The internet has completely revolutionized the way we do business. With a global pandemic, life has undeniably shifted even more. Today, the most successful businesses are completely online. Online shopping makes our lives so much simpler. You can order almost anything directly to your door, from groceries, to clothing, to home essentials.
But as more and more online vendors appear, it becomes harder to stand out. To compete, you must know how to leverage the tools that are available and intelligently navigate the marketplace. In order to find out more, Johnny Dominguez, founder of Vestige LLC, a high-growth Amazon retailer that helps businesses increase their profits through online automation, outlined his top five tips on how to have a successful e-commerce business.
Originally a 7-figures trader with a background in computer science, Johnny Dominguez founded Vestige LLC to help people use e-commerce to make money online. Dominguez created Vestige on the foundation of his own experience in e-commerce, after successfully working with more than 20 businesses in either a partner or owner capacity. When Johnny was approached by buyers who were looking for advice on how to grow their online businesses, he realized that this was a business venture waiting to happen, and so Vestige was born.
Here are five tips that can guide you in having your own successful e-commerce business.
1. Connect Your Online Shop To Your Brand
Anyone can open up a shop on Amazon, become a retailer, and turn some profit. But if you’re too product-centric and struggle with automating the plethora of technological channels available, you will likely be met with several challenges. “You need to grow a community of people who will want to buy your products. Find the audience you can target, and work on creating a connection and trust with these people as you grow your personal brand. Then, connect your shop to your brand and watch your profits grow,” suggests Dominguez.
2. Fulfill Orders In A Timely Fashion
“Prioritizing timeliness is of the utmost importance to Amazon and its customers. Customers expect their products to ship and arrive by the dates provided, and regardless of the quality of your product, they will be disappointed if you do not meet their expectations,” warns Dominguez. “To do this, you need a strong team that can handle all of the orders coming in. As your business grows, don’t be afraid to hire more.”
3. Keep Track Of Your Accounts
“As you source products, negotiate with vendors, ask for funding, etc., you will undoubtedly be handling several accounts. As a result, cash flow might be hard to keep up with. However, it’s important that you have a good understanding of all your finances so that you can analyze your progress and make the necessary changes to streamline the business,” says Dominguez. “If you aren’t financially savvy, take some courses, and make sure your CPA walks through all of the numbers with you so you can stay on top of it.”
4. Build Relationships
“One of the key aspects of a business is the interpersonal component. A relationship without trust is worthless, so you will need to develop the skills to connect and build trust with vendors,” notes Dominguez. “You’ll need to comply with all of Amazon’s requirements and make sure that your business is operating by the model they have set. As well, you’ll need to create a strong relationship with your customers by ensuring that the product being sold is the quality the buyer expects. You can ask for reviews to boost this sense of trust and grow your brand’s credibility.”
5. Minimize Risk With Automation
“As a software that fully automates the sales interface on Amazon, Vestige interacts with Amazon Store, Investors and Suppliers to ensure the product is delivered according to the initial specifications to the buyer,” says Dominguez. “The benefits are that you have no inventory and thus no risk. There are also flexible funding sources in addition to secure access to funds. Most importantly, there is 24/7 access to Vestige’s team of e-commerce experts who can help navigate any disruptions to your online experience. If you’re new to e-commerce, all of this may be a bit overwhelming. But as with any business, you learn as you go, and as long as you’re motivated and willing to continuously improve, your business will be off to a great start in no time!”