SUCCESS IN ONLINE RETAIL BANDWAGON: IS IT POSSIBLE FOR STARTUPS?
In eCommerce, if you don’t want to be crushed by retail Goliaths, you have to be a projectile warrior just like David. Amid the considerable diversity and effectiveness of different digital marketing platforms, there is no substitute for hard work and dedication. These values can make your brand outlast you.
According to Statista, In 2019, global retail sales of apparel and footwear reached 1.9 trillion U.S. dollars and were expected to rise above three trillion U.S. dollars by 2030. The fashion industry continues to have positive growth, especially in some emerging markets.
However, the brick-and-mortar clothing industry had suffered a lot due to the pandemic. People have pivoted into digital nomads and online entrepreneurs. Although this digital avenue is not a one-size-fits-all, some startups have managed to find the right marketing tools, strategies, and online podium to raise brand awareness and boost conversion.
Success requires innovativeness, agility, passion, creativity, and the right strategy. Oftentimes, it does not come in pretty packages.
In this episode, we’ll cover:
- What you need to thrive in eCommerce
- Why you need to consider and try different marketing platforms
- What is the importance of staffing
- Why you need to hire a digital marketing agency
I talked to Matt and Meredith Snow, Co-founders of BoredWalk Los Angeles. This power couple catapulted from being creatives who love to test waters in terms of design and career to being Ecommerce Elites. The duo shared how their love for anything aesthetic made them decide to start selling handmade handicrafts with pop art themes. Although the concept was great, it was not sustainable. This concern made them switch gears to wearable items, something that does not need tedious work on their part, especially on the production side. To keep the business up and running, they utilized their garage space and a guest room as an office.
Why Testing The Waters Is Important In eCommerce
When the two entrepreneurs started to collaborate in all aspects, they found out that a shared career and interest is essential for couples who want to start a business. Matt mentioned that they don’t need a debriefing after office hours since they sit with each other in a four-cornered room. With both motivations in sync, similar work ethic, and goals aligned, success was inevitable. Matt started as a graphic designer and Meredith as a software engineer.
In 2013, they transitioned into eCommerce and found that it was not a quick-sell platform. It requires testing the waters, so they started looking at other boutiques and seeing which designs are selling. Matt quoted that if you spend more than 15 minutes creating a specific product, it is too long. The couple took two years to gain a stable footing after figuring things out.
In 2015, when Amazon was scouting on Etsy, the team reached out to them to see if they could try the platform. As a result, they made a 40% gross revenue; they later pulled out.
Why It Is Not A Good Idea To Put All Your Eggs In One Basket
With the certain lapses in some eCommerce platforms, Matt and Meredith decided to prioritize and focus on their online store. They had to learn how email marketing works and even hired a tutor. They also tapped a digital marketing agency and mentioned that the remaining four weeks of service were terrible. Matt advised that it is not wise to rely on a single income-generating source. In addition, the Creative Officer of BoredWalk mentioned that while Google is good for retargeting, Facebook, and Instagram for brand awareness, organic socials can also bring success.
Why Is It Important To Hire People On The Same Boat
Since the Snow’s retail business is already generating huge returns, they also need to increase their staffing. Matt mentioned that during their pioneering days, they had a flat structure in terms of workforce. To solve the issue, they decided to hire people who can do the management operations. In addition, they also built an in-house marketing team and customer care who can deliver client satisfaction by accommodating the demands and providing alternatives whenever possible. Based on experience, both agreed that the bigger your business gets, the harder it becomes. When asked what it is that they could have done sooner? Their answer is to skip the traditional trade show route and venture into eCommerce right away.
If you want to get started with your eCommerce business, YellowFin Digital is willing to assist you in:
- Custom Web Design
- Web Development
- Digital Marketing
- Mobile App Development
For results-driven sales and marketing strategies, feel free to reach out to us, here.