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Tag: Online Business

  • Running an Online Business Is Tough — But Doing These 4 Things Will Make It Easier | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Becoming an ecommerce entrepreneur is not for the faint of heart. The technological hurdles can be substantial. And there is ample competition within the space.

    The good news is that the technology has created opportunities, and the competition is there because there is substantial opportunity. Technology and the acclimation of society to buying online have created a perfect storm of opportunity that shows no signs of abating.

    So what has to happen to be a successful participant as an ecommerce entrepreneur? Here are four initiatives one must embrace.

    Related: 5 Things I Wish I Knew Before Launching an Ecommerce Business

    1. Experiment, experiment, experiment

    This is a mentality. As we all know, failure can be your friend. And failure, inevitably, arises from experimentation. Some of my experiments early in my ecommerce career that didn’t pan out were: Starting my own private label brand early on without doing enough market research, specifically checking for demand of the item, and relying too heavily on one supplier or fulfillment channel.

    This being said, if I had not taken the chance, I would not be where I am today.

    One of the best ways to cultivate this habit is to embrace mentors. They can think about things analytically, without the baggage of the business being “their baby.” Take inventory of what they suggest, and step out into the unknown. It is your best chance of success.

    2. Track the competition

    Ten years ago, I was just starting my first store on the Amazon marketplace and opened several niche Shopify stores around the same time. I focused on the competition, often trying to learn how they might approach a similar challenge to what I was facing.

    For example, I noticed some people were creating funnels for their ecommerce stores. I took note of that. Some of them were testing out different types of landing pages. Others were testing out YouTube ads for ecommerce products back in the 2010s, specifically trendy gadgets with the potential to go viral. It was something I had never experimented with before, and it was a really creative, niche-specific way of marketing. I went on to build out product funnels of my own, learned about upsell strategies, what goes into making a strong product landing page and so much more.

    3. Embrace financial literacy

    When I started my ecommerce business, I knew quite a bit about online marketing — I had a small locally based marketing agency in Northern California in my early 20s and I created a social media influencer business. Both of these ventures taught me important things about running an ecommerce business.

    Creating and analyzing financial metrics wasn’t exactly my strong suit in the beginning. I started by learning how to read basic reports like profit and loss statements, and quickly realized how crucial it is to know which numbers actually matter. As an ecommerce seller, you have to keep a close eye on metrics like your average order value (AOV), cost per acquisition (CPA), cost of goods sold (COGS), gross revenue, net profit, overall profit margin and more.

    At first, I didn’t fully understand how all these pieces fit together, so I had to learn as I went. That experience is a big part of why we prioritize financial education for our clients. Even though we break the numbers down into clear, actionable insights, we also want to empower them. Whether they eventually want to run their own operation or branch out into a related ecommerce business, perhaps on Amazon, understanding the financial side is essential.

    Related: How to Build, Grow and Make Money With Ecommerce

    4. Delegate

    Successful people buy their time back. If you can afford to, outsource at the outset. Generally, if you do that, you can grow faster. You can’t do everything at once. You can’t wear an expert hat in every area. I tried in my early and mid-20s to do so much on my own, only to be faced with major symptoms of burnout.

    Outsource it. For example, even if you’re just starting out with a modest budget, consider hiring a virtual assistant. You can train them to support your operations, or they may already bring expertise in areas where you lack experience, such as customer service or product research. A skilled assistant can help manage customer communications and keep buyers satisfied while orders are being fulfilled. Alternatively, a product researcher can take on the time-consuming task of identifying opportunities, whether you guide their efforts or delegate it entirely, freeing you up to focus on higher-level strategy. Either way, you’re buying your time back.

    Reclaiming your time by delegating is one of the most strategic investments you can make. It shifts you from an operator to a true owner.

    At the end of the day, ecommerce success isn’t about doing everything perfectly from the start but it is about taking action, learning quickly and making adjustments along the way. The entrepreneurs who thrive are the ones who stay curious, keep testing and aren’t afraid to “fail forward.” Every mistake you make is simply another step closer to understanding what works and building the foundation for long-term success.

    If you’re willing to experiment, study your competitors, get a handle on your numbers and learn to delegate, you’ll put yourself miles ahead of most people who give up too early. The road won’t always be smooth, but the opportunities are very real. Ecommerce is still growing, and the best time to build something meaningful is right now.

    Becoming an ecommerce entrepreneur is not for the faint of heart. The technological hurdles can be substantial. And there is ample competition within the space.

    The good news is that the technology has created opportunities, and the competition is there because there is substantial opportunity. Technology and the acclimation of society to buying online have created a perfect storm of opportunity that shows no signs of abating.

    So what has to happen to be a successful participant as an ecommerce entrepreneur? Here are four initiatives one must embrace.

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

    Katie Melissa

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  • Stop Losing Customers — 5 Friction Fixes That Boost Conversions | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    At Bask Health, we once forced every new patient to download a separate app just to upload their ID. Only 40% of them made it through. Six weeks of development, thousands of dollars spent, and we called it a funnel. That one decision cost us more patients than any Facebook ad ever brought in.

    Turns out, healthcare has a cart abandonment problem, just like ecommerce. But instead of a forgotten pair of sneakers, it’s unbooked visits, lost revenue and patients who still need help. And unlike a shopping cart, an abandoned patient is a real person who might go untreated.

