In these past years, business owners have been through a lot of ups and downs.
And if you don’t have an online piece to your business yet I don’t know what you’re waiting for.
But maybe this new information about e-commerce will help kick start your creative juices.
According to the U.S. dept. of commerce, e-commerce sales will soon break $1 trillion dollars.
That’s approximately $3,000 for every man, woman, and child in America.
And when you break it down like that, I feel like there’s plenty of room for growth yet to come.
That also tells me if you don’t have an online component to your business, this is a great time to get started.
But if you are already selling online, this is even a better time to optimize for maximum profits and growth.
So how can every business benefit from e-commerce?
Well, to come up with that answer we need to examine the two main types of businesses that will help us get there.
Of course we have E-commerce, but E-commerce actually has 3 types of products anyone can sell which we’ll discuss very soon.
The other you have is Brick & Mortar, which can also utilize 3 types of products, but now using E-commerce–wait, Brick & Mortar using E-commerce??
Yes Brick & Mortar using E-commerce, but only if you want to increase your revenue! Which I’m assuming you do.
Utilizing 3 Types of Products
Every business always has 3 types of products they can implement into their business at any time.
- Physical Products
- Digital Products
- Service Products
Physical products are very common and often carry with it the burden of raw material cost but if you build your brand successfully enough to start selling more products, you can then order more quantity and lower the price with the manufacturer!
Digital products are on the rise with more and more people creating their own courses, and selling them for a very good profit since there is no other cost involved (besides time and marketing), so it definitely helps to know your stuff.
And the last kind of product that people can always offer are service products, where you’re exchanging the value of your time for money.
Brick & Mortar Using E-commerce
Okay, let’s say you were a fitness coach (service product) and upsell informational training courses (digital product) to help them learn how to track their calories, foods to eat, etc. but here’s the catch…
All you have to do is get them to go to your online store and let the landing page do all the work, showing them the before and after images, social proof, and even include smaller upsells during the checkout process–this is utilizing E-commerce!
And if you already created a course online for your brick & mortar business, what would stop you from advertising to the rest of the world?
That’s just one example of a service based business implementing E-commerce into their business.
So what if you were a plumbing business?
Well you would do your normal service but then upsell some physical products that would help people maintain their bathroom toilets, sinks, or bathroom sinks, etc. that they can order from your website with more relatable products (even consider subscription models).
Now what kind of products you want to upsell is up to you, but you get the point here.
It’s not a lack of opportunity, it’s the lack of creativity stopping people from more revenue.
E-commerce Amplified
Now if you already have an E-commerce store you probably already have some knowledge of all the 3 types of products.
But here’s a few ideas on how to maximize your profits by implementing more than 1 type:
Let’s say you sell supplements; the most logical and profitable thing to upsell your customers after they’ve been around for some time is an educational course on weight loss, home workouts, etc.
But let’s say you’re an online coach, then maybe you could sell your clients a course you created or a physical progress tracking notebook you’ve created.
There are more opportunities in E-commerce than ever before and the amount of money being spent is proof.
So yes, E-commerce can benefit many business owners in a lot of ways, it just requires some creativity–that’s all!
Every online store has the potential to increase their revenue and profits over time, simply by considering a different type of product to offer.
Take a look at a few examples from stores that our marketing agency manages.
Now I can’t guarantee that everyone will have the exact same results that you see here.
But, I can guarantee that we use the exact same tools and strategies for businesses that we’ve used for those above.
If this information piqued your interest, leave a like, comment, or share it with someone who would benefit from reading it–it also helps the platform’s algorithm put it in front of other business owners looking to conquer this ever changing marketing world.
