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Tag: ecommerce

  • 6 Ecommerce Trends You Need to Know This Year | Entrepreneur

    6 Ecommerce Trends You Need to Know This Year | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the post-COVID world, the trend of online shopping is at its peak, with whopping ecommerce sales growth. Thus to stay competitive and successful in the business world, companies need to understand the unique needs of their customers and keep track of the latest ecommerce trends.

    If you want insights into the latest ecommerce tech trends for 2023, we are here to help. Read along as we unravel the technological marvels that can redefine the ecommerce industry in 2023 and beyond.

    1. Social commerce

    Over the last few years, social media platforms have emerged as one of the most powerful marketing tools. From being designed as communication platforms, functioning as business opportunity providers, helping companies to market products, engage customers online and provide real-time customer support, social commerce has come a long way. It has been estimated that more than 100 million Americans indulge in online shopping through social media platforms, with Facebook marketplace being a top choice. Thus the ability to find the required products on their favorite social network, with a unique shopping experience, this online retail is surely one of the biggest eCommerce tech trends for 2023.

    Related: What Brands Need to Know About Social Commerce

    2. Buy Now Pay Later (BNPL)

    Buy Now Pay Later is a unique tech trend that is a hyped ecommerce tech trend for 2023. The BNPL service allows customers to purchase the required goods with easy and interest-free installments, making high-value products more accessible and affordable. They no longer require traditional credit cards or to pay upfront payments. With just a few clicks, customers can opt for the BNPL option at the checkout and proceed with their transactions.

    This service gained massive traction during the COVID-19 pandemic as people wanted flexible and alternative funding sources, and BNPL was an ideal option. Nowadays, most ecommerce has integrated the BNPL service and streamlined the checkout processes, providing a user-friendly and financially empowering solution for consumers.

    Related: The Future of Online Shopping Is ‘Buy Now, Pay Later’

    3. AI-powered personalization

    With 2023 rolling out, artificial intelligence has surfaced as one of the most popular ecommerce tech trends. In times when everything is available to everyone online and online presence has become an everyday norm, consumers do not want to be treated like a coded entry on the Excel sheet of clients.

    They want to enjoy a more personalized experience with the brands they are willing to invest in. Thanks to the rapid technological advancement in digital marketing, AI has provided multiple digitally powered solutions. AI-powered chatbots and AI voice assistants are one of the most popular ones. An AI Chatbot can keep your customers engaged throughout the journey, from providing a personalized greeting message to assisting with all intersecting ends.

    They can analyze larger chunks of customer data and predict buying habits, which can help provide relevant information to the clients and keep them meaningfully engaged with the brand. On the other hand, an AI power voice assistant responds to the consumer’s verbal commands and provides them with the most relevant results.

    4. Livestream commerce

    You can say that livestream commerce is the modern and much more user-friendly version of the old TV shopping channels that used to go on air. This is an online platform where the host shows different goods to the consumers in real-time. While it is a relatively new trend in the USA, picking up pace in 2023, it has already made its mark in countries like China and India. Streaming allows companies to show their product in all dynamics, respond to real-time customer requests and engage with their feedback instantly. Thus with the customer attention span dropping each year, livestream commerce is a prominent trend to invest in in 2023.

    Related: 3 Ecommerce Trends You Need to Know in 2023

    5. Progressive web

    Progressive Web is an innovative technology that allows businesses to develop a type of web application that operates on modern web technology to offer customers an app-like experience. These web applications are designed to be responsive and engaging, providing an immersive buying experience similar to native mobile apps. Modern users want websites that load quickly, operate on any platform (i.e., Android, iOS, etc.) and can adapt to different sizes.

    6. Supply chain optimization

    Supply chain optimization is a process that ensures maximum efficiency in the flow of goods, services and information from their point of production to the point of consumption. It streamlines all the critical processes involved, including sourcing, production, transportation and distribution.

    In the modern digital world, companies optimize their supply chain by using innovative AI technology, which helps them predict the demand, generate a desired inventory, build an efficient network design and pre-analyze distribution inefficiencies.

    While the ecommerce field is experiencing a boom, as more and more people prefer online convenient shopping, this has also pushed companies to put forward their front foot and cope with the emerging eCommerce tech trends. With the correct tools and innovations, businesses can capitalize on new opportunities, revolutionize customer experiences and stand out in a crowded digital retail space.

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    Mohamed Elhawary

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  • The Rising (and Expensive!) Cost of “Free” Shipping | Entrepreneur

    The Rising (and Expensive!) Cost of “Free” Shipping | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Covid-19 cemented the expectation of two-day and next-day shipping for “free” with Amazon Prime. Just before Jeff Bezos stepped down in 2021, Amazon had added 50 million subscribers over the pandemic. Back then, Prime was $119 a year, a price set in 2018.

    Now, it’s $139 a year. Amazon recently announced it had updated its inventory management system and search algorithms to reduce the number of touchpoints in the delivery system to keep delivery times low. It’s also added a $1 fee for returning packages when an Amazon pickup/return center is reasonably close by. This and other minimum order limits have shown the shift towards moving costs back onto the consumer for home delivery. It’s not just Amazon, though.

    Walmart has had less luck in the optics of this shift, recently receiving vocal outcry on Twitter about their high delivery prices. If you’re not a Walmart Plus member, you’ll pay up to $9.95 for a delivery fee on regular orders. “Express” delivery is an additional $10, no matter if you’re a Plus member or not.

    So, why now?

    Amazon was trying things during Covid-19, like every huge ecommerce company. There were new problems to solve and plenty of money coming in, but now they’re done throwing spaghetti at the wall. Amazon is cutting back, with over 27,000 people laid off this year and programs like the Scout delivery robots, brick-and-mortar bookstores and Halo health device being shut down. With the experimentation phase over, the main concern is making costs.

    Related: Amazon Increases Prices for Prime Members Once Again. Is It Still Worth It?

    Bezos is gone, so there’s a responsibility to shareholders. Amazon is too large to be a completely lean and trimmed organization, but the core delivery service (200 million subscribers use) must work. To match consumer expectations, they’ve shifted to AI and robotics, emphasizing the “regionalization” techniques to get products delivered faster. They’ve shifted to AI and robotics to match consumer expectations. And it works. It’s good. But…

    Even though Amazon has such expansive warehouse distribution, it’s never going to be perfect. No matter what you have, logistics and robots, 90% will be good… but never 100%. The fully automated sci-fi future is still a ways away, so, for now, we need to be aware of the human element in delivery.

    Drivers, both short and long-haul drivers, are a key human element in the delivery system. People are necessary to move products, either between warehouses or to someone’s front door. Working conditions are tough. There’s no time for breaks, and there are expectations to get packages to as many doors as possible every day. In California, an Amazon Delivery Service Partner organized a union with the Teamsters to secure safety protections and pay increases.

    Related: ‘Amazon Is Too Big to Listen to Anyone’: Dum-Dums Says It Is Losing Millions to Amazon Seller Scam

    My dad is a long-haul driver, and it takes a lot of planning to maintain any semblance of work-life balance. Just to be able to work out, he had to find a gym membership that had locations along his routes in New Jersey. The human element is a limit that can’t be pushed within the delivery infrastructure, or you run the risk of dehumanizing your workforce.

    Drones have been talked about as an option for smaller products. Amazon even announced its new drone last year, but it is still limited in where and what it can deploy — it drops its payload from 12 feet in the air. There’s a “last meter problem” with drone delivery. It has to be safe for the package and everyone on the ground.

    For now, drones will be expensive to monitor and maintain. DroneUp, a Walmart-backed startup, had to lay off part of its workforce, saying new hires will come in the future. Scaling drones to cover the delivery process will work eventually, but that will take time.

    Where does that leave consumers today?

    Do you remember back in 2020 when all anyone could talk about was the supply chain? Container rates were soaring. Delays at L.A.’s ports were growing. It was the only thing we could talk about — until we all stopped talking about it. For a moment, though, there was a collective understanding of how difficult it is to move products around the world.

    Related: What Does ‘Free Shipping’ Really Mean for Retailers?

    As the world slowly bounced back from Covid, and many businesses, like Amazon, came out on top with the monumental shift to buying online, consumers forgot about those supply chain woes. It’s easy to forget — until it starts to hurt their wallets.

    And that’s precisely where they don’t want to feel it. Consumers don’t necessarily want fast. They want cheap. In a survey, shipping cost was 2.85 times more important than shipping speed. Consumers enjoy getting their products faster, but not at the expense of cost.

    It’s a miracle that two, one, or same-day shipping is accomplishable. The amount of advancement in delivery capabilities and logistics in just the past ten years amazes me. I remember when a delivery taking four to six weeks was the average. As our expectations for quick delivery have been surpassed, it may mean we need to pump the brakes for infrastructure to catch up.

    Maybe consumers learn to pay the extra price for delivery, or companies like Amazon and Walmart market a new, relaxed delivery tier; there are ways to put less stress on the system, and it may lie in putting the concept of “free” shipping to rest. Consumers need to know fast delivery isn’t magic and isn’t free.

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    Tyler Metcalf

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  • 6 Unique Strategies to Generate Immediate Ecommerce Revenue | Entrepreneur

    6 Unique Strategies to Generate Immediate Ecommerce Revenue | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In this article, we will discuss six tactics that can help put immediate cash in your pocket. These aren’t long-term strategies for scaling your business, but rather quick tactics to employ for immediate revenue. You need to be strategic with the traffic sources you allow as part of your marketing mix. Although, nobody is going to blame a scrappy entrepreneur for doing whatever it takes to keep revenues humming.

    Especially with investor expectations and persistent interest rate hikes, having an understanding of tactics that provide immediate revenue and cash flow can help you overcome the ongoing “tough times” in the world of ecommerce.

    Here are six unconventional growth tactics for immediate ecommerce revenues:

    Related: 3 Ways Entrepreneurs Can Tailor Their Ecommerce Strategy for Maximum Growth

    1. Brand partnerships

    Your brand has certain assets of value — including your email subscribers, social media followers, customer lists, etc. A very cost-effective strategy is to partner with like-minded entrepreneurs that sell complimentary products to yours. For instance, you can send an email to a portion of your customers sharing information with an exclusive offer from the partner brand, and they will do the same with your brand and their audience. The goal here is for both parties to get a nice revenue bump, and if both parties are happy with the performance, this can also be repeated on a monthly or quarterly basis.

    2. Call your customers

    Your most loyal customers may appreciate a friendly check-in from the founder of their favorite brand. This gives you an opportunity to share a glimpse of any upcoming product launches, ask for general feedback, share information on upcoming special events, etc. You can also use this time to offer the customer an exclusive offer. This can include free gifts, product samples, free gift cards, etc., as part of a larger bundle. This will give you a revenue boost and can improve repeat customers’ relationships with your brand.

    3. Virtual events

    Hosting virtual events — like webinars, social media live streams or virtual fashion shows and product showcases — can be an invaluable opportunity to help prospective customers alleviate any objections they have to purchasing your product. Use the opportunity to showcase your products, engage with your audience and provide exclusive offers to your attendees. Virtual events can create a sense of community, generate buzz and lead to immediate sales.

    4. Retail takeovers

    You may get into a little bit of trouble with this one. Pretty much, stand outside a big box store that caters to a similar audience to yours. Every customer who comes out gets a flier, a coupon and a sales pitch. If you do a proper job educating these prospective customers on your product or service and have a strong audience fit with the retail stores of focus, your conversion rate can be much higher on this channel. Having more than one person scattered across multiple stores can help. However, this would be a more desperate “mayday” tactic to employ in a “need to make payroll” type of situation.