    The irony? Most platforms are a few micro-fixes away from major conversion lifts. We’re talking about small, scrappy interventions that boost visit completion rates, no full redesigns required. Fix the friction, finish more visits.

    Here’s how we sealed the biggest leaks in our patient flow and increased completion by 15%.

    Related: 5 Simple Ways You Can Decrease Shopping-Cart Abandonment

    1. Scare fewer patients at step one

    First-time users are already skeptical. They’re worried about cost, privacy and whether this whole “online doctor thing” is legit. Add a dense form or legalese about data, and they’re gone.

    What worked for us:

    • Put a “HIPAA Secure” badge near the call to action
    • Include a one-line promise like: “We never sell or share your info.”
    • Use plain English, not compliance jargon

    Patients don’t read your privacy policy. But they do feel your tone. So do the work for them. Space your elements clearly. Use icons sparingly. And write like a human. People aren’t comparing you to other clinics. They’re comparing you to Uber and Amazon.

    Tip: Follow HIPAA’s privacy guidance for what you must, and can, say. Patients feel safer when they know what’s happening.

    2. Escalate to live chat before they bail

    We assumed patients would reach out if they had questions. They didn’t. They just left. Page stalled, visit lost.

    Here’s what helped:

    • Auto-trigger live chat if users pause at critical fields (like insurance input or ID upload)
    • Escalate from bot to human in under 15 seconds
    • Train reps to reassure, not upsell

    Live chat isn’t optional anymore. It’s the new front desk. After implementing this flow, we saw a 12% increase in form completions, just from helping people in the moment when they were getting stuck.

    Make sure your chat tool integrates cleanly with your CRM. Set KPIs: sub-30-second response time, sub-3-minute resolution. If a patient wants care at midnight, don’t make them wait for support until morning.

    3. Cut steps like a chef, especially ID uploads

    Requiring patients to scan their ID in a specific browser? We may as well have asked for a fax. And the worst part? We didn’t know it was broken until a user emailed us three days later.

    Quick wins:

    • Accept image uploads from phone camera rolls
    • Offer drag-and-drop + file upload options
    • Use OCR tech to auto-fill name and DOB

    OCR’s identity verification guidance is flexible enough; don’t make it harder than it needs to be.

    Also: test this flow on iPhones, Androids, tablets and old browsers. Friction hides in tech gaps. The best checkout is one that disappears into the background.

    Related: 3 Fatal Ecommerce Mistakes You Must Not Make

    4. Automate the boring stuff

    Nobody wants to type their insurance group number at 11 p.m. That’s when they’re finally booking care, and we’re greeting them with paperwork.

    Here’s what helped:

    • Enable camera capture of insurance cards
    • Use autofill for returning patients
    • Pre-load common insurer names and plan types

    These changes cut our manual data cleanup by half and improved patient throughput without adding support headcount. Most importantly, they helped people finish the booking while they still had momentum.

    Automation isn’t about removing humans. It’s about clearing the path so your humans can focus on care, not copy-pasting from a broken webform.

    5. Confirm with confidence

    Our first “success” screen said: Thank you. That’s it. No confirmation number. No next steps. Patients didn’t know if they were actually booked or if they just wasted 15 minutes.

    Fixes:

    • Add a visible progress bar throughout the flow
    • End with: “You’re confirmed. Here’s what happens next.”
    • Send immediate confirmation via email and SMS with visit details

    We also added a preview screen that lets patients review, cancel or reschedule their appointment in one click. Empowering the user reduces support tickets and gives them a sense of control.

    Remember: this is healthcare. An ambiguous checkout creates anxiety. A clear one builds trust.

    Close the leaks, book more patients

    We built these fixes after getting burned by our bad assumptions. We didn’t need a brand strategist. We needed friction audits and brutal honesty. Healthcare abandonment isn’t about laziness, it’s about user experience.

    Your challenge: audit your patient flow this week. Pull the data. Watch users abandon in real time. Where are they dropping? What would it take to lift conversions by just 3%? (That’s often six figures of revenue.)

    Here’s your cheat sheet:

    • Add visible trust cues upfront
    • Make support accessible instantly
    • Remove unnecessary steps
    • Auto-fill every field you legally can
    • Confirm like you mean it

    This isn’t about being perfect. It’s about being good enough to get them through the door. Remember: the patient doesn’t care how clever your design is. They care that it works.

    Healthcare doesn’t need more bells and whistles. It needs less friction.

    And fewer abandoned carts.

    At Bask Health, we once forced every new patient to download a separate app just to upload their ID. Only 40% of them made it through. Six weeks of development, thousands of dollars spent, and we called it a funnel. That one decision cost us more patients than any Facebook ad ever brought in.

    Turns out, healthcare has a cart abandonment problem, just like ecommerce. But instead of a forgotten pair of sneakers, it’s unbooked visits, lost revenue and patients who still need help. And unlike a shopping cart, an abandoned patient is a real person who might go untreated.

    The irony? Most platforms are a few micro-fixes away from major conversion lifts. We’re talking about small, scrappy interventions that boost visit completion rates, no full redesigns required. Fix the friction, finish more visits.

