The short answer is yes! E-commerce is still profitable in 2021. Like all other businesses, some are highly successful with e-commerce, those who manage to break even year after year, and those who incur losses.
Ecommerce Outlook In 2021 And Beyond
As of 2021, the number of e-commerce sites worldwide is estimated at between 12 and 24 million. These are predicted to generate yearly sales of about USD$ 4.5 trillion in the year 2021. This quite a lot of money that you don’t want to miss out on.
The lockdowns in 2020 and the beginning of 2021 contributed to a great surge in the number of online shoppers. The trend isn’t likely to considerably reverse any time soon. Additionally, it’s predicted that, by the year 2040, about 95% of all purchases worldwide will be through e-commerce. If these predictions turn out right, those with established e-commerce stores will be reaping very handsome profits.
How To Be Profitable In Ecommerce
So, what sets apart the successful ones? This is the question you ought to seek answers to. Here are some things you can do to turn your integrated ecommerce solution profitable:
1. Get The Right Education
With millions of free how-to guides floating around the internet, it’s always tempting to grab a few of these and work your way upwards. However, taking this route usually leaves you at the mercy of inexperienced advisors. After all, anyone can upload an e-commerce tutorial online, regardless of whether they’ve been successful or not.
A better approach is to register for a professional course taught by someone who has actually been successful in e-commerce. Thus, embark on a search for the best online e-commerce courses. You may also want to know the experience of other students who’ve taken a particular course by reading honest reviews, like this Ecom Elites Review.
Register for a course that has in-depth coverage of important e-commerce concepts like:
- Setting up your e-commerce store
- Choosing products to sell
- Advertising on social media
- Email marketing
- Installing chatbots
- Creating sales funnel
- Organic SEO
- Search engine ads
By completing such courses, your likelihood of success in your e-commerce business increases. There are dozens of eye-opening testimonials from people who’ve succeeded in e-commerce after taking such professional courses. Your story shouldn’t be any different if you make a similar effort.
As you go shopping for online courses, see to it that you’re not swindled of your hard-earned cash. There are sites, such as Scam Risk, that labor day and night to expose internet scams across various industries, including e-commerce. Seek sound advice from such sites before enrolling in online courses.
2. Stick To Your Niche
You don’t want to be that Jack of all trades but a master of none. This is because you won’t give your 100% if you have to juggle several product niches. Understand that e-commerce is extremely competitive. To command the loyalty of a significant number of customers, you have to really stand out. You can best do this by specializing in one line of products.
Study everything you possibly can in your chosen niche. Create highly informative articles and videos on how to use some of the products you’re selling. Let the public see you as a master in that niche, rather than just another average online seller. Then, work on your digital marketing strategies, and you’re bound to become profitable.
3. Satisfy Your Customers
Your customers have feelings, so they need to be treated with great care. Don’t view them as mere revenue-generating items. Please give them the respect they deserve. Address all their concerns with a careful choice of words.
Don’t hurt them by using insults when they complain about your products or quality of service. Use such feedback to seek ways to improve the quality of your goods and service delivery.
By treating your customers well, they’re more likely to return to your online store for more products. They’ll also be more willing to spread the word about your excellent services by leaving positive reviews on your site and directly refer you to their friends and families. This significantly widens your customer base, which is one of the keys to profitability in e-commerce.
Even in 2021, e-commerce is definitely profitable. There are millions of e-commerce sites that are raking in huge profits every year. However, others haven’t managed to register any profits since they started. Whether you become profitable or not depends on how knowledgeable you are in e-commerce, your product choice, and how you treat your customers, among other things.