Shopify allows merchants of all scales to realise their dreams by selling across borders. Matt Epstein, an expert on influencer marketing affairs, shared valuable tips from his experience on Shopify. In a recent tweet, Epstein claimed that he completed 2.6 million in Shopify sales in one year. He went on to explain in a tweet thread what he would do differently starting from 0.
I've done 2.6 million in Shopify sales over the last 12 months.
— Matt Epstein (@MattEpstein16) February 21, 2023
Here's what I would do differently starting from 0 pic.twitter.com/XFktQpMRtd
1. Start Selling
The first tip by the influencer marketing expert was to start selling as soon as you realise your dream. According to Epstein, it is easier than ever to sell online products with Shopify. “You need a good product idea, good videos and good execution,” Epstein advised in the first tweet of the thread.
2. Dropshipping
Dropshipping is the key to success for all beginners, recommends Epstein. “When I started with e-commerce I started dropshipping, and this is how I would recommend each of you to get involved as well. As soon as I saw some success I immediately ordered in bulk from Alibaba and shipped orders out of my garage,” he shared his experience.
For the unversed, dropshipping is a business model that allows a retailer to sell products to customers without actually stocking or owning the inventory. The retailer in this case is also called the drop shipper. The retailer purchases the products from a third-party supplier or manufacturer who ships the product directly to the customer. The drop shipper essentially acts as a middleman between the supplier and the customer, earning a profit on the difference between the wholesale price and the retail price.
In the recent past, dropshipping has become a popular business model, thanks to the low startup costs and the ability to sell a wide variety of products without having to invest in inventory upfront. Dropshipping also allows the retailer to focus on marketing and sales rather than managing inventory and shipping logistics.
Dropshipping also comes with challenges as the retailer has little control over the quality of the products, shipping times, or other factors that can affect the customer experience.
3. Investment
A little investment is essential to start an online business. The expert believes that only a Shopify account and a few thousand dollars would do wonders if used precisely.
4. Thousands, Not Hundreds
The fourth tip is related to the third one as Epstein believes that the investment should be in thousands and not in hundreds. “I wouldn’t start if you only have a couple of hundred bucks, you will lose money testing. Work a damn job for a few months to get some cash,” he explains.
Investment plays an essential role in the success of an online business. There are various areas that require investment and technology comes on top of that. Online businesses rely heavily on technology and having the right software, hardware, and infrastructure can make a significant difference in the quality of the customer experience. One must invest in website development, e-commerce platforms and customer relationship management (CRM) systems to support business operations.
Investment in marketing is also essential to reach and engage with the target audience. Some of the most effective marketing investments include search engine optimization (SEO), pay-per-click (PPC) advertising, social media marketing, and other forms of digital marketing.
Next, you need inventory. If an online business sells physical products, investment in inventory can be necessary to maintain a steady supply of products for customers. While online businesses are often run by a small team of people. But Investment in this regard is essential to manage different aspects of the business, such as customer support, marketing, and operations. Investment in personnel can include salaries, benefits, and training.
You also need to invest in research and development to remain competitive. The key to success is to continuously innovate and improve product quality and services. Investment in research and development can help to identify new opportunities and improve the overall quality of the business.
While investment helps you improve customer experience, increase sales and drive growth, it is of utmost importance that you maintain a balance with the need for profitability. Excessive spending can lead to financial difficulties in the long run.
5. TikTok Marketing
Epstein strongly recommends TikTok as a platform for promoting products sold on your Shopify store. “Build a beautiful Shopify site and take the product photos yourself. Then start making TikToks, yes start with marketing yourself on TikTok,” he suggests.
6. Video Advertising
The influencer marketing expert also believes that it is best to use TikTok videos as paid ads to reap the benefits of video advertising. “As soon as some of your videos pop off, use those videos as paid ads. If your paid ads start converting scale the ads,” Epstein says.
7. Influencer Marketing
After following the first six tips mentioned above, Epstein believes that it is the right time to stock up on in-house inventory and “move over to influencers as a primary way to scale my brand”.
Influencer marketing is at its peak right now. Across the globe, brands are roping in influencers to boost sales and engagement. While Shopify is allowing brands to build their online stores to directly sell to customers, influencer marketing is helping them establish a strong relationship with their target audience.
ALSO READ: Influencer Marketing: Shopify Merchants’ Answer to Target Audience Amid Rising Costs
“Marketers are faced with rising costs, ad blockers, and the end of IFDA (among other sweeping new privacy changes), and they are looking for new ways to get in front of their target audiences – influencers are the answer,” Aspire CEO Anand Kishore told Gary Drenik in a Forbes interview.
“Influencers remain the best way to reach your target audience on social media, especially as more and more users are shopping directly through the platforms. According to a recent Prosper Insights & Analytics survey on media behaviors and influence by generation, 25% of Gen-Z and 21% of Millennial respondents said social media platforms influence their buying habits for the most common consumer products like apparel, beauty, grocery, and electronics, compared to 15% of Gen-X and 8% of Boomer respondents,” he added.
8. Now or Never!
Epstein believes that once started you should never look back. “The key is to take action today! If you keep thinking about making that step you will never actually do it,” he says on Twitter.
Epstein’s eight tips were followed by a request for follow “to learn more about e-commerce and influencer marketing”. He also shared a link to his in-depth influencer marketing course, which costs $250.