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

    Zachary Dorf

    Source link

  • How to Run Your Online Store Like A Physical Store – Aha!NOW

    How to Run Your Online Store Like A Physical Store – Aha!NOW

    People usually visit physical stores and are better acquainted with its shopping experience and process. The online stores can greatly benefit if the online customers get similar or better shopping experiences. Here are some ways you can facilitate proven physical store experiences in your online store to reap more profits. ~ Ed.

    There are some major differences between running an online store and a physical store. However, there are also more similarities between the two than many business owners realise.

    By viewing your online store more like a physical store, you can explore unique ways to connect with customers and improve your profits. Below are just a few examples of some of the ways in which you run an online store more successfully by learning from physical retail.

    7 Ways to Run Your Online Store like a Physical Store

    When you visit a physical store, you’ve staff members to guide you, it’s easy to find things, you’re able to examine the products, and so on. You can try to provide the same kind of experience to your customers in your online store.

    Treat your homepage like a shopfront

    Just as a shopfront should entice customers in, an online store’s homepage should entice visitors to look around your website. After all, the homepage is likely to be the first page many customers visit.

    Physical stores tend to use large signage, window displays and product promotion posters to attract shoppers. There are digital ways to replicate these features on a website that similarly entice visitors to look around:

    Make it easy to navigate your store

    Just as people need to be able to easily find their way around a physical store, it should be easy to navigate an online store. This involves making sure that specific products are easy to search for and find, as well as making sure that there are no obstructions along the way.

    Just what are some key things to consider when making an online store easy to navigate?

    • A menu bar with clear labels: Most online stores will have a menu bar with different labels to separate different categories of items. This menu bar is usually positioned at the top or left hand side of the page and is accessible from every webpage. Drop-down menus can be used to direct customers to subcategories of products – however you should avoid too many drop-down options as this will make your online store seem cluttered.
    • A search bar: A search bar can allow customers to search for individual products using keywords. This is a useful feature for websites that sell lots of different products.
    • No broken links: Make sure that links in your menu bar or links on your homepage lead to the right pages. If you delete a category page, make sure to delete that category from your menu bar.

    Ask browsing customers if they need any help

    In small physical stores, it’s common for staff members to ask browsing customers if they need any help. This can be a great way of securing extra sales – while some customers may not want to be hassled, there could be some customers that are struggling to find an item or who may be unsure about certain product information. Some of these customers may leave if you don’t approach them first.

    When running an online store, you can’t physically walk up to your online visitors and ask if they need any assistance. However, it is possible to still reach out to visitors by using an automated instant chat pop-up. This could display a message saying something such as ‘hi, how can I help you today?’. Customers can then type in their query into an instant chat box and then get a response from an online sales rep.

    Of course, hiring online sales reps to be available 24/7 often isn’t practical for many small businesses. So how can you ensure that you answer instant chat queries in a prompt manner? One solution could be to consider AI. AI chatbot software is transforming the ecommerce industry, enabling customers to receive detailed automated responses and save money on staff. Alternatively, if you prefer a human approach, you can outsource a company with 24/7 staff on hand to reply to messages.

    Allow customers to interact with products

    A benefit of shopping for products in person is that you can physically interact with them. You can pick them up, look at them from all angles and even try them out in some cases.

    An online store gives you limited options when it comes to interacting with products. You can’t touch, smell or taste products through a screen. However, there are still more interactive options than a still image. Two options include:

    • 360 degree product images: These are images that you can virtually rotate on the screen to get an idea of what a product looks like from multiple angles.
    • Product demo videos: These are videos that can allow you to see a product being used or assembled. This gives customers a clearer idea of how easy a product is to use.

    Promote impulse purchases at the checkout

    Go into most physical stores and you’re likely to see various products being displayed around the checkout counters. These tend to be cheap products like snacks, small gifts and accessories – the types of things people are likely to buy impulsively at the last minute. Placing these products here can help increase revenue by prompting customers to buy extra items they wouldn’t have otherwise bought.

    Online stores can use a similar trick to increase sales revenue. During the checkout process, you can ask customers if they want to buy certain extras. These should ideally be small accessories or upgrades related to the product they’re buying. Just make sure that you don’t automatically add these extras to customers’ baskets, instead giving customers the option to add them.

    Provide an array of payment options

    Modern physical stores typically accept a variety of payment methods including cash, debit card and credit card. Some customers may only be able to pay using one particular method and accepting multiple methods can prevent you from turning away these customers.

    Online stores can similarly provide an array of different payment options. While cash isn’t an option online, you can still increase sales by considering some of the following payment options:

    • Debit card: This is the most common way in which customers will pay for most low value goods.
    • Credit card: Some customers are more likely to pay for high value items using a credit card, as it essentially allows them to borrow money for the purchase if they don’t have enough money on their debit card. Accepting credit card payments does mean accepting extra fees and so some companies introduce a minimum spending limit to keep things profitable.
    • Loyalty points: A great way to attract return customers is to offer the option of collecting loyalty points with each purchase. These loyalty points can then be used to receive discounts on future purchases. Enabling loyalty points usually involves encouraging customers to create accounts so that you can track their purchases.
    • Voucher codes: Voucher codes allow specific customers to access one time use discounts and deals. You can send these to customers via email to encourage extra sales.
    • Gift cards: If you sell products at your store that are likely to be bought as gifts, why not consider offering gift cards to customers? These are essentially voucher codes that can be transferred to other people to buy gifts.
    • Foreign currencies: Thinking of selling your products to customers in other countries? If so, accepting foreign currencies could be important. Various online payment processors can now allow you to do this – although accept some additional fees.
    • Cryptocurrencies: It’s also possible to accept payments in cryptocurrency form. Only limited payment processors allow this currently, and it can come with its risks, but could still be a unique customer perk worth exploring.