    Related: How FOMO Tactics Can Increase Ecommerce Revenue

    5. Email networks

    Leveraging your owned email lists to drive revenue is one tactic — leveraging the emails of others can prove to be another cost-effective way to generate revenue quickly. Some people and organizations have access to up to millions of emails — for instance, email newsletters, content publications, brand owners, etc. There are also multiple networks that allow email list owners to monetize while allowing brands to promote their products. You can work with dozens of these mailers, either directly or through networks. Each of these relationships would operate on a performance-based model, meaning, you only pay a fixed pre-determined fee for every sale generated.

    6. Pre-orders

    Money up-front without having to ship inventory until later is a pretty damn good deal. You’re getting an interest-free loan from your customers here. Spin up a landing page for the new product. Make sure to include ample product education and a pre-order offer. The customer is paying the price of having to wait longer to receive their product when they could potentially purchase an alternative elsewhere — giving them a discount, free gift or collectible, for example, can help incentivize customers. Ideally, you have a large enough audience of loyal customers that you can focus on for these offers, as your conversion rate may be much lower if served to a cold audience unfamiliar with your brand.

    Having an understanding of the tactics available to you can be invaluable. However, there’s also value in having a level of preparedness — planning ahead, building relationships with vendors and preliminarily testing these channels for their efficacy for your unique brand. When a problem arises, you may not have weeks, but rather days to find a solution. Smaller issues that can come up leading to delays could be detrimental in these situations. You need to ensure that when the time inevitably comes, you’re nimble enough to quickly capitalize on these opportunities.

    Related: 6 Ways to Quickly Improve Your Conversion Rate and Make More Money From Ecommerce

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    Mustafa Saeed

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  • Ceramic Cigarettes, Tobacco Cologne: A Sly, Smoke-Themed Gift Guide for Dads and Everyone Else

    Ceramic Cigarettes, Tobacco Cologne: A Sly, Smoke-Themed Gift Guide for Dads and Everyone Else

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    In my ideal writer’s setup, there are always two cigarettes within arm’s reach. One bears a faint kiss of red lipstick; the other is a stubbed-out squiggle. Both are ceramic (smoking’s not for me), but they are talismans nonetheless—part of artist Amiee Byrne’s body of work that recasts everyday objects in clay. Past pieces include a coiled extension cord, a stack of pastel dish sponges, a deflated Mylar balloon. But her cigarette series, which spans large vases and a ceramic-topped fragrance collaboration (Smoker’s Kiss) with perfumer Emily L’Ami, has lit a collective fuse. Her upcoming solo show, “Aftermath,” opening June 24 at Los Angeles’s Franchise gallery, illustrates the point. Alongside imaginative new vignettes—an exploded piñata, say, or the disaster zone following a toddler’s tantrum—there will be a self-contained little smoke shop, for anyone needing a facsimile fix.

    “This cancerous stick is so special to so many people,” says Byrne, an Australian with a studio in Los Angeles’s Silver Lake. “People really, really identify with it, and for lots of different reasons.” There is the cinematic glamour, the youthful transgression, the rituals after dinner and sex. A loved one’s pack-a-day habit triggers sensory memories; quitting does too. (My grandfather kept celery sticks in his shirt pocket: a substitute for chewing tobacco.) In an oblique way, smoking—loosely defined, with room for incense and tobacco-inspired cologne and Byrne’s individual cigarette butts, which she is offering for sale for the first time—made sense as an organizing principle for this offbeat Father’s Day guide. Everyone can relate.

    True to the theme, the artist Bernie Kaminski has created a limited run of papier-mâché matchbooks for this occasion. (For details, see the listing below; proceeds go to Aid For Life, which provides assistance to asylum seekers in New York City.) His now 15-year-old daughter, Eleanor, unwittingly lent the first stroke of inspiration, bringing home a papier-mâché seahorse from school. In the years since, Kaminski has fashioned autographed baseballs, restaurant guest checks, a municipal pay phone. “I made some matchbooks that I put in a fake junk drawer,” he says, referring to a veritable magnum opus: Casio calculator, Film Forum ticket stub, measuring tape, ketchup packets, Rolaids—plus the black-and-white Odeon matches he has recreated for Vanity Fair. “It was only after I got the idea to put [the matchbooks] in a shoebox”—papier-mâché Adidas, filled nearly to the brim—“that I started cranking them out.”

    Meanwhile, the chef and food scientist David Zilber offers a counterpoint to smoking with his new edition for Rose, the California-based cannabis outfit known for its produce-driven Delights (a riff on the Turkish sweets). Zilber, a Noma alum who co-wrote the restaurant’s sprawling guide to fermentation, got acquainted with the brand by test-driving samples in Copenhagen, including past collaborations with Enrique Olvera and Natasha Pickowicz. “I’ve long suffered from back pain (20 years in kitchens + scoliosis is a recipe for disaster), and their CBD gummies really, actually, worked to chill my nerves and muscles out whenever my lumbar was acting up,” he writes by email. “And as for the THC, well, they’re just perfect. Easy to dose and genuinely delightful.” Zilber momentarily had his hands full with a new baby, but the Rose partnership picked up late last year, “when I only just started to feel like I was getting the whole ‘being a dad’ thing under my belt.” His creation—Nashi pear with kimchi brine and a dusting of gochugaru—reflects a bright, inventive worldview. “Leaving the high-octane life of fine dining opened up so much for me, including fatherhood,” he adds. “That said, I’m currently more exhausted than ever. Haha.”

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    Laura Regensdorf

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  • Ecommerce And Tech Companies Have Much to Learn From Each Other | Entrepreneur

    Ecommerce And Tech Companies Have Much to Learn From Each Other | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There are lessons to learn every day in the business world. Often, we find ourselves looking to companies in our industry or vertical for winning examples and strategies. This is a great habit, but sometimes you have to look beyond the familiar to find new unique approaches to growth that you can adopt.

    As someone who wears many hats and has been part of all different types of online startups — from SaaS healthcare platforms to an ecommerce brand that makes wild pool floats, consumer real estate market places and even card games — I have come to realize that everything and everyone has something to learn from each other.

    Nowhere is this truer than in the sometimes disparate worlds of SaaS (software as a service), technology companies, and direct-to-consumer ecommerce companies. Besides the key differences between software and physical products, the way these companies operate can be opposites. Sometimes you need a foot in both worlds to realize how much two industries must learn from one another.

    Building brand loyalty

    Ecommerce has traditionally been hyper-focused on building brand loyalty as a means to grow. This should always be a priority, with a reported 72% of global customers saying they feel loyalty toward at least one brand or company. These businesses build loyalty with referral programs, freebies, rewards, stellar customer service and all-around great engagement. While each of these perks can apply to tech companies, too, building brand loyalty within SaaS tends to happen more organically through product innovation and efficiencies.

    The first lesson tech can learn from ecommerce is that intentionally building a brand to earn loyal SaaS subscribers is critical for retention. That means innovating specifically with user feedback in mind, which can be even more effective when customers and clients are closely involved in the personalization of a platform. That way, these customers graduate from passive users to being completely dependent on what you have built for them.

    In SaaS, there has been a movement to open development, which allows users to determine the next best features that should be created. This builds a brand and loyalty, as they feel part of what you are building and stick around to see their ideas come to life. Put a cherry on top, and don’t be afraid to throw the odd piece of free merch for great product feedback. On the flip side, ecommerce can learn from its tech counterpart to branch out from the brand loyalty route and adapt its core products to meet market needs.

    Related: How This New Style of E-Commerce Transforms Online Business

    Scaling up

    When we hear about tech companies rapidly scaling, it’s often due to Moore’s law of network effects — which refers to when more usage lends itself to a better overall experience and greater value for all users. In other words, the more players, the more winners. This allows tech companies to receive free, organic advertising when active customers bring more users to the platform.

    In contrast, when you look at ecommerce companies, they have historically scaled through advertising campaigns. That’s where the next lesson comes in: ecommerce companies need to learn how to better leverage outside resources. This includes partnerships with influencers, ambassador deals, capitalizing on positive word-of-mouth chatter, and prioritizing organic sales through referrals.

    It’s easy to get stuck in a digital bubble with ecommerce, where blasting out digital ads and social media promotions en masse into the ether feels like the ceiling. But ecommerce companies thrive when the digital world meets the real, and they can learn a lot from the time and attention tech companies give to their users.

    Related: 5 Dos and Don’ts of Scaling Your Tech Startup on a Budget

    Efficiency

    Every business strives for efficiency, but ecommerce can teach tech companies to be especially lean rather than overly focused on headcount and headlines. For example, ecommerce brands use various tools to outsource human needs to help their companies scale faster. Examples include software platforms for inventory management, data entry, automation, virtual assistants, analytics add-ons, remote website developers, AI customer service and much more.

    Ecommerce companies don’t run day-to-day operations the same way your typical brick-and-mortar store would, meaning efficiency isn’t a preference but a necessity. Tech companies should learn to leverage their own internal tech stack of partners — your software and technologies needed to run your platform — which can also turn into a referral network.

    SaaS has been affected by the recent shift in the market demanding massive cost-cutting, leading to recent layoffs with companies getting more capital-efficient and profit-focused rather than growth at all costs. Ecommerce tends to stick to the basics and is naturally required to be profitable to operate. This is crucial now that the market has shifted, and all eyes are on tech companies’ financials, not just their growth.

    Related: Hack Your SaaS Growth With These 3 Easy Strategies

    Synergistic teams

    Ultimately, it still comes down to the people when we put aside the tech logistics and business jargon. Yes, we may be reading headlines of AI and automation getting better and more intelligent by the day, but there are no signs of it replacing the core roles just yet. Both ecommerce and technology companies need to leverage the strength of a synergistic and aligned team that can move fast, efficiently, and innovate. The founder’s role should always be to steer the ship in the right direction, keep it on course, promote the company, and gain notability.

    If there’s one thing I’ve learned, scaling up doesn’t happen when you stick too close to the book. Think outside the box, operate like every dollar spent comes from your life savings, and it will push you to get scrappy and force innovation. Some of our most valuable lessons can be right in front of us, primed and ready to be applied in a whole new business setting waiting for lift-off.

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    Patrick Frank

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  • How AAPI–Owned Beauty Brands Are Making Waves and Garnering Support

    How AAPI–Owned Beauty Brands Are Making Waves and Garnering Support

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    The business of beauty is inherently personal for the wearer, down to the pitch-perfect foundation shade. But the products that land in the medicine cabinet often reflect a broader story about shared values, experiences, and aesthetics, as well as which makers one chooses to support.

    AAPI Heritage Month, which falls during May, arrives in the swing of a banner year for representation among members of this community in the United States. In March, the Academy Awards heaped honors—including a best picture statue—upon the genre-bending movie Everything Everywhere All at Once, starring Michelle Yeoh, Ke Huy Quan, and Stephanie Hsu. The following month, Netflix’s breakthrough hit Beef put Ali Wong and Steven Yeun in the spotlight, as their characters waded through macro- and micro-aggressions. Designer Peter Do has landed at Helmut Lang; Japanese Breakfast’s Michelle Zauner is adapting her best-selling memoir, Crying in H Mart, for the screen. And while such high points are certainly not enough to heal the collective trauma inflicted by recent waves of racially based violence, this unprecedented visibility is critical for the AAPI community—all the more reason to champion the AAPI–led beauty brands on the shelves.

    From AI–powered skin care rooted in Korean tradition to makeup artists’ essentials lighting up TikTok, the celebrated products by these 18 companies illustrate the richness and ingenuity of the many cultures that comprise the AAPI community. Naturally, this list just scratches the surface, but it’s a starting point for showing support. Plus, you just might find the product that takes your beauty routine to the next level.

