In 2019, e-commerce summed up around $3.5 trillion in sales and is expected to hit $ 4.9 trillion by 2021. Looking at these figures, and coupled with the accelerated uptake of e-retailing during COVID, there is no doubt that there are many opportunities for growth in the sector.
But, it is not always easy to make it big as an entrepreneur online. Previous studies show that 80% of e-commerce businesses fail. Getting to the top can be a downing effort.
As you will see from Salim Elhila, generating revenue and running a sustainable e-commerce business requires a combination of marketing strategies, product-market-fit assessment, and customer relations. Before we dive into details, let’s find out precisely who Elhila is.
Meet Salim Elhila
Salim Elhila is the co-founder of Learning Master, a company helping online coaches, consultants, and services businesses acquire the skills they need to scale their businesses. He has mastered his skills in e-commerce businesses, has started multiple successful businesses online, and is now teaching others how to achieve the same levels of success.
In 2017, Salim graduated from INSA Toulouse, in Mathematical Engineering and Statistical Modelling. He went on to get a good job abroad in the field of artificial intelligence. However, Salim had a bigger vision.
He delved into the world of e-commerce, teaching himself everything possible in the sector. He started small selling trendy products online, and the rest is history. During Black Friday last year, Salim made over $1.8 million € in sales. Besides, in 5 months, he reached $14 Million in sales. So what does it take to succeed in the business world, according to Salim?
- Product-Market fit is key
Like any other business, your business venture should aim at solving a problem that people have. Salim recommends that you should always think about the problem first and then tailor a solution. Furthermore, being empathetic about the customers’ needs enhances your brand experience, giving you a competitive edge in the market. Salim identified a need for trendy products in his first venture and created a business model around such products. By continuously doing market research, he was able to identify what customers wanted, and thus tailored the products to suit the needs in the market.
- Renew your offers
People love to buy and are always looking for something to purchase. But when that something becomes the same old thing, the excitement disappears. Salim recommends any entrepreneur to keep updating their offers for clients. Whether through discounts, product bundles, or adding new products into the catalog, these small changes could mean a huge difference to potential buyers. With the right marketing behind the latest changes, you stand to scale your sales revenue in no time.
- Leveraging influencer marketing
Businesses are all about building relationships. After all, people buy from people they trust. And that is where influencers come in. For any business, gaining customers’ trust does not happen overnight. It takes time. Salim notes that by leveraging influencer marketing the right way, you can build on trust and authority that the influencer already has with their followers. The key here is to use influencers with the right audience that you are targeting for your business.
When using the influencers, they must be part of building the messaging for the client. This way, they can speak authentically and connect better with their audience without losing the established trust.
- Master your marketing channels
Today, there are countless digital marketing platforms available. To stand out and get the attention that you are looking for, you have to do your homework and understand your target audience’s demographics, likes, and interests. Some media platforms appeal differently to different groups of people. Simultaneously, some media channels like email and message might get the news across to the customers more effectively. Salim’s advice to other e-commerce entrepreneurs is to use intelligence to target customers in the right media outlets. Ultimately, the goal is to make sure that your potential customers do not forget you and respond effectively to your calls to action.
With the high competition in the digital space, e-commerce businesses have to strive to outsmart the competition to keep on top of the game. Salim has used these strategies successfully in his ventures. While each business is unique, these tips certainly speak to the majority of the challenges that every e-commerce business is going through. Connect with Salim to learn more.
Featured image used with permission from Salim Elhila