    Don’t keep customers waiting too long

    When shopping in a physical store, many customers can be put off by long queues. When it comes to online stores, lengthy shipping times can have a similar effect.

    Give customers the option to pay extra for fast shipping. There could be customers who need the product in the next few days. Fail to offer fast shipping and you could lose out on these customers. Just make sure to work with your courier to promise realistic delivery times (don’t promise you can deliver a product the next day if there is no certainty).

    Wrapping Up

    When you design your online store, think as a customer – what problems and questions would a customer face in a physical store and how would you resolve them? The same scenarios and solutions apply to an online store. You’ve to create ways to connect with your online customer at every step of the online purchase process. If you are able to implement the above mentioned ways on your online store, you’ve higher chances of earning more profit.

    Over to you How do you run your online store? Share your tips in the comments section.

    Disclaimer: Though the views expressed are of the author’s own, this article has been checked for its authenticity of information and resource links provided for a better and deeper understanding of the subject matter. However, you’re suggested to make your diligent research and consult subject experts to decide what is best for you. If you spot any factual errors, spelling, or grammatical mistakes in the article, please report at [email protected]. Thanks.

    Samantha Cortez

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  • Stop Overwhelming Your Online Customers With Information Overload. Hook Them In With This Approach Instead. | Entrepreneur

    Stop Overwhelming Your Online Customers With Information Overload. Hook Them In With This Approach Instead. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Users spend an average of 5.59 seconds looking at a website’s written content. I don’t know about you, but it seems like there is hardly enough time to gain users’ interest, let alone relay the information you want to share — and the information they want to find.

    However, following best practices, there is no reason to bombard users with an avalanche of information when they land on your homepage. While there may be a lot of great information about your business, putting it in their faces when they arrive can have the inverse effect, making users feel overwhelmed and pushing them to leave the site.

    So, what is the alternative? Thoughtfully crafted messages and content aligned with the customer journey and revealed through a slow, strategic drip known as progressive disclosure.

    Related: Your Online Customer Experience Is More Than a Buzzword — It’s the Backbone of Your Business. Here’s How to Optimize It.

    But what is progressive disclosure?

    Progressive disclosure is about strategically revealing the information a user wants or needs at the precise moment the customer wants or needs it (rather than throwing it at them upfront). This is essentially a strategic approach to planning and releasing content throughout the customer journey to maximize engagement and move a customer through the conversion funnel.

    Here’s an example: If you have a product-heavy website, the navigation should direct the user through a seamless navigation. If the navigation is designed strategically to align with the customer journey, then each click is a point on the path of progressive disclosure. As users move around the site, they will slowly but surely learn more about the products and services and find the information they need. This is precisely why websites use a thoughtful navigation system based on logic and integrated into the information architecture that outlines the content and where it should be placed within the site.

    Why is progressive disclosure powerful?

    The simple answer is that this process is customer-centric. It focuses on what customers want to accomplish rather than what you, the business owner, want to share.

    In addition, progressive disclosure accomplishes the following:

    • Reduces friction: Information overload leads to confusion and decision paralysis. By presenting information relevant to the user’s immediate needs, you remove unnecessary hurdles and guide them seamlessly toward their goals.
    • Boosts engagement: Curiosity thrives when there is something more to discover. As users uncover new features and functionalities, their interest remains piqued, encouraging further exploration and deeper product engagement.
    • Builds trust: When users feel they’re being led, not overwhelmed, trust flourishes. Progressive disclosure shows respect for their time and attention, fostering a positive relationship between them and your product.

    Related: 7 Ecommerce Customer Experience Strategies for Effective Branding in 2024

    Want to rework your website so it’s aligned with your customers?

    If you want to rework your website or consider how your content is aligned with your customers, here are a few considerations that will help ensure you are applying progressive disclosure principles:

    • Map the customer journey. Understand the different stages users go through, from awareness to consideration, purchase and beyond. Identify their needs and pain points at each stage.
    • Prioritize information. Categorize features and information based on their importance and relevance to each stage of the journey. Highlight core functionalities initially and unveil advanced features later.
    • Use microlearning. Chunk information into digestible pieces, delivered through tutorials, tooltips, and interactive prompts. This makes learning effortless and avoids cognitive overload.
    • Leverage visual cues. Employ clear design elements like hierarchy, icons, and animation to guide users’ attention and highlight key information.
    • Gather feedback. Continuously analyze user behaviors on your site and collect feedback to understand what resonates. Use this data to identify areas for improvement and implement valuable changes.
    • Use multiple touchpoints to communicate. While this strategy can be applied to a website, it applies to all digital communication channels. Most who visit your website either have a specific reason or are fact-finding. So consider using other digital channels, such as SMS and digital cards, to communicate more important (or urgent) messages in real-time.

