Categories
Uncategorized

ROAS and Marketing Budget

I have read that businesses should typically budget around 10% of their revenue for marketing. However, I have also read that the average ROAS for an e-commerce business is just 4:1. Surely this would mean that an e-commerce business would need to be spending at least 25% of their revenue on advertising just to maintain their current sales?

Am I missing something here? How can companies remain stable and profitable with just a 10% marketing spend? Is it simply that a company's other marketing strategies, outside of advertising, are more cost-effective, such that they can bring the overall return on marketing spend towards 10:1?

submitted by /u/Climate987
[link] [comments]

Categories
Uncategorized

Hiring a Website Builder – Is this the expensive or cheap route?

Hi Team! Obligatory brand new to ecom and selling products to begin with. In the past I've been a fine dining chef and a christian missionary. Recently I've become a business owner with no prior experience.

I'm the owner of Canmore Candle Co. and we sell candles.. obviously hah. www.canmorecandleco.ca if anyone wants to see what we have going on so far.

I'm also the owner of a home services company (carpet & upholstery cleaning) and we use a company to handle our website and SEO needs which specialises in home service companies. Recently I reached out to see if they could take on my Ecommerce website. As it's not something they've done before they were happy to take it on as their first 'experiment' website before rolling it out to the broader public. I've been super happy with the company so far with their services.

They're asking 1k USD for an initial set up fee and $200/month from there on. This is in contrast to the $399 and $100/month I pay for my home service company's website.

I'm waiting on a total list of what's included for the price. All I know so far is "Due to the complexity of the tools & features which need to be utilised to have these sites run at their best (including a built in CMS)" it'll cost what it costs essentially which seems expensive to me.

My thoughts are that this could be a simple turnkey way to get my website up and going without putting in any of the work (read, my time and lack of expertise) myself. After all I'm not a website developer expert, marketing expert or anything of the sort. On the other side I'm not sure what the going rate to hire a company to build out my website and develop it properly to know if this is expensive or cheap.

If you were starting a new ecommerce website with very little experience in the space, how would you proceed?

Thanks in advance!

submitted by /u/itsnathanchan
[link] [comments]

Categories
Uncategorized

Can a shopify account be stolen?

I just wrote a post on another channel about dropshipping and a lot of users sent me private messages saying they wanted to see my e-commerce store. It started to sound a little fishy when they ask for my whatsapp (didn't give it).

Is it possible that this could be some sort of scam to steal my shopify account or am I being paranoid?

submitted by /u/FlyingPinkIcecream
[link] [comments]

Categories
Uncategorized

Target your main Competitor’s audience & customers directly (August Beta – paid)

Hey everyone!

For the past few months, me and my team have been working on an AdTech tool that enables you to target your competitor's audience & customers directly (you might have came across our posts – we're building in public!). We've came up with very creative ways to do it, and now working on releasing it to the public as a SaaS tool. We've been running Beta cohorts for the past two months with a total of 93 people/companies/agencies, gathered lots ot case studies and amazing results, feeling very grateful. Around 60% of our Beta participants have already signed up for their annual packages, which is amazing!

Basically, the tool, Tuwio, is about targeting your competitor's customers directly. We're using a bunch of publicly available data and two secret sauce ingredients we've developed with the team. Works no matter what sector you're targeting, or location, or anything else. All you need to have is a competitor, or multiple competitors that have a web presence – a website & social media channels are enough. Doesn't matter what your business is about: We've worked with DTC eCom companies, dropshippers, crypto companies, university recruiting teams, cloud hosting companies.. Again, only thing you need is a competitor – or more than one!

Simply put, Tuwio means lower ad costs, better targeting and higher conversions. Conversion campaigns with 10-12% are not uncommon, CAC dropping down to 1/8 of what it used to be also.. With good creatives, good product & good experience on top of this, you can build a rocketship. Only problem is, we are not sure how scalable the tool would be for the users: We haven't been experimenting with it for 2-3 years after all, just 5-6 months until now. Good thing is, unless you're spending $200-300K/mo, everything should be fine.

