make, focus on the following:
- FB Retargeting
- Store Layout
- Upsells (pre-checkout)
- Discounts (post-checkout)
- Abandonment Emails
- Product Images and Description
- Ad Creatives and Copy
I hope you’ve learnt something new today. And if at all you’re starting an eCommerce business; you must ensure that you do your research, focus more on Net profit, sell what the market want, and know your math.
Do have a splendid day.
And should you have any questions or suggestions, don’t hesitate to drop it in the comment box below👇👇👇.