    Applying progressive disclosure isn’t just about withholding information; it’s about crafting a captivating narrative that unfolds as the user interacts with your brand. Applying this approach can foster trust, increase engagement, and ultimately create satisfied customers.

    Remember, we’re not just selling products or services; we’re guiding users on a journey, and every step along the way matters. By unveiling the right information at the right time, we transform their experience from overwhelming to empowering, paving the way for sustainable success.

    Louis Lombardi

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  • 7 Internet Based Home Businesses to Start in 2024 | Entrepreneur

    7 Internet Based Home Businesses to Start in 2024 | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    It is no secret that many people are struggling to get through these current economic times, but with just a laptop, webcam, strong internet connection and some effort, you can earn some extra money working from home. Creating and owning an Internet home business is not new, but most people overlook that these types of businesses have no real overhead. You don’t have to have a fancy office or employees. Your desk or kitchen table and a strong internet connection are all that is needed.

    Related: 4 Super Simple Side Hustles That Could Replace Your Regular Wage — Fast

    1. Build a sales funnel website and landing page

    There are so many small to medium-sized businesses out there that don’t have sales funnel websites or landing pages. These websites capture customer information when they click on a company website or ad. They’re also used on social media ads to incentivize customers to enter their information, such as a coupon, discount code or free eBook.

    The customer and their information then get added to a company email list for future email blasts or email drip campaigns. The upside is that once you build a great sales funnel, it’s easy to duplicate for other clients. The key will be pitching it to business owners to purchase.

    Related: She Started a Furniture-Flipping Side Hustle to Pay Off a $10,000 Dental Bill. It Surpassed Her Full-Time Job’s Income Within a Year — Earning Up to $37,000 a Month.

    2. Monetize your social media accounts with video

    Social media platforms YouTube, Instagram and TikTok pay creators to create video content through Reels, Shorts and TikTok. Each platform is different, and the same goes for how to get accepted as a creator, but if you’re great with video and have a niche, you could be raking in the money.

    The narrower the topic, the better the audience will be. Example: Watching you describe and play video games versus watching you describe and play Dungeons and Dragons. The upside is you’ll have consistent income if you post every couple of days. The key will be creating enough content for viewers to consume and posting consistently.

    Related: He Started a Side Hustle in His Dorm Room With ‘a Bunch of Ingredients From Amazon and a Crockpot’ — Now It’s a $56 Million Brand in Walmarts Nationwide

    3. Monetize a podcast

    Having a podcast is nothing new. According to Exploding Topics, over three million podcasts are out there as of September 2023. After recording and publishing the podcast, the trick is to turn around and chop up the video to make Reels, Shorts and TikToks. The downside is you’ll need to record multiple podcast episodes to keep people returning for more. The key is interviewing popular people with a large following as guests.

    Related: His Side Hustle Solved a Common Problem for Homeowners. Now the Business Brings in $3 Million a Month During Peak Season.

    4. Retail and online arbitrage

    This one will take some overhead for the correct software, and you’ll need money to purchase the inventory of products to sell, but it’s easily a great way to earn some cash. Sites like Amazon FBA and eBay are where you sell the products. The downside is you’ll need to source the products to sell on the sites, which takes time. The key is investing in the correct software to ensure a big enough margin to make sense purchasing the item to sell.

    5. Create and monetize a popular local news Instagram page

    Most people’s attention is on Instagram, so why not create a business with it? It’s pretty simple: create a new Instagram channel and post local news from your town or city — news on car accidents, crime, sports, recent restaurant locations, events, etc. People will share and subscribe to your posts because it has local news and is not biased television news.

    Once you get enough subscribers, you can start charging local businesses to post on the page. You can monetize stories, reels and posts. The larger the subscriber base, the more you can charge. Don’t overdo it; no one likes ads or being sold to. Building your audience will take time. The key is to find and post unbiased local news worthy of someone stopping scrolling to view it.

    Related: He Launched His Creative Side Hustle Out of a Garage. Now It’s Worth $225 Million.

    6. Video editing

    Video is one of the most popular ways to communicate and market today, and it is used on multiple social media platforms to earn money. Many creators don’t have the time or just aren’t skilled at video editing. This is where you come in. Start direct messaging (DM-ing) influencers with published videos and offer video editing services.

    A great way to get their attention is by editing one of their current videos for free and sending it to them. If your video edits are great, you’ll get their business. The downside is video editing is time-consuming. The key is having multiple influencers that want your editing services so you no longer need to spend time directly messaging more influencers and can focus just on editing video.

    7. Create online courses

    Do you have knowledge or a skill that can be taught to others through video? It can be anything from selling luxury homes, onboarding new staff as a Human Resources (HR) Director, or baking an award-winning apple pie. People will purchase online courses if you can capture the audience’s attention and produce multiple videos in a series on the subject.

    These video courses can also be chopped up as teaser clips, reels, shorts and TikToks. The key is storyboarding and scripting the content beforehand for a seamless video series. The downside is that it will be a time-consuming project if you wish to publish a quality product.

    Chris D. Bentley

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  • How a Bad Billing Descriptor Can Cost You | Entrepreneur

    How a Bad Billing Descriptor Can Cost You | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Do you know that line-item text that shows up on your debit or credit card statement that explains where each charge comes from? That’s commonly referred to as a billing descriptor. It’s a crucial piece of information that outlines the specifics of a transaction and the company associated with the charge.