    House of M

    After a stretch of postpartum depression led Anne Nguyen Oliver to the sleep-enhancing benefits of medical-grade saffron, the Vietnamese native dove into research about the ingredient’s topical uses—particularly as an ultra-gentle treatment for her hormonal melasma. That discovery inspired her to launch House of M in 2019, beginning with a serum featuring the purest grade of saffron (called negin), which has sold out three times. Nguyen Oliver’s California-based line has since expanded to include three additional skin care products, including this hydration-boosting mask.

    House of M Saffron Miracle Serum

    House of M Beauty Saffron Glow Jelly Mask, Set of 4

    Patrick Ta

    After making his name as a go-to makeup artist for the likes of Gigi Hadid, Camila Cabello, and Joan Smalls, Vietnamese wunderkind Patrick Ta packaged up that bombshell aesthetic and established his own makeup line in 2019. Anchored in shades and textures designed to give skin a dewy, sculpted glow, the product range spans face and body. He’s put his professional pedigree to good use, pairing complementary colors in a best-selling blush palette to ensure a pop of color with lasting wear.

    Patrick Ta Major Beauty Headlines Double-Take Crème & Powder Blush

    Patrick Ta Major Dimension II Rose Eyeshadow Palette

    Tower 28

    After building her career with notable beauty brands, founder Amy Liu set out to create her own, with sensitive skin in mind. (Tower 28 takes its name from a lifeguard tower in Santa Monica that serves as a meeting spot for locals.) Every product in the line, including the range’s best-selling tinted sunscreen, cream blush, and restorative face mist, is formulated in keeping with guidelines from the National Eczema Association to sidestep any potential irritants.

    Tower 28 Beauty SunnyDays SPF 30 Tinted Sunscreen Foundation

    Tower 28 Beauty OneLiner Lip Liner + Eyeliner + Cheek Pencil

    Good Light 

    Few people have broadened the conversation within the beauty industry quite like David Yi, whose media platform, Very Good Light, has championed a definition of beauty that supersedes the gender binary. Yi’s long-running efforts to redefine masculinity and how it relates to personal care led to the 2021 launch of his own inclusive skin care line, Good Light. 

    Good Light Cosmic Dew Water Cleanser

    Ctzn Cosmetics

    Founded by three sisters who noticed a lack of makeup options for brown skin tones on the shelves, Ctzn Cosmetics is an edited collection best known for its nude lipsticks, which come in 25 variations. The product offerings also include lip liners and glosses, along with a new dual-ended eye shadow stick developed with makeup artist and chief creative officer Sir John—all in similarly nuanced and wide-ranging shades.

    Ctzn Cosmetics Nudiversal Lip Duo

    Ctzn Cosmetics Eye Elements Dual-Ended Eyeshadow Stick

    Sulwhasoo

    Sulwhasoo has been a mainstay in the skin care realm for decades, with an emphasis on traditional Korean herbs that has helped build a cult-like following. What has kept the brand feeling modern is its continual drive for reformulation; through its use of a data-driven algorithm, Sulwhasoo incorporates new findings in order to achieve what it deems to be an optimized ratio of active ingredients—ensuring that the products you buy are the very best iterations. Earlier this year, the company announced a year-long partnership with the Metropolitan Museum of Art and named Tilda Swinton its new global ambassador.

    Sulwhasoo First Care Activating Serum

    Sulwhasoo Overnight Vitalizing Mask

    Riki Loves Riki

    While ring lights were game-changing for the beauty world, particularly on social media, Wanchen Kaiser and her husband, Erik, took the concept a step further with a line of sleek mirrors framed in bright LED lights. Riki Loves Riki’s mirrors also come with various levels of dimming, a magnetized phone mount, and even Bluetooth capabilities—making them ideal for both makeup experts and rookies alike.

    Riki Loves Riki Riki Skinny Mirror

    Riki Loves Riki Riki Super Fine Handheld Mirror

    DamDam

    Japan has long been a player in the skin care world (see: Shiseido and SK-II), but DamDam, cofounded by Giselle Go and Philippe Terrien, represents the next sustainably sourced iteration of J-Beauty. Crafted entirely in Japan, the formulas in the line are infused with traditional ingredients like shiso leaves, rice, and konnyaku.

    DamDam Skin Mud Pure Vitamin C Mask

    DamDam Mochi Mochi Luminous Plumping Moisturizer

    Live Tinted

    Following requests from her vast digital community, beauty influencer turned entrepreneur Deepica Mutyala launched an inclusive makeup line in 2018. It features products inspired by Mutyala’s own hacks (such as using red lipstick to color-correct under-eye circles) and has become a favorite of Phenomenal founder Meena Harris and dermatologist Shereene Idriss, MD, who’s particularly fond of the brand’s mineral sunscreen.

    Live Tinted Huestick Multistick

    Woo Skin Essentials

    Tattoo artistry is necessarily tied to skin care, so it wasn’t a complete surprise when Brian Woo, the LA–based tattoo artist better known as Dr. Woo, launched his own line of products in 2020. Known for his single-needle designs—and A-list clientele, which includes everyone from Bella Hadid to Zoë Kravitz—Woo focuses on the essentials for a healthy canvas, including a cleansing bar gentle enough for freshly inked skin.

    Woo Skin Essentials ​​Revitalizing Body Moisturizer

    Woo Skin Essentials Gentle Cleansing Soap Set

    U Beauty

    In 2019, BagSnob founder Tina Craig introduced her inaugural skin care product, the retinol-powered Resurfacing Compound, in a way fitting of a fashion influencer: by handing out samples during Paris Fashion Week. Previously known for her multi-step skin care routine, she advocates for a streamlined approach, with thoughtful, efficacious formulas that use proprietary technology to deliver active ingredients exactly where they’re needed most. 

    U Beauty The Return Eye Concentrate

    U Beauty The Barrier Bioactive Treatment

    5 Sens

    While you might recognize Divya Gugnani as a cofounder of Wander Beauty, the serial entrepreneur has embarked on another project with the debut of 5 Sens, a fragrance line partly inspired by her own sensitivity to irritants often found in traditional perfumes. Not only are the formulas clean and free from common allergens, but the titular number also factors in heavily: Each of the five debut fragrances is designed to trigger the five senses for a multifaceted experience.

    5 Sens Twin Flame Eau de Parfum

    5 Sens Catch Feelings Eau de Parfum

    CLE Cosmetics

    Minimalist-minded CLE Cosmetics (short for Creative Lass Esthetic) applies cutting-edge Korean technologies to makeup and skin care essentials, resulting in delightfully cushiony textures and hybrid formulas. CLE Cosmetics founder Lauren Jin rarely goes without the brand’s innovative lip powder, which she also applies to cheeks for a naturalistic flush. Shade extensions for the CCC Cream are newly in stock as well. 

    CLE Cosmetics Essence Moonlighter Cushion

    Soft Services

    In its two years since launch, Soft Services has already made a noted impact on the beauty industry, redirecting attention from the face to below-the-neck zones. Founded by two Glossier alums, the brand applies gold-standard ingredients at percentages high enough to treat the thicker skin on the body, targeting stubborn concerns like ingrown hairs, keratosis pilaris, and body acne—all with style.

    Soft Services Carea Cream

    Soft Services Smoothing Solution

    JinSoon

    A fixture behind the scenes at marquee runway shows (Marc Jacobs, Proenza Schouler), nail artist Jin Soon Choi is known as much for her carefully curated line of nail colors as for her namesake salons. In recent years, she’s branched out into sweet, seasonally inspired nail appliqués and a dedicated nail care range, proving that there’s more to a finessed manicure than polish alone.

    JinSoon Flower Nail Art Appliqué

    JinSoon x Suzie Kondi Nail Polish in Palma

    Superegg

    Eggs, known for their high nutritional value, have been a mainstay in Asian skin care for centuries—but they’re decidedly not vegan. With Superegg, founder Erica Choi set out to replicate that nourishment using entirely plant-based formulations powered by proven ingredients. The line includes all the elements of a comprehensive (but edited) routine, including a pleasantly creamy cleanser.

    Superegg Sound Renewal Serum Cream

    Superegg Calm Movements Eye & Cheek Mask, Set of 5

    Indē Wild

    Model Diipa Büller-Kholsa (one of the first Indian influencers to reach millions of followers) shifted from a career in law to social change before setting out to found her own beauty brand. Inspired by her mother, an Ayurvedic doctor, Büller-Kholsa drew from her own experience with acne to marry the best of modern science with age-old Ayurvedic rituals. The curated skin care offerings have recently expanded to include formulas for hair as well.

    Indē Wild Champi Hair Oil

    Indē Wild PM Sunset Restore Serum

    Tatcha

    Tatcha was among the first skin care brands to bring on board a makeup artist—none other than Daniel Martin, responsible for Meghan Markle’s naturalistic wedding makeup. It was a clever move for founder Victoria Tsai, whose products draw inspiration from time-honored, Japanese beauty rituals. The line also features decidedly modern, makeup-adjacent formulations, such as a mineral sunscreen that doubles as a skin-smoothing primer.

    Tatcha The Silk Serum Wrinkle-Smoothing Retinol Alternative

    Tatcha The Silk Sunscreen Mineral Broad Spectrum SPF 50

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  • 6 Tips to Know Before Starting a Summer Side Hustle | Entrepreneur

    6 Tips to Know Before Starting a Summer Side Hustle | Entrepreneur

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    Summer is here, and it’s a great time to consider starting a side hustle. There are many guides and resources out there to help you get started, but there are a few things you need to ask yourself before you dive deep into the world of side hustles.

    The following six considerations aren’t going to dramatically change your approach to side hustles or your ability to make a passive income. Still, they can save you time and potentially bypass many of the bottlenecks entrepreneurs experience in the ideation stage.

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    Entrepreneur Staff

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  • How Ecommerce Businesses Can Succeed During a Downturn | Entrepreneur

    How Ecommerce Businesses Can Succeed During a Downturn | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Business owners around the world turned the page into 2023 facing a complicated set of challenges. A combination of macroeconomic forces are working together to make life difficult for small businesses and large corporations alike. These economic trends will have a diverse set of effects on employers, employees, job seekers and customers, leading some businesses to freeze in a state of paralysis.

    In countries throughout the world, the ongoing challenge of inflation is making it more expensive for businesses to pay for the goods and services they need to survive. Whether it’s a local restaurant buying ingredients and printing menus or a global corporation paying for software subscriptions, rising costs are having a domino effect that eventually reaches the end consumer. When inflation isn’t controlled, it becomes a perpetual pain machine: Consumers with diminished purchasing power are left to choose between the goods and services they need, leaving businesses to deal with increased competition for wallet share.

    In particular, ecommerce businesses are navigating the headaches of inflation while also dealing with the long-term impacts of global conflict and the ripple effect of the Covid-19 pandemic. Inventory challenges caused by supply chain disruptions make it more difficult for businesses to ship orders and meet customer expectations. Some organizations don’t have the agility to keep up with increases in demand, while others are left with warehouses full of unsold inventory.

    The era of easy money is over, and business leaders know they will have less margin for error in 2023 and beyond. Yet the basic instincts for how to survive a recession — cut spending, lay off employees and wait for the recovery — could prove fatal in the current downturn. Past recessions have shown that investing in innovation pays enormous dividends during tough economic times. While it may seem counterintuitive, now is the moment to bet big on digital transformation and race ahead of more careful competitors.

    Related: How Ecommerce Companies Can Grow During a Recession

    A pivotal moment for platform investments

    When there’s less money to go around, it doesn’t pay to be careful — it pays to be nimble. Consumer-facing businesses need to be able to respond quickly to changes in demand or customer sentiment. If a product suddenly takes off, a retailer needs to be able to stock it. If a service provider starts to see declining subscriber numbers, it needs to adjust offerings quickly to stop the bleeding. Those that take a “wait and see” approach to their problems will eventually find that they’ve been overtaken by fast movers and it’ll be too late to save themselves.

