With a global pandemic, life has undeniably changed even more. Today’s most successful companies are entirely online. You can order almost anything right on your doorstep, from groceries to clothing to household items.
But as more and more online sellers emerge, it becomes more difficult to stand out. To be competitive, you need to know how to use the tools available and navigate the market intelligently. To learn more, Johnny Dominguez, founder of Vestige LLC, a high-growth Amazon retailer that helps companies increase profits through online automation, shared his top five tips for running a successful e-commerce business.
Dominguez founded Vestige based on his own experience in e-commerce after having worked as a successful partner or owner for more than 20 companies. When Johnny was approached by buyers looking for advice on expanding their online business, he realized that this was a deal waiting to be closed, and so Vestige was born.
Here are five tips that can help you make your own ecommerce business a success.
- Connect your online store to your brand
Anyone can open a business, become a retailer and make a profit on Amazon. However, if you’re too product-oriented and struggling to automate the multitude of technology channels available, you are likely to face several challenges. Dominguez suggests that you need to build a community of people who will want to buy your products. Find the audience to target and work on building connections and trust with them as you develop your personal brand.
- Execute orders promptly
Dominguez warns that prioritizing punctuality is paramount to Amazon and its customers. Customers expect their products to ship and arrive by the dates stated and no matter how good your product is, they will be disappointed if you don’t meet their expectations. To do this, you need a strong team that can process all incoming orders.
- Keep an eye on your accounts
Dominguez says that when you source products, negotiate with suppliers, apply for funding and so on, you will no doubt be managing multiple accounts. As a result, cash flow can be difficult to track. It is important to have a good understanding of all your finances so that you can analyze your progress and make the necessary changes to streamline your business. If you’re not financially savvy, take some classes and make sure your CPA goes over all of the numbers with you so you can stay on top.
- Build relationships
Dominguez notes that one of the key aspects of a business is the human element. You need to meet all of Amazon’s requirements and make sure that your company operates on the model they set. Additionally, you need to build a solid relationship with your customers by making sure that the product being sold is of the quality that the buyer expects. You can ask for reviews to build that trust and increase your brand’s credibility.
- Minimize risks through automation
Dominguez says that as the software fully automates the selling interface on Amazon, Vestige works with the Amazon Store, investors and suppliers to ensure the product meets the buyer’s original specifications. The advantages are that you have no inventory and therefore no risk. In addition to secure access to funds, there are also flexible sources of finance.
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