    A merchant usually establishes the billing descriptor when they set up their bank account. Descriptors may be static or dynamic, meaning that they can change to reflect the specifics of the transaction in question.

    Think of billing descriptors as unique digital identifiers for each business. This numeric marker helps banks and credit institutions recognize the company while also helping buyers differentiate individual transactions.

    Unfortunately, inaccurate, confusing or unclear billing descriptors are a common problem. According to the 2023 Chargeback Field Report, one-third of cardholders say they often found billing descriptors on their bank statements to be confusing or unrecognizable.

    Additionally, nearly three-quarters of merchant respondents did not even know what their billing descriptor looked like. This suggests that merchants are not taking the problem of billing descriptor misidentification as seriously as they should. That’s a problem, as bad descriptors can directly cause chargeback.

    Related: How Banks and Businesses Can Fight Fraud and Chargebacks Should Regulation Fail

    Bad billing descriptors can cost you

    Billing descriptors directly impact a customer’s understanding of their credit card statement. As such, they play a vital role in a customer’s trust and satisfaction with a business. Poorly worded or confusing billing descriptors can pose significant issues for merchants, including:

    • Customer confusion: A vague or unrecognizable billing descriptor can leave customers perplexed. If customers can’t identify a descriptor on their statement, they might not be able to identify the source of the transaction.
    • Chargebacks & disputes: When customers don’t recognize a transaction, they often assume it’s fraud and dispute the charge. This can result in a chargeback to the merchant, which involves loss of revenue from the transaction, plus additional fees.
    • Damage to reputation: Ongoing issues with billing descriptors can harm a company’s reputation. If customers continually face confusion over their billing, they may develop a negative impression of the business, leading to lost future sales.

    Keep in mind the scale of this issue can vary widely. For a small business with a consistent client base, the issue might be manageable. But for a larger enterprise — especially one with a high volume of online sales or a diverse range of products or services — the problem can become substantial.

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

    Why is this a big deal?

    Around 27% of the merchants surveyed in the Chargeback Field Report had no idea where their billing descriptor could be located. A shocking 47% admitted that they’d never even checked their descriptor. For the reasons we listed in the above section, this is an issue that merchants can easily amend to protect their revenue.

    Merchants must keep their chargeback rate below the monthly thresholds established by Visa and Mastercard. Otherwise, they may be relegated to the higher fees and penalties associated with a “high-risk” merchant status. This is why billing descriptors are an essential part of this equation.

    Many customer queries begin with cardholders unable to identify a charge on their monthly bill. Fearing fraudulent activity, they tend to contact their bank, which often leads to a chargeback despite the transaction being valid.

    Ambiguous or seemingly unrelated billing descriptors are at the root of a substantial number of transaction disputes. In the same survey, one-third of cardholders responded with “Somewhat Often” or “Very Often” when asked about how frequently they encountered perplexing or unrecognizable billing descriptors. Interestingly, a small minority (only 6% of consumers) claimed they had never faced this issue.

    Related: Think You Can’t Win Against Chargebacks? Think Again.

    Dynamic billing descriptors could be the answer

    Adjusting one’s billing descriptor to denote the source of each transaction clearly could save merchants a lot of time and money in the long run. This small step can profoundly impact a merchant’s chargeback ratio.

    Adopting dynamic billing descriptors, or otherwise adjusting to make descriptors more immediately identifiable, presents several benefits for merchants:

    • Reduction in chargebacks: A recognizable descriptor can significantly reduce the incidence of chargebacks. Customers can easily identify their purchases by providing specific information about each transaction (like the product purchased or service rendered), leading to fewer disputes and chargebacks.
    • Improved customer experience: Clear billing descriptors enhance the customer experience. Detailed transaction information can increase the customer’s and merchant’s transparency and trust. It eliminates confusion, ensuring customers fully understand their purchases.
    • Greater flexibility: Dynamic billing descriptors offer more flexibility. Merchants can tailor the descriptor to the specifics of each transaction, making it more descriptive and recognizable to customers. For example, each service type could have a unique descriptor for a multi-service business.
    • Enhanced brand recognition: Descriptors can also be a tool for enhancing brand recognition. By including a business name or a product-specific detail in the descriptor, merchants can make their brand more recognizable to their customers.
    • Fewer customer service queries: By providing clear and detailed transaction information, good descriptors can help reduce the volume of customer service inquiries related to unrecognized charges, freeing up resources to handle other aspects of customer service.

    Examining and optimizing one’s billing descriptor can be a vital strategic decision for many merchants. It can help improve operations and enhance customer satisfaction. At the same time, a bad descriptor could be a source of considerable revenue loss.

    Monica Eaton

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  • 10 Proven Passive Income Ideas for 2023 | Entrepreneur

    10 Proven Passive Income Ideas for 2023 | Entrepreneur

    There are many ways to generate passive income and change your financial future. Whether you want to earn just an extra $1000 per month on the side or go into something full-time and replace your current salary, different passive income ideas require different work and time.

    Upfront work is required, so don’t expect to get rich overnight, but with a plan in place and the right kind of motivation, you can see success much sooner than you think.