The reason I'm telling you all about it is, we're looking for the last Beta test (August batch) members. We've completed our June and July batches, and this will be the last one before the public launch. You will be paying a certain amount, since there are big infrastructure and engineering costs for this, but it will be discounted since there might be bugs and other issues – you're an early adapter after all, highly appreciated! So please let me know if you're interested and we can talk.

You can sign up directly here, or read about Tuwio more here.

If you have any questions, let me know!

Thanks!

submitted by /u/CardioPumps
[link] [comments]

Categories
Uncategorized

Particl – decentralised e-commerce platform

The Particl Project is a truly decentralized platform, one which does NOT want to get hold of your data, one which asks no questions and allows you to buy and sell with complete anonymity.

It has been flying under the radar for quite a while but seems the Particl team have now put some great things together. There was a common realization among the developers of the project that the data collection activities of those large, centralized platforms had to be addressed. These platforms have shown themselves not only to be untrustworthy but at times lacking the necessary diligence to safely retain the personal data which users have been forced to give them.

So let’s take a look at the upcoming release….

The most striking feature of Particl Desktop v3 will be the inclusion of infinite markets and market management. This feature will allow users to create an unlimited number of markets or storefronts on the Particl network and manage an unlimited number of identities across any of these markets through user profiles. The Particl marketplace will become a network of infinite marketplaces and seller shops. The seller shops themselves can be made private with selected buyers needing an access code to enter. For instance, these shops could be for special promotions only for a particular group of customers or private channels between merchants and their suppliers.

This update “PARTICL V3” is the biggest one so far for Particl and it is going to take things to the next level in terms of decentralized marketplaces.

Buying, selling, reselling or advertising services, it seems that the Particl marketplace is an ideal venue for starting a new venture.

In order to find out more, we asked CryptoGuard, who takes care of communications for the project, what excites him about it and he came back to with this:

"To me it's all about freedom. Our world, and even the internet now, has grown very centralized which gives corporations and certain institutions too much power that they leverage to further their agendas and impose on us rules and high fees. Additionally, the giants controlling these central points of control have implemented very aggressive and intrusive data mining and tracking mechanisms which go against the very basic human right that is privacy (and personal freedom). This can be easily observed in the eCommerce sector. A few giants control most of the market and use their power to impose their rules and policies. This often results in censorship, bans of products and services, taking their own sellers out of business by copying their products, and intrusive data mining which often results in leaks of personal information. The worse part is that we have very little resources and alternatives as most, if not all, transaction data has to go through marketplace operators such as Amazon, eBay, or Alibaba, and then through payment processors like Mastercard, VISA, Paypal, etc. This is due to the very nature of centralized payments. What can we really do against these multi-billion dollar companies who prey on any perceived threat to their monopoly the second they get wind of it? Then came along Bitcoin, a censorship-proof, pseudonymous and free (as in freedom) currency. Yet, Bitcoin still has a problem, because most of the time you still need to spend it through centralized cryptocurrency payment processors. This introduces the very same issues mentioned above as with traditional payments. Bitcoin, with its decentralized nature, needs an equally decentralized way for it to be spent other than simply transferring coins to an address. And this is what excites me about Particl. It is an entire marketplace that provides most of the features you would find on a traditional marketplace like eBay, but instead of being run by a business which gets access to all the data and gets to impose its rules, it runs the exact same way as Bitcoin does, inheriting from its benefits and even more. It is entirely decentralized, meaning there is not a single third-party that has influence over it, is private-by-default, making it impossible for any party to collect and share personal and business information, and is censorship-proof so that anyone can buy and sell what they want, without restriction. And the cherry on top…it doesn't even charge a commission or sales fee. It is the perfect embodiment of free market, and it is a beautiful leap forward in technology that has the potential to fundamentally change eCommerce as we currently know it. Working as part of this revolution really makes one's life fulfilling." -CryptoGuard – Particl Communications