    How can businesses use digital transformation to achieve more agility in 2023? The key is to take advantage of platform technologies. Platform approaches like enterprise marketplaces and dropship models make it possible for large and small organizations to minimize their risks and maximize the upside for a potential recovery. By investing in marketplace technology, B2B and B2C businesses can rely on a network of third-party sellers when they need to respond to a sudden surge in demand.

    This seller network also provides a new layer of financial security — if demand suddenly declines, the burden of unsold inventory is spread out throughout the network instead of concentrated in a single warehouse. Marketplace and dropship models also make it possible for businesses to diversify their supply chain and quickly overcome some of the short-term snarls that have characterized the last two years.

    Most importantly, platform investments ensure that an organization will be in pole position when the economy begins to recover. Overly careful organizations will cut costs and reduce inventory during the downturn, putting them behind the curve when they inevitably need to scale back up. Agile businesses can rely on their platform technologies to scale without roadblocks during an upswing, relying on partner inventories to ensure that a hot product never truly goes out of stock. While economic downturns often separate successful businesses from their doomed competitors, it’s the recovery that truly reveals which organizations will become market leaders.

    Related: Why Retailers Should Transition to a Marketplace Model

    The only way is forward

    In the aftermath of the Great Recession, retailers struggled for years to overcome economic headwinds and regain business momentum. The onset of the Covid-19 pandemic, however, only led to a brief period of uncertainty before businesses adjusted to the new field of play. No one can predict the extent of the current downturn and how long it will take for inflation to come back to Earth — nor can they predict what will come next.

    Businesses in every industry, but ecommerce businesses in particular, can’t afford to wait indefinitely for the economic tides to turn. We’ve seen upswings and downturns grow more frequent and more volatile in the last decade, and the only way to stay afloat during the changes is to move forward and focus on agility. By committing to digital transformation — investing in platform technologies while others stand still — ecommerce businesses can take advantage of the current slowdown and race ahead of the competition for a long-term recovery.

    Related: 9 Smart Ways to Recession-Proof Your Business (Fast)

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    Adrien Nussenbaum

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  • How to Attract Higher-Quality Customers | Entrepreneur

    How to Attract Higher-Quality Customers | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There’s a difference between a customer who spends hundreds at your store at a regular cadence and one who buys the cheapest product and then never comes back. As an ecommerce owner, founder or operator, you want to make sure you’re driving “higher-quality customers” from your marketing investment. You need to be tracking the right metrics to monitor each traffic source for signs of poor customer quality. More often than not, certain traffic sources will be of lesser quality than others. Understanding what to look for, why this often happens and ensuring accurate monitoring will allow you to better optimize your marketing spending.

    Related: 10 Ways to Get High-Roller Customers Spending More With You

    What do we mean by “low quality?”

    This can often include an inordinate number of order cancellations, lower order values, subscription cancellations and higher product return rates — pretty much, the customer actions we want to avoid. These actions can be detrimental to your business’s profitability. Say you expect your customers, on average, to spend between $60-100 on your website per order. Seeing an average order value of less than $30 all coming from one source is a sign of poor traffic quality. Conversely, if your product return rates are substantially higher from one source to another, that could be another sign.

    A common source deemed to be “low quality” is incentivized traffic — essentially, incentivizing the customer in exchange for purchasing from your store. These incentives are often Amazon gift cards, points or in-game currency. You’ll notice the overwhelming majority of customers will purchase your product merely for the incentive, not because they’re actually interested in your product and value propositions. These customers will likely buy the cheapest product on your website, then return for a full refund once their incentive is received.

    In this example, your average order value went down, and your order cancellations went up. To add to the madness, you’re PAYING to run this traffic. This stresses the importance of understanding how each source of traffic is contributing to your bottom line.

    Why are some traffic sources “lower quality?”

    There could be a myriad of reasons why a customer may partake in lower-quality behaviors. Lower disposable income is often one. There are traffic sources that cater to younger demographics — for instance, students and young professionals. TikTok and Snapchat ads are notorious for attracting younger audiences. Conversely, some sources may skew towards older markets — that may be on a pension or fixed income. These customers are more cost-conscious and may spend less money on your website due to their constraints with limited disposable income.

    You also have to consider the customer’s journey and the influences on their decision-making. Customers on Black Friday or similar holidays may only be coming to your site to pick up a deal, so your repeat purchase rate may not be as strong due to this seasonality. Traffic sources that offer limited information to customers — notable, pop-up ads or other similar forms of display — can result in higher bounce rates on your website due to customer expectations potentially being different.

    The messaging in your ad creative and copy can also influence purchase behavior. If your messaging is primarily discounting your brand or speaking to cost savings, you may be unintentionally driving more cost-conscious customers to your store. This, in turn, can result in lower order values. Nevertheless, these types of customers may still be worth your marketing investment. You need to understand how much you’re paying for these orders and what you’re getting in return.

    Related: 5 Tips for Marketing to Conscious Consumers

    How do we monitor quality?

    The metrics you should track would vary depending on what’s most important to you. If you’re looking to expand your subscription program, early cancellations would be considered an important metric. If you’re looking to improve your ad spend return, low order values and order cancellations would be detrimental. You need to ask yourself, “What don’t I want my customers to do?” Those are the metrics you should be monitoring.

    It’s important to track these metrics for each traffic source. Attribution tools like TripleWhale, Northbeam or Rockerbox can help illuminate which traffic sources are driving the most value for your investment.

    Tactics to improve traffic quality

    Reprioritizing your marketing spending is a great start to improving traffic quality. If you have one source that’s more profitable than another, working on scaling the more profitable channel may be where your time should be spent. Cutting traffic sources that are deemed to be unprofitable or hurting the business due to low-quality orders should also be an important consideration, especially if you’re unable to lower your cost investment for each customer acquired.

    Bundling and upselling strategies can help to improve your order values due to the additional opportunities for the customer to spend more. Focusing on customer education before they purchase the product can also contribute to decreasing your order cancellations due to expectations being better managed. However, these can only “improve” your metrics. You need to add safeguards to prevent fraudulent or lower-quality orders from processing in the first place. Manually reviewing risky orders, limiting order quantities, collecting proof of delivery, showing clear policies on your website, being vigilant around peak shopping seasons, using verification software and building a blocklist are several common tactics.

    You need to approach new traffic source tests methodically. It’s a good industry practice to start with a more limited test — for instance, spending $1,000 or less — to ensure optimal traffic quality before scaling further. This will help you avoid making large investments toward traffic sources that may not be the best for your business and avoid the costly mistakes that many entrepreneurs have encountered before you.

    Related: 6 Reasons Why Attracting the Right Online Traffic Is Your Top Priority

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    Mustafa Saeed

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  • How Ecommerce Businesses Can Beat Rising Ad Costs | Entrepreneur

    How Ecommerce Businesses Can Beat Rising Ad Costs | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The best way to pass safely through a storm is often by being prepared before it hits. In the case of ecommerce startups, that means bracing for rising advertising costs, inventory delays and expensive capital. Jamie Dimon, the CEO of JPMorgan & Co, suggests building a “fortress balance sheet,” one capable of withstanding these economic and industry shocks, is an absolute must for surviving the storm.

    However, the wiser would argue building a fortress “offer model,” one able to withstand fluctuating ad costs, purchase behavior and cash flow is another one of those necessities ecommerce owners, founders and marketers need to include as part of their strategy.

    Related: 3 Ecommerce Trends You Need to Know in 2023

    The basics

    An offer model is a framework that outlines your product or service’s value proposition (i.e., benefits you’re delivering on), features (i.e., what’s special about your product), pricing (i.e., the cost and discount) and guarantee (i.e., returns and warranties). This is how brands communicate their messaging on their website and ad creative to capture the interest of their target audience.

    An offer model should capture the customers’ attention with a unique value proposition, educate the customer about the product and its differentiators, drive urgency with an incentive to purchase and alleviate any last-minute concerns with a money-back guarantee.

    Why YOU

    What to include in your offer model will depend on your customers. That requires some research. Dig through your customer reviews, your competitors and your competitor’s customer reviews. You’d be surprised that many customers will just tell you why they decided to purchase the product and the parts of the offer model they liked most.

    Having an offer model that’s “unique” is something you need to prove, show and/or quantify. If you’re not offering a unique solution to a problem, then the question of “who else?” is inevitably going to pop into the customers’ minds. With the power of Google, I can have all your competitors pulled in a matter of seconds.

    Competitor comparison charts can be an effective way of showcasing your unique value propositions and can limit “shopping around” behaviors. Ask yourself:

    • What does my product do better than any other competing solution on the market?

    • Why would a customer purchase from me instead of each of my competitors?

    • What are the benefits, features and/or ingredients that my competitors are missing?

    Create value and show it

    There’s a difference between how you value your products or services and how your customers perceive that value. A $50 product to a business owner is only the value of the cost of making the product and delivering it to your door. For the customer, it’s the value of using the product to solve a problem or achieve a desired outcome. This difference in value is something that can be leveraged to your advantage in creating more value for your customers.

    For example, offering a “free gift” to a customer that purchases from you — say they bought a bottle of shampoo and you’re giving them a free sample pack of your conditioner. It may cost you ~$2-$3 to make and deliver this free gift to the customer. However, the customer’s perceived value of this gift will often far exceed this, being more in line with the market value of the gift they’re receiving. Instead of offering the customer a 20% discount, which reduces your order value, consider offering them a free gift to take advantage of this value difference.

    You can also use free gift cards to maintain the same effect. Offering a $25 gift card with your first purchase is a $25 value to the customer — even though you know the money will have to be spent on your store to purchase your products. The customer will either use the card themselves or give it to a friend — either way, you got yourself a new sale.

    Showcasing the value of any free shipping, free warranties or free delivery insurance is another way of showing value. You’re paying for these, but the customer isn’t. Informing the customer of the ~$15 shipping they’re getting for free can help the customer better justify the purchase price.

    Related: 4 Ways to Make Value Creation Core to Your Business

    Combating high ad costs

    There are also ways to leverage an offer model to increase the average value you get from your customers. There’s a difference between a customer who buys the cheapest product in your store and a customer who spends hundreds at a regular cadence. There are levers you can pull to influence how much customers spend on your store.

    Taking a bundling strategy, with tiered discounts and free gifts on larger bundle options, is an option many more “CPG” brands take. This strategy likely wouldn’t make sense if you sell a durable good or have a service-based offering. Nevertheless, bundling allows you to deliver more value to the customer in the form of larger discounts — for example, giving them a 25% discount if they buy 3 instead of just 1. This puts more money in your pocket sooner, which is vital in maintaining cash flows as ad costs rise.

    The many ecommerce marketers that avoid discounting at all costs will find this strategy useful — as you’re not discounting your brand, but rather, only providing an incentive for purchasing multiple of the product.

    If you have multiple product SKUs, leverage pre-purchase upsells that are complimentary to the product or service the customer is purchasing, with post-purchase upsells focused on unrelated products to gauge the customers’ interest. You can also set up an email sequence targeting new customers to educate them on your other product offering and to get them coming back and buying more.

    Know your numbers

    Volatility is inevitable, and we’ve had quite a lot of it — from IOS 14.5, persistent supply chain issues, to the looming recession — ecommerce businesses have been through it all. Knowing your campaign-critical metrics will allow you to keep your fortress from collapsing. Your core metrics will vary based on your category. For most ecommerce businesses, that usually includes your Cost Per Acquisition (CPA), Conversion Rate (CVR), Average Order Value (AOV) and Contribution Margin (CM).