    1. Start an Online Business

    Starting an online business is the best way to generate revenue on autopilot.

    Why?

    1. You don’t need a ton of cash upfront.
    2. You have a lot of room to make mistakes, and
    3. It’s one of the most fulfilling life adventures you could ever be on.

    I started my first online business in 2008 after being laid off from an architecture job I loved. My website helped architects pass a difficult exam, and people paid me for study material I created to help them prepare.

    How much money did this business make?

    In one year, I generated over $200,000, more than double what I earned as an architect.

    2. Affiliate Marketing

    Affiliate marketing allows you to generate passive income simply by recommending existing products to other people. If you’ve ever recommended something to a friend, you know how to do affiliate marketing already.

    Affiliate marketing has been my most significant single source of revenue, bringing in over $4 million since 2009.

    So, how does affiliate marketing work, exactly?

    With affiliate marketing, you recommend other people or company’s products and services to your following. You can talk about it on YouTube, a website, in an email, or even just with your social following. And, when someone purchases from your recommendation, you’ll receive a commission from the sale.

    One of the most popular and accessible ways to get started is through the Amazon Affiliate Program. People already know and trust shopping from Amazon, and you’ll have a massive range of products to select from.

    Just be sure only to choose products that you can stand behind, and that will serve your audience well, and be sure to always be upfront that a link you promote is an affiliate link.

    To be successful with this, you’ll need to put time into building an audience who trusts that you’ll always steer them in the right direction and then follow through on that.

    Related: 12 Myths and Misconceptions of Affiliate Marketing

    3. Start a YouTube Channel

    Starting a YouTube channel is an excellent option for making passive income online; it’s free to get started, and if you create videos that people want to watch, you can generate revenue from ads, sponsorships, and even promoting your products.

    Recently, I started a new YouTube channel all about Pokemon cards called Deep Pocket Monster. In two years, this new channel has grown to over 500,000 subscribers, and it generates revenue from ads, sponsorships, and even affiliate marketing by promoting card shops and binders on my videos.

    4. Open a Paid Membership Business

    Like signing up for a gym membership, people join online memberships and pay recurring fees for the sense of community and value it brings them. In fact, we have a couple ourselves:

    • Our SPI All-Access Pass is a community of up-and-coming entrepreneurs who get access to all of our courses, workshops, community events, and even guides to help them through the material.
    • SPI PRO is our higher-level community of established business owners who want to network, connect, and share ideas with growth in mind. We require an application to get into this paid community.

    Both of our communities require a recurring payment (quarterly or annual), but people are happy to continue to pay that because they’re getting more value in return.

    With a membership business, you may need a platform to host your community. Circle is our top choice because it’s easy to use and familiar to users who join. This is our affiliate link for Circle in case you’d like to check it out and give it a run!

    5. Make Print-on-Demand Designs

    If you have a keen eye for design and current trends and know how to use design software, selling print-on-demand designs could be a great option to create passive income.

    With print-on-demand, you don’t have to buy any inventory ahead of time, so it’s a low-risk business model.

    You’ll work with a print provider, like Printful or Teespring, to sell merch (t-shirts, mugs, bags, etc.) customized with your designs and sold per order.

    When someone buys one of your designs, the print provider fulfills, prints, and ships the order on your behalf.

    The trickiest part is making unique, high-quality designs that inspire your people to purchase them.

    6. Offer Software as a Service (SaaS) Business

    Another potentially lucrative option for passive income is to create an app or software that you can offer as a subscription service—also called software as a service (SaaS).

    To do something like this requires coding knowledge or the funds to hire someone who knows how to code, but there are many resources available to find people who can do that kind of work for you, like Upwork.

    Remember that this is one of the more time-consuming options; it will take a good chunk of time to plan and get things up and running.

    Also, you will have to create and offer a truly valuable solution—and market your solution effectively—to make passive income with this, which isn’t exactly easy.

    This is a challenging route., but it can be rewarding.

    Related: How to Successfully Launch a Product in Under 90 Days

    7. Create an Online Course

    Everyone has a skill they can teach, so why not monetize yours AND help others by creating an online course?

    Making an online course isn’t too difficult either, but it will take a lot of time and effort to ensure it’s useful. We host our online courses on both Teachable and Circle, and it’s an amazing way to package information into a place where people can experience a transformation or solve a problem.

    Once you’ve created the content and have everything set up, it can be an incredibly profitable source of passive income.

    There are several platforms, like Udemy or Skillshare, that you can choose from to host your course and facilitate getting your course paid viewers.

    However, I always recommend using your website to give you greater control and true ownership.

    8. Create No-Code Apps

    Did you know you can reap the benefits of creating an app without knowing how to code? Apart from hiring an expensive developer, that is.

    Yep, you can control the process and create an app through development platforms like Zapier, Appy Pie, or Bubble.

    There are a lot of apps out there, so to be successful with this, you’ll need to search and identify a need and fill that need with your app.

    If you set your objectives ahead of time and know exactly which problem you’re trying to solve—and who you’re solving it for—you’ll already be a step ahead of the competition.

    With this, you can earn high passive income through downloads, subscriptions, ads, etc.—depending on how you model it.