Now that was a much longer answer than expected but you see the passion and the potential plus the need for this decentralized eco- system. Also, we reached out to Ido Kaiser (also known as Kewde) who is Developer and Software Architect and, also, other Particl enthusiast Cyberpunks and asked them for their thoughts about the project:

“Once you've had a taste of what decentralization can do for the monetary system then it's obvious that we ask ourselves what it could mean for trade too. Whilst the trade is still rather decentralized today, thanks to a semi decent working of capitalism, it's not impossible to think that it might not stay that way. The Amazon company for example, they are in a unique and creepy position these days. They are both a marketplace and a producer/seller. There will be more companies like these in the future which have an internal conflict of interest. If you see a horrible trend, then I think the least we can do is already work on an alternative option.” -Ido Kaiser – Developer & Software Architect

“One of the things that I find really exciting about the Particl Open Marketplace is that it is pioneering decentralized and private commerce on the internet, using the very architecture that runs Bitcoin. I witnessed the team behind this project, one of the best in the business, go through the roughest market conditions yet still deliver a decentralized application that actually works, with no funny ICO business or marketing gimmicks. The marketplace is live right now for anyone to use, is open source, privacy-enabled, and can be run on the most basic setup so that anyone can be their own Amazon." -Miguel Cuneta, cryptocurrency and decentralization proponent, Co- founder of Satoshi Citadel Industries, Philippines.

"I'm excited about particl, because for the first time in history, a truly free and private market can exist. One that does not allow the market owner to use sales data to outcompete its own sellers and put them out of business. It also allows product inventors to bring their inventions to the market without fearing that copycats that use trends data will steal their idea before the inventors can at least make their initial investment back. This has caused a lot of inventions to be put on the ice and I am excited what new product can enter the market now that inventors can once again hope to profit from their ideas." -Joe Fisher – Particl Advicer

"The world is full of people who can't see the power imbalances that are being created. Only when the effects of those power imbalances are applied to their personal lifes will they be ready to accept decentralization. But that time will come, it's not a "if" statement, it's a "when" statement. I hope I get to see that tipping point myself but I'm very well aware of the fact that the decentralized technology like Particl has the ability to outlive all of us. When the time is right for people to claim back their privacy and freedoms in trade, I hope they find their way to our platform or at least draw inspiration to build their own." -Gerlof van Ek – Lead Designer & Branding, UI/UX, Developer of the Particl Project

"What really makes me passionate about Particl and decentralized marketplaces is the fact that it takes the burden of having to deal with any middlemen. That really puts the small sellers and buyers at the table and re-establishes fairness in eCommerce." -Bryan Woods – President Spend.com

One thing which We believe will drive the mass adoption and lead Particl to becoming a more mainstream player are the Infinite Markets:

"It is, simply put, an added functionality that allows anyone to create public or private user markets and storefronts. Whereas Particl’s Open Marketplace used to be the only Particl marketplace available, it will now be one out of an infinite amount of user markets or storefronts that anyone can create. It will, however, remain as the default marketplace, meaning anyone installing Particl Desktop will have access to and see this giant public marketplace."

You can test PARTICL V3 TESTNET here: https://particl.news/new-particl-v3-testnet-available/

submitted by /u/Cyberpunk-News
[link] [comments]

Categories
Uncategorized

Is ULINE a Legitimate Business?

I've been getting these huge, 700+ page full-color glossy catalogs from ULINE every quarter for the last five years at least. After looking at the high prices for most of their products, I'm wondering if they're a legitimate business or just a front for something else. Many people I know have also continued receiving these unwanted catalogs.