    If your AOV declines due to declining disposable income in recessionary times, your CM declines due to rising costs or inventory issues, your CPA rises or your CVR declines due to declining purchase behavior, you must be able to leverage the learnings from your past offer model tests. Whether it be creating more value with gifting, bundling and upselling to increase your order value or selling more products to existing customers to increase your margins, having the data of what performs for your brand will be invaluable in balancing these core metrics to keep the business humming.

    Plan for the worst

    When sh*t hits the fan, you need to be prepared. In the world of ecommerce, that can often include unprofitable ad campaigns, technical issues and running out of inventory. The previous strategies discussed will help with the first one. Hiring a contract developer you can trust with a system for quality assurance will solve the second.

    The third is a bit trickier and will depend on what makes the most sense for your situation. If the customer can expect to receive their product within one month of purchasing, including messaging directly on your store that speaks to shipping delays can actually work to your advantage if you present the situation as “selling out quickly” due to “high demand.” Allowing the customer to pre-order is an alternative, although your ecommerce conversion rates will likely suffer as many would choose to opt for a competitor than bear the wait.

    Nevertheless, the most important focus when “the worst” comes should be maintaining your customers’ experience. The damage from an unhappy customer can often outweigh the damage from lost revenue, especially when you factor in the customer’s lifetime value. You have a responsibility to deliver on your brand’s mission — you can’t do that without inventory. You must ensure customers are aware of how long it’ll take to receive their product, that they understand why their order will be delayed and that they’re informed until they do receive the product.

    Going through this thought process will allow you to build a prepared system in place for when these inevitable problems will come your way.

    Related: How Ecommerce Companies Can Grow During a Recession

    Fortify your fortress

    You’re only as good as your past test. You need to constantly be investing in learning more about what resonates with your customers. There’s an infinite number of offer model combinations you can come to. The chances you’re going to get it right on the first try are unlikely.

    This involves continuous testing and optimization — taking what’s working already and coming up with ideas as to what can potentially perform better. You can A/B test your ideas with what’s working to get some hard data to help inform your decision-making. This also involves continuous research. You should constantly be looking to learn more about your customers’ motivations, pain points and areas of friction they experience — using data points from your customer reviews and competitors.

    Finding the offer model combinations that result in a higher conversion rate will be a win to celebrate in the short term, however, the larger value is learning what your prospective customers are more likely to purchase from. These learnings will make you more nibble in the face of adversity. When your target metrics start to fluctuate due to macro forces, you can double down on the offer model combination that has historically performed for you.

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    Mustafa Saeed

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  • Tech layoffs continue as Shopify shrinks team by 20% | Bank Automation News

    Tech layoffs continue as Shopify shrinks team by 20% | Bank Automation News

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    Roughly 20% of e-commerce platform Shopify’s team has been dropped from the company with the sale of its logistics business to supply chain manager Flexport. “For the past year, we’ve been subtracting everything that’s in the way of making the best possible product,” Shopify Chief Executive Tobi Lutke said in a note to staff this […]

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    Whitney McDonald

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  • Top 5 Ways the AI Revolution Can Help your Ecommerce Business | Entrepreneur

    Top 5 Ways the AI Revolution Can Help your Ecommerce Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Open AI’s ChatGPT has created a buzz about the current “AI Revolution,” but it isn’t a revolution for everyone. This is a time of innovators slowly handing off AI applications to early adopters. The early majority is still waiting on the sidelines, waiting for that AI Revolution to reach their industry or market.

    It’s only begun to permeate ecommerce, where we see businesses using artificial intelligence and machine learning to streamline operations, personalize marketing and enhance the shopping experience.

    As those early adopters start integrating them into their systems, here is how you can apply them to your ecommerce business:

    1. ChatGPT and AI-Generated Content

    The most obvious application of AI is using tools like ChatGPT to generate strategic copy and content. ChatGPT is particularly astounding to us all because it responds in a way that we all understand, with no code or programming knowledge required. As a language model, its skill is navigating human language, pulling from vast libraries of information, giving you exactly what you asked.

    That means you don’t need to rely on human writers to dig through research to create search engine-optimized product descriptions. Businesses are already using ChatGPT to identify those keywords and use them to optimize their copywriting. Shopify even now offers AI generated descriptions based on keywords merchants input.

    Though these AI models are impressive, they aren’t infallible. They still make errors: hallucinations — or information gaps that have been creatively filled in by the AI to give a complete answer. These confabulations can manifest in lies or wrong information, citing sources that don’t exist.

    The data sources that AI pulls from are limited in scope and variety… and slightly controversial. Copyright claims are a concern when AI generates from other sources, and more companies, such as Reddit, want to make more money from the data they provide.

    But text is only half the battle. On Amazon, the title and image are priority number one. The first image of a product on a white background is essential. Then you need lifestyle shots, bullet point overlays and an example of product scale. You always miss a few images that you need during a photo shoot. Photoshoots are expensive, and AI could bridge that gap. Sort of.

    Image generation isn’t quite there yet. Levi’s, the denim company, recently had a campaign using AI from Lalaland.ai wearing their clothes. The models have a slightly “off” look to them, as most AI-generated images do, but it shows off the clothes without having to hire an actual model to put them on. This technology works well with clothes, but we have yet to see a tool that uses models interacting with more complicated 3-D objects.

    Related: The Dark Side of ChatGPT: Employees & Businesses Need to Prepare Now

    2. Chatbots and customer interactions

    More and more customers are interacting with chatbots and are enjoying the process. They’re available 24/7 and generally converse naturally, personalizing the experience. They also can upsell in the moment of interaction.

    Chatbots also speed up the customer support process. A survey of executives with companies using chatbots found that 90% had “measurable improvements in the speed of complaint resolution.” The less time people wait on the phone for a customer service agent, the happier they are.

    They do have limits, though. Chatbot company, Tidio, found that people prefer a human assistant when it comes to returning a product, troubleshooting and complaining about a service or product. Other companies offer chatbot integration for online businesses as it becomes more common to interact with these chatbots during an online customer journey. It’s possible to have one custom-built for your company, but also more expensive.

    3. Advertising targeting and personalization

    Catching potential customers in the consideration phase is getting easier, as AI-targeted ads intercept them during their shopping process. Online buyers will research for the product that best fits their needs, and as they hone in on their searches, an ad might pop up, giving them exactly what they need.

    Online furniture retailer Wayfair is an example of a company that uses AI to determine which customers are most likely to be influenced by the ads and, using their browsing histories, choose products they might actually buy.

    AI algorithms analyze vast amounts of data about customer behavior, demographics, purchase history and interests. More businesses are specifically using AI to distill this info for audience targeting and segmentation, avoiding bombarding consumers with irrelevant content. Higher engagement rates turn into more conversions.

    Another important aspect of creating targeted ads is through keyword harvesting — finding the best keyword match for your product. Automatic campaigns can be set to mine keywords, transfer keywords between campaigns and boost bids depending on peak and off-peak hours. It’s an optimized ongoing process that either you or an employee would otherwise have to do constantly.

    Marketing personalization gets even more advanced with AI-generated customer personas. Companies like Delve.ai use millions of data points from internal and external sources to create ideal customer personas, competitor personas, and social personas. Some AI tools use collected psychographic data and qualitative psychological factors to create more accurate personas than ones made with just demographic and behavior metrics.

    Related: 5 AI Marketing Tools Every Startup Should Know About

    4. Sentiment farming and fraud prevention

    Sentiment analysis is a newer tool to mine opinion data from reviews, surveys, web articles and social media. Language models are used to sift through the noise online to pull out what customers say about your products.

    You’re left with actionable insight into how consumers feel about your brand, your products and their customer journey. Opinions are measured by the adjectives used in conjunction with the product or service being reviewed. These adjectives are rated, and a score is revealed to rank the opinions. These opinions are sometimes skewed by paid reviewers making fake positive or negative reviews, which mislead customers. Sentiment analysis has been found to help prevent fraud by using language models to find spam reviews.

    Related: How AI and Machine Learning Are Improving Fraud Detection in Fintech

    5. Supply chain planning

    By analyzing customer behavior and demand data, AI-powered tools can help businesses optimize their inventory levels, reduce waste, and improve the efficiency of their supply chain.

    Forecasting customer demand and capacity constraints is necessary for supply chain management. AI tools can ensure that warehouse facilities have the correct flow of inventory in and out to protect against under- or overstocking. Amazon offers AI-powered inventory management through Intellify, building demand forecasts that allow your teams to act on inventory purchase recommendations.

    These AI supply chain solutions will not make the decisions or purchases for you, though. AI isn’t advanced enough yet to be trusted to make independent solutions. Complicated loop systems are being developed to reduce human interactions, giving AI like ChatGPT the ability to make iterative decisions based on the task given to them.

    The AI Revolution is upon us, but don’t expect an imminent Terminator apocalypse. The ecommerce tools offered by many AI services can help you streamline your business but won’t take you out of the equation yet.

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    Tyler Metcalf

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  • Here’s What Bed Bath & Beyond’s Bankruptcy Means for Retail | Entrepreneur

    Here’s What Bed Bath & Beyond’s Bankruptcy Means for Retail | Entrepreneur

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    Bed Bath & Beyond filed for bankruptcy on Sunday, and it suggests a bleak future for brick-and-mortar retailers.

    New research from investment bank UBS estimates that 50,000 retail stores out of the 940,000 currently operating in the U.S. will close their doors by 2027 (not including gas and food-service stations), Yahoo Finance reported.

    Related: Bed Bath & Beyond Plans to Raise Over $1 Billion to Pay Debts and Avoid Bankruptcy

    “While there was a pause on store closures over the last few years, we believe this activity is set to sharply accelerate moving forward,” UBS retail analyst Michael Lasser said.

    Several factors will contribute to the eventual mass shuttering, including decreases in consumer spending and available credit, and increases in the penetration of retail shopping and cost to run retail stores, according to Lasser.

    The pandemic was also harder on Bed Bath & Beyond than it was on its competitors, owing to the company’s decentralized system and less developed ecommerce technology, The New York Times reported.

    Related: Bed Bath & Beyond Is Shuttering Hundreds of Stores — Here Are the Much-Loved Retailers Ready to Move In

    Per Lasser’s calculations, if 50,000 stores close within the next five years, and the average sales per store is $5.7 million, that will leave $285 billion in retail sales “up for grabs” — giving major competitors better-positioned for online shopping the chance to capitalize big time.

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    Amanda Breen

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  • CVG Announces Launch of Aftermarket E-Commerce Business Targeted at Commercial Vehicle Operators

    CVG Announces Launch of Aftermarket E-Commerce Business Targeted at Commercial Vehicle Operators

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    Online, Ship-from-Stock for CVG’s Aftermarket Products and more.


    NEW ALBANY, Ohio, April 12, 2023 (Newswire.com)
    –
    CVG (NASDAQ: CVGI) is thrilled to launch its aftermarket e-commerce business to support commercial vehicle operators with the introduction of AftermarketTruckParts.com. Beginning with the U.S. market, CVG is offering its renowned brands including Bostrom Seats, National Seats, Sprague windshield wiper systems and Moto Mirror products online. You can browse the company’s products, seamlessly place orders and have them shipped direct from the factory in just days. 

    “This is an exciting time for CVG as we expand our company further into the aftermarket,” said Harold Bevis, CVG President and CEO. “Fleets and independent operators remain challenged with such critical issues as driver retention and vehicle uptime. By offering a broad range of replacement parts and shipping them quickly from our plants, we can help keep drivers happy and trucks on the road.” 

