Year after year, many people set forth to make their mark in the eCommerce industry only to run across common pitfalls that stop them dead in their tracks. As the digital marketplace becomes more crowded, eCommerce entrepreneurs face the challenge of not only making their mark amid the competition but also sustainably growing their businesses.
There are many intricacies to scaling, and unraveling key strategies in addition to avoiding those common pitfalls can be daunting — especially for new entrepreneurs. Alex Fedotoff of eCommerce Scaling Secrets knows all about the ups and downs of running an ultimately successful eCommerce business, and has set out to help others effectively scale their ventures through comprehensive courses and masterminds.
“I’ve spent the last few years making it the best eCommerce coaching program in the world,” Fedotoff shares. Overcoming common issues in eCommerce is just one of the topics Fedotoff and his team cover, but it’s an integral part of eventual financial and scaling success.
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The desire to scale
“Starting eCommerce Scaling Secrets wasn’t exactly my idea,” Fedotoff told Markademics, “I had built my eCommerce business to over 4 million dollars in a year, and I started sharing my results within a Facebook group. People started reaching out, asking me to show them how to build their eCommerce businesses.”
The desire for the secrets to scaling was widespread, Fedotoff found. Many people had the drive to create eCommerce businesses but were stuck on how to grow effectively.
Reaching larger audiences, selling more products, and expanding product offerings can sound like simple scaling goals, but getting there is a path that can be full of hurdles. Knowing the hurdles are coming and applying practical solutions to overcome them can lead to greater — and faster — success.
Common eCommerce pitfalls
Every entrepreneur will run across issues at some point in their business-building journey. To Fedotoff, failure in some respects is inevitable, but it’s what you do with those failures that matter.
“I always tell people that even if they become entrepreneurs and they completely fail, you’re still going to be way better off than if you hadn’t started a business at all,” he says. People acquire skills and problem-solving acumen even within failed ventures, but being prepared for common pitfalls and learning how to handle them can be a pathway to scaling, not failing.
According to Fedotoff, one has to be careful they are not overstocking or understocking to the point where customers are coming away annoyed. Inventory is a delicate balance and requires analysis of customer demand and daily stock numbers to balance those scales.
Inventory management systems can help a scaling business manage a rapidly expanding product line. Data analytics and real-time intel can help one keep a handle on where their products are and how much they may have left.
When one is just starting, shipping can often be easily managed. You may only be selling a few items a day or a week, but when scaling, you have to change up your shipping and logistics plan.
“Customers expect fast, affordable, and efficient shipping,” Fedotoff says, “and if they don’t get it, your business will have a tough time effectively scaling. Many businesses may partner with other businesses for fulfillment and shipping, which can help remedy some common shipping issues to get products out to customers quickly.”
Fedotoff has made himself the go-to source for marketing solutions. Expanding one’s reach can be a considerable challenge.
“There are several marketing approaches that can be used to scale an eCommerce business using ads,” Fedotoff explains. “We leverage everything from human psychology to build our customer lists to writing ads that convert.” Marketing approaches can be taxing on one’s budget, which is why it’s important to be thoughtful about marketing and expanding one’s reach.
AI can be utilized to help with marketing and can be an incredibly effective time-saver when focused on scaling. AI can write copy and track analytics, and chatbots can respond to customer inquiries in record time — all of which can endear your company to the market and help expand your reach.
“When you scale, the competition is going to get heavier,” Fedotoff notes. “There is likely already someone else out there who is selling a similar product, so it’s your job to do it better, to market better, and to set yourself apart.”
As Fedotoff explains, you must ensure that your website is user-friendly and can handle the increased traffic that comes with scaling. Use your marketing know-how to set yourself apart from your nearest competition.
Scaling — especially if you are scaling rapidly — can be expensive. Many people run into the issue of not properly tracking expenses, which can cause the demise of a business faster than anything else.
Spend wisely, budget thoughtfully, and track all expenses. Organization will be your friend when it comes to financial planning within your eCommerce business. “Scaling is not just the pursuit of growth but a strategic journey,” says Fedotoff.
Scaling successfully takes meticulous planning, foresight, and adaptability. From understanding the nuances of eCommerce to fortifying your technology infrastructure, having a robust scaling plan will help you avoid the common pitfalls that have felled other businesses and lead you to ultimate growth and profitability.