Almost nobody orders from paper catalogs anymore, when instantaneous orders can be completed on ULINE's own website. They seem to have no problem continually sending me express-postage glossy catalogs that probably cost several dollars to make and ship, when I've never even ordered anything from them. Besides some boxes and shipping supplies, many of their other items such as cleaning supplies and furniture are completely overpriced, and were so even before covid. How can such a business be profitable?

Just out of curiosity, does anyone have any insights to verify that this is a real business, instead of just a front? I'm getting some Madrigal Electromotive vibes here lol.

submitted by /u/MTINC
[link] [comments]

Categories
Uncategorized

What is the most time consuming thing you have to do for your business?

Despite the dream we all have in our heads where the cash rolls in while we sleep, there must be some things that you can't seem to detach from. For me it's updating product images on our Shopify store.

submitted by /u/tim835
[link] [comments]

Categories
Uncategorized

How should my sister sell her artwork?

Preface: I'm not 100% sure where to post this, so if it's not the right sub please point me in the right direction. Ta!

Hi there. My baby sister is (imo) incredibly talented, but she's never had the self confidence to sell her art. She has a chronic illness, and with the pandemic she has become unemployed and essentially hasn't left her house in around 18 months. This has taken a very serious toll on her physical and mental health, and I've been struggling to find ways to help her.

My question is, is there a way I can help her to get into the habit of selling her art (probably off the shelf, rather than commissioning)? I'm not a developer, but I can code etc, so if the answer is 'build a website' I could help her with that, but I was wondering if there was a less stressful/more common way to do it.

Some examples of her work here: https://imgur.com/a/w7s3mvD (mix of drawing, painting and tattoos)

All pointers appreciated, thanks!

submitted by /u/elohir
[link] [comments]

Categories
Uncategorized

Scaling an eCommerce Brand Is Doable…But It’s Not Easy

I want to take a minute to dispel a myth.

Scaling an eCommerce brand is doable…but it's not easy.

You see all these posts about growing 400% year over year, which I know is entirely possible because I've done it, but that doesn't mean it's easy.

What you don't hear about is people running out of inventory and having trouble replacing it in time. Or margins being super tight. Or manufacturers being out of inventory due to Covid which causes your new products to come in 3 months late. Or the fact that you're growing but you don't have that much money to pay yourself even though your store is doing $100k/mo in sales.

On the flip side, it's 100% possible to grow faster than most people realize with the right marketing strategy in place. I worked with someone recently who was doing $25k/mo and thought they were capped out. Then, we implemented a marketing strategy for them, and they did $90k 3 months later.

It was awesome and it's way better to shortcut that process than to think you "have to pay your dues," but as mentioned, that doesn't mean it's easy. You're going to need cash for marketing AND inventory. You may not have that much to pay yourself (yet) even though you're doing $100k per month in sales. Then, you're going to have to pull the trigger on $100k+ inventory orders without knowing for sure that you'll sell through everything.

It's going to be challenging and stressful and totally worth it (in most cases) but not easy.

My best advice for anyone doing this is to find people who've already done what you're looking to do and to get their advice on how to shortcut the process. The last thing you want to do is spend 3 years of your life growing your business to find out you could have experienced the same amount of growth in 1 year.

My other piece of advice is to be mentally prepared for numerous challenges along the way AND to make sure you have the right advisors to get you through those challenges. Scaling an eCommerce brand is going to be the hardest thing you've ever done. If someone tells you it's going to be easy, they're lying and probably trying to sell you something.

What do you think? Do you agree or disagree? Has scaling been easy or challenging? What's your best advice for keeping things going along the way?

My hope with this post is to get more people talking about real stuff and not just hyping people up and making them think scaling an eCommerce brand is as easy as pushing a magic button and watching all the sales come in.

submitted by /u/josephwesley
[link] [comments]

Categories
Uncategorized

Any feedback would be appreciated!

Just launched some Facebook ads and not getting any sales. I’m wondering if it’s my website/products?

Is it ready for advertising?

www.wolfpackjewellery.com

submitted by /u/jacksback5
[link] [comments]