    The initial launch of CVG’s e-commerce website will feature over 250 of the company’s most popular products. It will also be home to a blog that provides tutorials, interviews, product information and support, and insights for truck and fleet owners, as well as drivers. Customers and brand loyalists can also subscribe to the Aftermarket Truck Parts newsletter, which will include coupons, industry insight, giveaways and more.

    CVG encourages fans of the company’s brands to follow them on Facebook to receive exclusive offers. To celebrate the launch, customers can use the coupon code “LAUNCH10” at checkout to receive 10% off their first order.

    About CVG
    At CVG, we deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about our company and products is available at www.cvgrp.com.

    CVG BRANDS
    Bostrom Seating
    Bostrom Seating has a long-standing reputation for providing comfortable, durable, and ergonomically designed seats for the commercial trucking industry. Their innovative product line offers superior quality and unmatched value, ensuring drivers stay comfortable and safe on the road. Follow Bostrom Seating on Facebook.

    National Seating
    National Seating is a market leader in providing heavy-duty truck seats with a focus on safety, comfort, and performance. Their wide range of seating solutions is designed to meet the diverse needs of commercial truck drivers. Follow National Seating on Facebook.

    Sprague Devices
    Sprague Devices is known for its high-quality aftermarket truck parts, engineered to deliver reliable performance and long-lasting durability. Their product range includes wiper blades, motors and components for commercial vehicles. Follow Sprague Devices on Facebook.

    Moto Mirror
    Moto Mirror is renowned for its cutting-edge mirror solutions for commercial vehicles, combining functionality and style. With a focus on safety and visibility, their innovative designs offer drivers unparalleled clarity and field of view on the road. Follow Moto Mirror on Facebook. 

    ###

    Source: Commercial Vehicle Group Inc.

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  • 3 Reasons Online Marketplaces Benefit Entrepreneurs — and Should Be Protected | Entrepreneur

    3 Reasons Online Marketplaces Benefit Entrepreneurs — and Should Be Protected | Entrepreneur

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    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    With a year that has thus far been defined by interest rate hikes, layoffs and skyrocketing prices, the word “recession” continues to plaster media headlines. Amidst so much economic uncertainty, it is more important than ever for entrepreneurs to leverage business models that provide stability and support, and for government to protect their right to do so.

    If you are looking to grow your access to a stable customer base, look no further than online marketplaces, which many entrepreneurs have found to be fertile ground for innovation, access, and an expanded economy that helps businesses affordably reach a global audience. These sales channels account for the largest share of ecommerce retail purchases worldwide, contributing to the United States economy with annual sales of $792 billion.

    Here are a few reasons you should consider expanding your business from a storefront or a standalone website to an online marketplace.

    Related: How Online Marketplaces Are Changing the Face of Entrepreneurship

    Low barriers to entry

    Rather than paying for a physical store or building and managing your own website, online marketplaces offer a relatively inexpensive way to “set up shop” and keep your virtual doors open. The built-in infrastructure online marketplaces provide also makes it easy for brands to scale by providing search, shipping, return and customer support features in-house that allow entrepreneurs to focus on their business.

    With this in mind, it’s no wonder that the online marketplace model is particularly fruitful for smaller and newer businesses — fostering opportunities for entrepreneurs to start, grow and reinvest. All of these digital economies and platforms are basically giant entrepreneur creation machines. If you are a digital entrepreneur, there’s never been a better setting or a better time to start a business.

    Larger customer pipeline

    Perhaps the most appealing aspect of online marketplaces is that sellers not only introduce their brands to new audiences, spanning all corners of the virtual globe, but that online marketplaces inherently enhance their promotion through SEO and high web traffic. Amazon alone receives 2 billion visits a month from U.S. consumers.

    This is one reason why recent data shows that, despite looming recession fears, online marketplaces are actually growing. In 2022, U.S. consumers conducted 46% of their online shopping through marketplaces, a 10% year-over-year increase from 2021. Globally, more than 75% of consumers believe marketplaces are the most convenient way to shop online.

    Related: Marketplaces Are Taking Over Ecommerce. Here’s What Retailers Can Gain by Joining the Movement Now.

    Better customer experience

    Not only are online marketplaces beneficial for small business growth, but they have also become stalwarts of consumer experience and safety. The Organisation for Economic Co-operation and Development found that about 50% of participating marketplaces have signed up to a public commitment to enhance consumer protection beyond their legal obligations. For instance, Mercari reported that “it offered training/education sessions for school students” on how to shop safely and avoid selling scams.

    The government has also done work to further strengthen the safety of these marketplaces. Last year, Congress passed the Integrity, Notification and Fairness in Online Retail Marketplaces for Consumers (INFORM Consumers) Act, which was an important step in furthering the work online marketplaces already do to keep retailers and consumers safe. However, there were also harmful bills introduced in Congress that could have wreaked havoc on independent online sellers if enacted.

    This year, it will be important for legislators to keep the best interests of small online businesses and consumers in mind. Any future policy proposal should ensure that entrepreneurs can continue to enjoy the existing benefits and support of online marketplaces, including by protecting our unfettered access to customers worldwide without bogging us down in red tape, unwarranted litigation or unworkable compliance standards.

    Related: The Dominance of the Online Marketplaces in the Retail Industry

    No matter what products you sell or which customer segments you court, online marketplaces can and should be an important part of your growth strategy. They’re important to entrepreneurs as individuals and our economy as a whole — and they deserve to be protected.

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    Krystal Popov

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  • Why Do Most Online Businesses Fail? Here’s How to Avoid It | Entrepreneur

    Why Do Most Online Businesses Fail? Here’s How to Avoid It | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Entrepreneurs usually love the perspective of giving advice and sharing experiences — after all, that’s how we all manage to learn, evolve as business people and elevate our expertise levels. The biggest part of this so-called shared education is going into great detail in terms of good practices, working ideas and know-how that could skyrocket any small or big-level enterprise. However, equally as important is for entrepreneurs to spread the word about all things failure-related.

    Because the truth is 90% of online businesses fail after about four months, and it’s worth exploring why. These days almost every enterprise has its established online space, if not entirely working online. So it’s definitely worth discovering what some of the main obstacles online businesses need to handle are.

    Both my entrepreneurial experience and that of other successful individuals have helped me realize several important aspects of online businesses that could potentially be troublesome to some. That being said, some of the challenges are avoidable. After all, prevention is proven to be one of the best go-to strategies in virtually every aspect of life.

    Let’s get down to a few reasons why online businesses fail and how to make sure yours doesn’t.

    Related: 10 Reasons Why 7 Out of 10 Businesses Fail Within 10 Years

    Online businesses meet specific obstacles along the way

    Before we dive deeper into the subject of different reasons for failure, let’s first dedicate a minute or two to explaining what are some of the obstacles that lay ahead of online businesses in particular.

    Online businesses rely on their internet presence as well as aspects such as brand awareness, relevance and reaching the right potential audience. That said, it’s not merely enough to just go ahead and grant your brand a website — furthermore, marketing teams have a lot of digging to do when it comes to reaching out, social media engagement, customer support, high-quality content, getting to know the potential customers and coming with successful marketing strategies.

    Essentially, owning an online business requires an entirely different approach when compared to a physical one in terms of structure – the entrepreneur should focus a huge chunk of their time and energy focusing on precise web development when it comes to safety, scalability and stability, along with impeccable support and content customization. That said, it’s only logical for online businesses to also stumble upon different kinds of failure-related situations.

    Related: The True Failure Rate of Small Businesses

    1. More competition

    In online businesses, there is the constant popping up of more and more competitors in the same niche. The more competition there is, the harder it is for enterprises to keep their customers and win the race of offering the best service. Since no one could stop the competition from developing, companies could opt for different kinds of competition-related strategies.

    Simply knowing your customers’ preferences is not always enough; rather, trying to predict what they would need in the future is also a winning strategy. Try featuring as many additional products to the already existing portfolio as possible in order to offer a full service — this could potentially decrease people’s need to search for better alternatives elsewhere. Featuring personalized discounts and promotions certainly helps customers feel treasured and taken care of.

    2. Lack of research into the target audience

    One of the biggest problems online businesses face is the lack of relevance when it comes to their target customers and the items in stock. Part of the marketing strategy is carefully investigating your business’s clients in order to fulfill their needs and solve their problems.

    Opting for the ideal buyer’s persona is a must. Engage in conversations with your potential customers and research statistics trying to get to know them better. What do they need? Where do they live? What is their average income? Would they be willing to buy your products? All those questions require thorough research but once a business knows well its potential customers, it would be able to fully provide for them in terms of services, products and adequate support.

    3. The lack of high-quality customer support

    When we refer to online businesses, customers also prefer to reach out via chat, email or even phone. What’s important is for the business to ensure proper customer support at all times — be it chatbots or actual people who are specialized in targeting issues and fixing bugs. A weak customer support experience can lead to a decrease in profits.

    Invest in hiring customer support experts who will successfully target all customers’ pains and be able to offer quick problem-solving fixes. This could potentially increase your business’s trust and authority among potential audiences.

    4. Poor web development

    Since the business is situated online, it’s absolutely crucial for the platform to be working properly and entirely functional. Stumbling upon any obstacle (links or buttons that don’t work, website freezing or timeouts) is perhaps the fastest way for an online business to lose customers to the competition.

    Make sure you invest in building a successful, scalable and fully functional platform that is capable of withstanding huge volumes of traffic. Pay extra attention to your website being mobile-friendly since many people prefer online shopping via their mobile devices — and security is a must. Ecommerce platforms should rely on trustworthy and secure payment integrations due to the shared personal and financial data of customers.

    Related: Why Embracing Failure Is Good for Business

    Of course, there are numerous other reasons when it comes to why online businesses fail. While we certainly didn’t cover everything, we surely mentioned at least the very basics.

    Deciding upon the above-mentioned issues and reaching smart solutions is, I believe, a business’s first thing on any to-do list. Once we’ve managed to clear the path toward accessibility, scalability, functionality and marketing, we’ve got every chance to position the brand successfully in the ever-dynamic business landscape and reach for success.

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    Ivan Popov

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  • How To Sell on Etsy in 2023: A Comprehensive Guide | Entrepreneur

    How To Sell on Etsy in 2023: A Comprehensive Guide | Entrepreneur

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    Do you have a knack for making high-quality handmade items? Selling them on your own website as a small business owner can be tricky — figuring out the tech, targeting active buyers and setting up your shop policies are just a few hurdles you must overcome.

    If you’re a small business owner or pursuing this as a side hustle, it’s possible that all the effort just won’t be worth it. However, there is a way to become a shop owner without all the hassle of developing a website independently.

    Are you interested in learning more? Well, look no further — Etsy is the platform for you.

    What is Etsy?

    Etsy is an online marketplace that connects buyers and sellers interested in buying or selling unique handmade, vintage and craft items. Etsy buyers want to purchase the fruits of your creative gifts.

    Etsy sticks out because of its ability to connect independent Etsy sellers to a global audience to sell their products online.

    The best part of hand-crafted and vintage items is their unique story and origins; Etsy makes the most of this. With an Etsy business, you can sell various handmade products like jewelry, clothing and craft supplies.

    What are the benefits of selling on Etsy?

    Before diving in, make sure you truly understand the benefits and power of selling on Etsy versus other online platforms.

    Massive reach

    Because of its well-known status, Etsy allows anybody to increase visibility on their shop. Etsy reported over 96.3 million shoppers last year alone. Your shop will be exposed to all corners of the world via Etsy search. The opportunities are just waiting to be unlocked by your creativity.

    Marketing tools

    Because of its broad reach and influence, Etsy provides any small business with massive marketing opportunities.

