Published on January 25th, 2021
Establishing your own business is an achievement of its own, but it’s only the start of your journey as an entrepreneur. Technology has made almost everything convenient for most consumers. Just like how entrepreneurs want to make their products accessible, e-commerce is a platform where accessibility and convenience go hand in hand.
The pandemic forced businesses to close that left many people unemployed. More and more people started putting up their online business to earn a living. Knowing what the market wants and needs is crucial to keep your business going.
The beauty industry has shown steady growth over the years. With social distancing and lockdowns, color cosmetics are not much used compared to skincare.
Due to the pandemic, most people are now focused on their overall health and wellness, including skincare. According to statistics, the size of the global skincare market is estimated at $180 billion by 2024, while the size of the global makeup market is estimated at $85 billion.
How can I make my e-commerce business successful? We have prepared five tips that can give you a headstart with your new business.
1. Source Products Effectively
The beauty industry has three different ways of product sourcing. First, you can manufacture your products as long as you have enough knowledge and means to do so.
Second, you can go for white labeling which means you will buy your products from other businesses and label them as your own. Third, you may also resell existing beauty products.
Reselling is the most common way to source products. Some websites offer Korean skincare wholesale that can give you authentic products at a good price. Looking for the best prices is important as it can increase your sales and maximize your profits.
2. Keep Up With The Trends.
Trends are never constant. You should always look ahead and see what’s coming. Years ago, the center of the beauty industry was makeup, and now shifting to skincare products. You have to keep up with the ever-changing trends to let your business stay relevant and retain your customers.
It will also help your business to grow as you open it for more opportunities in the long run. Failure to do so may result in sales decline or worse; you may be forced to close your business.
3. Have A Creative Marketing Strategy.
It is hard to increase your sales when no one knows your business but yourself. There are many marketing strategies you can choose from, but you have to narrow it down to what suits your product and brand image best.
Using YouTube, Instagram, and other social media platforms is an efficient way to start marketing your product without spending money. Establishing a partnership with vloggers will cost you money but may guarantee you better sales.
The layout is an essential aspect of your e-commerce site. Having a professional and straightforward layout will make your consumers trust your site or page even if it does not have many sales and reviews.
4. Engage With Your Current And Potential Customers.
Customers love to feel heard and understood. Your relationship with them is key in keeping your business running successfully.
Posting facts about your products and how to use them can help and educate your consumers, which will then lead to positive reviews for your business.
This part is where most e-commerce businesses are lacking. Don’t show your consumers that you’re just in it for the money and nothing else.
5. Establish Brand Advocacy.
Brand advocacies are becoming more common due to this generation’s beliefs and way of life. Creating advocacy for your brand may create a special connection between you and your consumers.
It is not only good for your business, but you are also helping what you are advocating for. Millennials are likely to support brands with advocacies than brands without one.
Starting your own business can be tough if you don’t have the proper methods to make it work. In a competitive beauty market, having great products will not be enough to make your brand successful.
Take advantage of the technology and access we have right now. Work hard until your brand can do all the work for you.