    Selling on this online marketplace can establish you as a seller and help you build a loyal customer base once you open your Etsy shop. All you have to do is create wanted products and provide quality service.

    Related: Branding 101: The Basics of Building a Successful Brand

    Growth potential

    Any successful Etsy shop can provide a financial opportunity for the seller while the seller does what they do best: create. This online shop can offer a flexible way to earn income. Successful sellers can generate significant revenue from their shops to pursue their goals, whether for their business or otherwise.

    Not only can it be a side gig, but with enough success, it can become a full-time job supporting you and the business itself.

    Etsy gives any successful shop the tools they need to grow. Continue providing your shop with improved products and a smoother shopping experience and you might have a sustainable business.

    How to get started selling on Etsy

    If these benefits interest you, setting up your unique shop on Etsy is the next step. Follow the steps below to make the best start for your future business.

    1. Decide if Etsy is the right platform

    Starting any business endeavor is intimidating. As always, carefully research what you plan to put your time and energy into.

    Because they specialize in hand-crafted goods and services, ensure you know you cannot sell mass-produced items or any items that violate Etsy’s policy.

    Other than this, the only problems that you may have with Etsy will be specific to your business. Be sure that Etsy is suitable for you before investing your time in this venture.

    If not, consider other ecommerce platforms, such as Amazon or eBay, or utilize Shopify integrations on your own site.

    Related: E-commerce Basics: 10 Questions to Ask When Creating an Online Store

    2. Create your account and open your Etsy storefront

    First, you’ll need to go to Etsy.com. Click “Sign in” in the top right corner of the page, next to the shopping cart icon. If you have an account already, go ahead and sign in (and you can go ahead and skip to “the selling page” below). If not, click “Register” to create a new Etsy account. Enter your first and last name, email and password.

    To finish making your account, follow the instructions to verify your email address. Once completed, go ahead and sign in.

    Once you have signed in, click your profile icon in the top right. The default is a gray silhouette, but you are welcome and recommended to customize your profile to be unique and recognizable to future customers.

    The dropdown menu gives you many options that you should familiarize yourself with, but go ahead and click on the “Sell on Etsy” option. This will take you directly to the seller page. Press “Get Started” and follow the simple steps to create your page.

    A couple of notes to think about when filling out this information. Etsy takes your answers and puts them in an algorithm.

    Once your store is created and made public, it will use these answers to appeal to customers that fit the description. So be specific with your answers to maximize the tool Etsy uses for your business.

    Additionally, make sure your shop name is memorable, easy to spell and reflects what you sell.

    Related: 8 Mistakes to Avoid When Naming Your Business

    3. Upload your first product listing

    This part is self-explanatory, and Etsy sets you up for success by requiring this listing before doing anything else on your store page. Etsy is very detailed on this part and lets you know what you need to get your first products out there for the world to see.

    Even though some are optional, fill out as many product descriptions and listings as possible. The more detailed, the better.

    Don’t worry about making this first listing perfect. Etsy uses this as a tutorial for uploading your products to the market and won’t show this product until you’ve made your store public. Make sure you understand the basics of listing on Etsy.

    4. Choose your payment method

    Once again, pretty self-explanatory on Etsy’s part. The main thing to note is Etsy’s mode of payment: Plaid. Plaid is a secure method of connecting your bank to Etsy for secure, quick and easily-received payments. Similar to a modern Paypal. So don’t worry about handing out your credit card information. Leave the security to Plaid and your bank.

    Different online stores use other methods for various reasons, but Plaid is reliable. Follow the steps, fill out your information and connect to Plaid to continue registering as a store.

    Don’t be concerned about security: They need information you wouldn’t usually share about your account with your financial institution, but they need it to access your bank account to pay you.

    5. Customize your storefront

    Now that you have officially opened your store, you have many more options to explore. It can be overwhelming, so look below for some highlights. A good business owner should know all the tools, but you can get a good start by looking below.

    Start by customizing your online storefront, namely your store name, icon, cover and profile photos, banner and shop announcements. These are all specific to you and your business. If you are nervous about this part, consider using Etsy’s guide to starting a great Etsy shop.

    Related: Selling Products Online? How to Build a Perfect Checkout Page

    What are the fees associated with starting an Etsy store?

    While selling on Etsy, there will be fees unique to Etsy that you should understand. These Etsy fees will affect profit but are mandatory for a seller on the ecommerce platform.

    Listing fee

    Etsy listing fees are required to list products for sale on Etsy. You’ll get charged a listing fee for each listing you post.

    On Etsy, the listing fee is a flat rate of $0.20 USD per listing. This fee gets charged whether or not the item listed sells. This is important to consider in the decision of whether or not to list. It’s a small individual price but can quickly add up and negatively affect profits. This fee automatically adds to your payment account when you publish an item.

    Transaction fee

    Transaction fees are the fees Etsy collects when a customer makes a purchase. Unlike listing fees, transaction fees are only collected on listings that sell. There are just a few basic things to remember on the subject of transaction fees with Etsy:

    • The transaction fee is 6.5% of the total order amount in your listing
    • This fee covers the total cost of the item, along with the shipping
    • The transaction fee amount is automatically charged to your payment account for ease of viewing

    Payment processing fee

    Payment processing fees are a set rate of the item’s total sale price. It is important to note that this rate varies by country. The fees are taken from the item’s total sale price, including shipping fees and any applicable sales tax.

    Currency conversion fees

    If your listing currency differs from the currency of your Payment account, the funds you receive will be subject to a conversion fee by Etsy. Since this is a service Etsy provides, they have a certain fee based on the currency converted. However, you can bypass this fee by setting your listing currency to be the same as your Etsy payment account.

    Shipping costs

    While you can determine your own shipping costs, Etsy provides multiple ways to calculate and charge shipping costs. This can be done by creating shipping profiles for different product categories.

    Because of the variety of items sold on Etsy, they created this tool to help people ship their products efficiently and in a profit-oriented way.

    Be sure to understand what each product needs for shipping and be able to utilize this tool when you need to determine shipping costs for your business.

    All of the fees discussed above are described in more detail by Etsy on their help center, so be sure to utilize this resource as you build your online store.

    What are some helpful features on the Etsy platform?

    There are several features to consider when considering how Etsy sets you up for success. These are tools that very few other online marketplace companies offer, so be sure to know how to use these tools.

    Automatic statistics

    The stats tab on your store dashboard is a great way to analyze business data quickly. Etsy compiles all of it based on your online sales, giving you an easy view of your success and what you can do better.

    Streamlined marketing

    As discussed, Etsy provides a great opportunity for growth because of its influence and reach in the online space. The marketing tab provides options for search analytics, Etsy ads, search engine optimization (SEO), sales and discounts, social media integration and custom web addresses.

    All of these can improve your online store’s quality through marketing tools provided at the click of your mouse.

    Related: 21 Ways to Market Your Business Online

    Specialized integrations

    It doesn’t get much easier than this. Etsy provides integrations with 21 partners specializing in their respective fields: marketing and promoting, maximizing listings and understanding buyer trends, bookkeeping, taxes and inventory analytics.

    With all these tools accessible from your dashboard with a click, you can create an online store that would be impossible to do on your own.

    Selling on Etsy FAQs

    1. How to integrate an Etsy shop with a brick-and-mortar store?

    This can be an intimidating task but also a significant milestone to set for your business as you explore your market.

    Check out the “Sell in person” option in the bottom left of your dashboard. Etsy gives you another fantastic way to branch out — a physical store for your potential customers to visit.

    If you’re successful enough, Etsy has this option for you to continue your business growth. Going from an online page to an in-person storefront is getting closer to the final destination in the business world.

    Related: Lessons Retail Stores Can Learn From Successful E-commerce Sites

    2. How much does it cost to sell on Etsy?

    This question is a common question that many beginner sellers have. Unfortunately, this question can’t be simply answered across all businesses. Because of the uniqueness of Etsy’s target products, these pricing plans vary greatly.

    However, there is a list that Etsy has a list of fees and taxes associated with selling on their site, some of which have already been discussed:

    • Listing fees
    • Shipping Label fees
    • Transaction fees
    • VAT
    • Pattern
    • Advertising fees
    • Etsy Payments and deposit fees

    Spend time understanding which fees apply to you and which ones don’t. This can help you predict the cost of selling on Etsy and help you balance whether or not this tool is worth the fees and expenses.

    3. What is Etsy Plus?

    Etsy Plus is a plan provided by Etsy that comes with a subscription fee but also multiple perks to help your company get off the ground faster and jump-start growth:

    • Sign up for Etsy Plus
    • Credits
    • Access to custom web address discounts through hover
    • Restock requests
    • Advanced shop customization
    • Access to discounts and perks

    While these tools can be super helpful in the promotion and growth of your business, they also may be too large a step or too expensive a fee for the size of your business. But don’t completely ignore this tool.

    Keep it in mind as you grow your business because it can be a powerful way to foster growth in all aspects, whether through customer retention or marketing.

    Should you open an Etsy shop?

    The big question: Should you open an Etsy shop?

    Unfortunately, nobody can answer that question except for you. Considering Etsy’s ease of creating a business, it is a very valuable tool for beginners in the entrepreneurial world.

    At the same time, there are many examples of success in other facets of the business world, even on other platforms.

    Understand that your idea, business and platform are unique and will differ from any other business endeavor. You can attempt to recreate successful formulas but never have an identical company. So embrace that part.

    Be open to different strategies. Stay committed to your decision, but make sure that decision is well-researched and backed with reasoning.

    Always be open to growth. Be ready to grow with your business and be ready to face hardships. Remember that there are always tools to help with those tricky spots. Fortunately, Etsy has all those tools in one place. So what are you waiting for?

    Check out Entrepreneur’s other resources for more details on this topic.

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    Entrepreneur Staff

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  • The Future of Ecommerce Isn’t Personalization — It’s This. | Entrepreneur

    The Future of Ecommerce Isn’t Personalization — It’s This. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    If you have trouble remembering when ecommerce wasn’t a thing, congratulations. You’re normal. Still, the environment is developing as we speak, with retailers now building their own ad platforms.

    The industry’s future is using first-party data within these platforms — without compromising customer privacy — to provide a more connected consumer experience and improve advertiser returns. But, to know where we’re going (and why it’s so impressive), we need to know where we’ve been.

    Related: Forget Third-Party Data. You’re Already Missing Out on Most of Your First-Party Data

    Ecommerce was once the Wild West

    If you could get inside a time machine and set the controls to the start of the dot-com era, you’d only begin to see the seed of modern retail media sprouting in the fresh soil of the Internet. Back then, Amazon and Paypal were babies. Most companies exploring the new digital landscape were “pure-play” like Newegg.com — no physical stores involved. Then, in the late ’90s and early 2000s, physical big-box retailers started creating their own dot-coms. Think Walmart.com, BestBuy.com and Pets.com.

    Let’s say you were a brand or seller who wanted to advertise with pure-play or big box companies. They were game — for the right price. You’d cough up thousands of dollars in market development funds (MDF) for things like homepage banners or email blasts. The company would put your logo on its website, and if the stars aligned, your sales would go up.

    The data inherent to this pay-to-play landscape was so barren that you’d be lucky to see a tumbleweed in return for your funds and partnership. Forget modern marketing tools and metrics like sales return reports, impressions, click-through rate (CTR) or shopping behavior. And without those, good luck tracking your return on investment (ROI) efficiency.

    Around 2007, the saloon doors swung open. In walked programmatic marketing and Adzinia Media Group (the forbearer of Amazon Ads), which allowed sellers and brands to use automated processes to buy ad inventory. But it wasn’t until 2012 that advertisers started getting data from these services. The breakthrough came in 2016 when Amazon, Triad Media Group, Criteo and a few others introduced relevancy guardrails and performance metrics.

    Related: The Premium Inventory Opportunity Amid the Retail Media Surge

    Personalization brings some law and order

    With big-box companies finally able to leverage consumer data, things in the digital Wild West started to get a little more civilized — or, more accurately, personalized. The goal was to use consumer data to provide an optimal, tailored experience.

    Major retailers developed tools to drive traffic to their websites and stores using their first-party shopper behavior data. Walmart, for instance, created Walmart Connect, while Best Buy used Criteo. Both companies used The Trade Desk for programmatic display advertising. With these tools in hand, advertisers could “buy” online space and get some level of performance metrics.

    The catch? Sales still closed through the larger retailer. The brands could feature their products with badges or other verification from the retailer, but their own branding was about as visible as rocks in a bucket of mud. All the traffic went back to the retailers’ sites, not the brands’. In the same way, any physical ads sellers purchased within these retailers’ brick-and-mortar locations drove consumers right back to the big-box stores.

    Related: The Premium Inventory Opportunity Amid the Retail Media Surge

    Let’s finish taming the town

    Today, we’re entering yet another period of refinement for advertisers. As laws around tracking consumer data evolve to favor privacy, and as the ability to use third-party tracking is dying, “personalization” is an overused buzzword.

    The new approach — which is critical when you think about the volume of products, brands and sales channels we’re seeing today — is connection.

    Retailers understand they have to work with larger, more general audiences. (Superbowl, anyone?) Now, success means ad content that focuses on emotional attachment. It doesn’t matter who the audience is, only that they can relate to the message and that it stokes affinity to the brand.

    This focus on emotion makes a huge difference. A study found that customers who had both a positive emotional connection and overall satisfaction with an investment firm were six times more likely to consolidate their assets with that firm than those who were just satisfied.

    Advertisers who combine emotional connection with retailer first-party data will literally change the media landscape.

    Amazon, which possesses tons of data through publisher properties like Twitch and FreeVee (formerly IMDb), leads the pack in this new method. They’re opening their platform to serve ads off the Amazon website. Although you can still direct buyers to close a sale on Amazon, if you’re like most brands, selling directly to the consumer is probably more profitable than paying a fee. If you sell a product on Amazon and have a website, they can help drive traffic to your dot-com and close the sale there. If you can do that, guess what? You can now collect shoppers’ email, shipping and other data to connect with buyers.

    Related: How to Build on Your Digital Marketing Momentum in 2023

    Revolutionizing the digital skyline

    Now, imagine being able to hash your own first-party data from your ecommerce site against the retailers’ first-party data. Imagine leveraging it to identify audiences with high affinity for your brand who haven’t pulled the trigger and purchased. That’s what the future looks like as it evolves to embrace a model benefitting retail media companies, sellers, brands and consumers. The rise in commitment to consumer privacy means leaning on this information to offer buyers security in their transactions.

    As retailers prioritize connection over personalization, nothing stands in the way of leveraging first-party data to build stronger, more direct customer relationships — with actionable measurement. First-party data is transforming media and ecommerce, offering a fun, data-driven ride for those prepared to take advantage of it.

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    Joshua Kreitzer

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  • Start an E-Commerce Side Hustle on a Budget | Entrepreneur

    Start an E-Commerce Side Hustle on a Budget | Entrepreneur

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    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    Many veteran entrepreneurs acknowledge Shopify as the king of e-commerce, but it might not be the best tool for newbies to sell products online. Shopify is expensive and may have a long learning curve. If you’re not ready to make your e-commerce business your full-time gig, you’re better off starting out with a more budget-friendly alternative like Gigrove.

    Gigrove is an all-in-one e-commerce solution that lets you start selling products and services online in as little as 15 minutes. The seamless tool lets you add an additional revenue layer for your business, quickly start a side hustle to sell that salsa your dad makes, or fully scale an e-commerce operation.

    With Gigrove, it’s easy to access e-commerce tools to set up online payments,, whether you’re selling downloadable files, professional and bookable services, or physical products that require shipping and delivery. In addition, Gigrove helps you manage schedules, inventory, and logistics all through a centralized dashboard. You can even set up subscription billing.

    Inside the dashboard, you can view advanced reports and analytics to better understand how customers engage with your site and leverage tools to enhance the customer experience. With coupon management, direct messaging, and live chat, you can improve your marketing and customer service, while integrations with tools like Stripe, PayPal, ShipStation, and Zapier greatly improve your ability to best serve your customers.

    Gigrove has earned 4.0/5 stars on G2, 4.5/5 stars on Software Advice, and is a Top Performer in Capterra’s e-commerce category, with a 4.5/5-star rating.

    Make this the year you get your e-commerce side hustle off the ground. Right now, you can get a lifetime premium subscription to Gigrove E-Commerce All-in-One Solution for the one-time price of just $49 (reg. $1,590).

    Prices subject to change.

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  • 7 Proven Strategies for Launching a Successful Ecommerce Business | Entrepreneur

    7 Proven Strategies for Launching a Successful Ecommerce Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    If you aspire to be a successful entrepreneur in today’s digital landscape, having an online presence is essential. Whether you’re planning to set up a dropshipping business or intend to develop, produce and sell products, having the proper knowledge about setting up your business for success is imperative.

    As an entrepreneur and executive with a background in manufacturing consumer goods, distributing products globally through mass retailers (like Walmart, Dollar Tree, etc), and building ecommerce businesses, I have 20 years of experience creating, launching and growing brands as well as advising entrepreneurs through my coaching business, Inspiring Brands Academy.

    To help get your ecommerce business off the ground and running, here are seven proven strategies for launching a successful ecommerce business.

    Step 1: Start with a clear business plan

    If you plan to launch an ecommerce business, your roadmap for success must be laid out in a business plan. Here’s an overview of the fundamentals that must be contemplated.

    Executive summary — The executive summary should explain your company’s purpose and vision, mission statement, target market audience, products or services offered and desired goals. Additionally, the overview should include information about key members of the team as well as financial estimates and any funding requirements.

    Market analysis — The market analysis should describe your target customer, including demographics, actions, purchasing preferences, etc. Additionally, research competing businesses, uncovering their strengths while noting any disadvantages.

    Product and service description — This section should provide an in-depth overview of all features, advantages and benefits to customers. Additionally, include details about the process used to develop products and any associated intellectual property.

    Marketing and sales strategy — This part of your plan should detail how you will market and sell your product or service. Include pricing strategies to maximize profits, cost-effective distribution methods and promotional techniques such as advertising campaigns or loyalty programs.

    Related: 3 Digital Marketing Strategies That Will Save You 20 Hours Every Week

    Operations plan — Your business plan should include a fifth section dedicated to your operations strategy. This section should explain how you will manufacture products, organize logistics and manage customer service. Furthermore, details about who is on your team and any collaboration with vendors or partners should also be included.

    The great aspect of an ecommerce business is that you can use website plugins or apps to easily integrate with your facilities, such as third-party warehouses that ship orders on your company’s behalf and logistics programs. For example, one of my businesses, a photography print company, uses Etsy to sell products. Since I utilize a print-on-demand facility, when a customer places an order, it gets sent directly to my printing facility, producing and fulfilling the shipment.

    Bottom line: I don’t have to do anything other than market the business. This is a major benefit of using technology and systems to integrate so that it makes the scalability of your operation faster and easier.

    Financial projections — The final section of your business plan should be the financial projections. This should provide a detailed forecast of your revenue and expenses, including your income statement, balance sheet, and cash flow statement. You should also include information about your funding needs and any potential sources of financing.

    Related: 5 Ways To Fund Your Startup As A Solopreneur

    Step 2: Choose the right platform

    Having drawn up a comprehensive business plan, the next logical step is to select an appropriate ecommerce platform to run your online business. It is important to evaluate all your options when selecting an ecommerce platform. Though Shopify, WooCommerce and Magento (now known as Adobe Commerce) are popular choices, each has unique advantages and drawbacks. Evaluate your company’s needs and wishes, and compare various platforms to decide which ecommerce platform is ideal for your online business.

    Related: 10 Tools to Help Your eCommerce Business Get off the Ground

    Step 3: Invest in a strong brand

    Crafting a powerful brand is pivotal for any ecommerce business if you want to stand out from your rivals and acquire steadfast customers. Here are tips to get you started.

    1. Define your brand identity — Developing a solid brand for your ecommerce business begins with articulating your unique identity. Your company’s image will be expressed to the public through its name, logo, color palette, tone of voice and other visuals/words.
    2. Conduct market research — Market studies help you acquire invaluable insights into your target customers — including their desires, preferences, and difficulties. This helps you craft an impactful brand that resonates with consumers and distinguishes itself from other competitors.
    3. Create your logo — Your logo is the centerpiece of your brand identity. You can hire a freelance graphic designer on platforms like Fiverr or Upwork to create a professional logo for your business or use online tools like Canva to design your logo.
    4. Choose your color scheme — When constructing your ecommerce brand, selecting a color scheme is one of the most important decisions you’ll make. Your chosen colors should encompass and echo your company’s values and attract potential customers.
    5. Develop your tone of voice — Your tone of voice is the key to connecting with your target customers. When crafting it, make sure that you reflect your brand’s mission, values, and intended audience.
    6. Design your website — Your website is the nucleus of your ecommerce business, which should accurately present your brand’s image and deliver a seamless experience for potential customers.

    Step 4: Focus on search engine optimization (SEO)

    If your goal is to attract more leads and customers, you need search engine optimization (SEO). Optimizing your website for higher rankings on SERPs allows potential visitors to quickly find what they’re looking for when searching with keywords related to your business. To achieve this success, focus on developing compelling content that people want to read and share. Keyword optimizes the pages of your website and earns high-quality backlinks from authoritative websites.

    Step 5: Use social media to your advantage

    Leverage the power of social media (like TikTok, Instagram, etc.) to promote your ecommerce business and reach potential customers. Establishing a strong presence on platforms where your target audience is active will help you develop brand recognition, generate leads, and drive website traffic.

    Related: Why Social Media Platforms Are Adopting Ecommerce as a Saving Grace

    Step 6: Leverage influencer marketing

    Another great way to grow your company is to use influencer marketing. All you need is to uncover influential figures in your niche that fit with what you are trying to promote and reach out with a clever partnership offer.

    I’ve worked with hundreds of leading brands and retailers on sponsored campaigns, helping them drive brand awareness and boost product sales. Given my experience as an influencer, I’ve not only assisted brands around the world, but I’ve also learned how to tap into this knowledge to benefit my own companies and small businesses through influencer marketing strategies that result in viral content (1M+ views) and driving massive brand awareness for national product launches.

    To make the most out of influencer marketing, consider these key steps:

    • Uncover your industry’s key influencers and bloggers whose readership aligns with your target demographic. You can explore them on social media networks or employ an influencer platform (like AspireIQ or TapInfluence).
    • Contact the influencers with a proposal explaining what you want them to complete for you, including prompt deliverables, deadlines and payment.
    • Gauge the efficacy of your influencer initiatives. ROI goes above and beyond sales conversions, extending into audience-building, brand awareness, engagement and other metrics and factors.

    Step 7: Focus on customer service

    When launching an ecommerce business, providing superior customer service is paramount. Promptly reply to inquiries and criticisms professionally, offer precise product information and give customers easy return options. If you provide them with a great customer experience, they’re more apt to rave (rather than rant) about your company.

    Ultimately, launching a profitable ecommerce business necessitates thoughtful preparation and well-executed strategies. Utilizing these seven proven strategies for launching a successful ecommerce business will help you launch and grow your business more easily and quickly.

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    Christina-Lauren Pollack

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