    9. Publish an eBook

    Selling eBooks online is a very accessible method of making passive income.

    The idea of creating a whole digital “book” might still sound intimidating to you, but I promise it’s actually simple to do.

    Your book’s content can be informative or entertaining, and it can be as short and simple as a 5-page PDF.

    You don’t have to be a pro writer or even an expert on your eBook’s topic. Just be sure to provide high-quality, well-designed content that resonates with your audience.

    You can even hire a freelance ghostwriter and graphic designer to help you out.

    All you have to do is self-publish it to Amazon or Apple Books and promote it to your audience.

    Writing an eBook gives you a vehicle to benefit your existing audience with helpful information, further strengthening your relationship with them.

    It’s also a great tool to augment your audience to new levels and boost traffic to your website, podcast, and other channels—growing your brand.

    10. Write a Book

    Writing a physical book is a great way to generate passive income, not just from the book’s potential sales, but how it may promote other services and products you have to offer.

    I’ve written and published three books myself, and although it’s a tough route, it’s super rewarding, and the residual income, if you continue to market the book (or it takes off on its own)can be plentiful.

    My self-published book, Will It Fly, has generated a total of $459,341.00 (between 2016 and 2019)

    If you’d like to join a community of people just like you who are building their businesses right now, please check out our All-Access Pass. We’ll guide you across our entire course library to ensure you give yourself the best chance to earn an additional income.

    You got this!

    Pat Flynn

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  • How You Can Afford the Lifestyle of Your Dreams in Retirement | Entrepreneur

    How You Can Afford the Lifestyle of Your Dreams in Retirement | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Entrepreneurship is the new “dream job” for older adults in the U.S., even after they retire. A recent survey from The UPS Store found that 54% of Americans would rather open a small business than retire, and the proportion of new entrepreneurs in the ages 55 to 65 cohort has increased faster than among people ages 25 to 35.

    Working in retirement is not a new phenomenon. Some retirees and older adults have always decided to keep working past the traditional retirement age, whether it’s a few hours a week at a part-time job, solo consulting work or other ways to stay active and earn extra income. But for this new generation of retirees and older adults who are approaching retirement age, entrepreneurship in retirement can be a great way to take on a fun new challenge while making money with a flexible schedule, on your own terms.

    Today’s generation of retiree entrepreneurs is often called “encore entrepreneurs” or “second act” entrepreneurs because they’re coming back to the workforce for one more appearance. Being a retiree entrepreneur can offer special satisfaction and financial rewards. Running an online business, like an ecommerce store, Fulfillment by Amazon (FBA) business, blog, mobile app or another digital asset, has become a popular new strategy for entrepreneurship in retirement.

    But as an online business entrepreneur in retirement, you don’t have to reinvent the wheel or start from zero. If you want to get your foot in the door with online business ownership, more retirees should consider the option of buying an online business. In the same way that some entrepreneurs might want to buy a franchise or purchase an existing business that already has a proven brand and strong foot traffic, buying an online business can be a cost-effective way for “encore entrepreneurs” to have a successful second act in retirement.

    When I talk with entrepreneurs and investors around the world, we’re seeing strong interest in this space from older adults. In the past year, as I’ve attended industry conferences and done meetups in cities around the world, approximately 75% of people in the audience are in the ages 55 to 65+ cohort. Clearly, this age group is interested to learn more about online entrepreneurship. They see how buying an online business or digital asset could be a smart investment.

    Here are a few big reasons why online business and retiree entrepreneurs are a natural fit — and why buying an online business could be the right strategy for your goals.

    Related: Want to Retire Early? Do This One Thing.

    1. You get the lifestyle you want — and the income you need

    Why do older adults often decide to work in retirement? Because they want to earn extra income on a flexible basis, without the all-consuming schedules and expectations of a full-time job. Buying an online business is a great fit for these goals.

    If you want to earn extra money on your own terms, running an online business can deliver the return on your investment that you need, with a flexible schedule and the ability to work from anywhere. If you want to travel in retirement, split your time between seasonal homes or spend more time with grandchildren or other loved ones, running an online business can give you the freedom of being a digital nomad, not tied to any one location.

    Why buy an existing online business, instead of starting your own business from scratch? Because when you buy an online business, you’re getting a built-in customer base, a known brand and reliable revenues. You’re getting a stronger foundation to build upon. This is another reason why buying an online business can be a perfect fit for older adult entrepreneurs — it helps you avoid the time-consuming struggle of finding new customers and building a brand.

    2. They’re cost-effective investments of extra cash

    Retirees sometimes have access to a lump sum of cash that they can use for investing in a new venture. Whether it’s an early retirement severance package from your last job, proceeds from the sale of a house after downsizing, an inheritance from a loved one or other windfalls, retirees are (hopefully) in a stage of life where they have some extra cash that could use a good purpose.

    There are a few ways to invest extra cash. You can put it into a savings account, CD or money market account and barely earn enough interest to keep up with inflation. You could buy an investment property — but real estate inventory in most U.S. cities is limited right now due to rising interest rates — or you can invest cash in other asset categories, like the stock and bond markets, which can be risky and go up or down for reasons beyond your control.

    But what if you could invest some extra cash in an online business — and invest in your own skills, talents, expertise and entrepreneurial energy? Buying an online business is a way of betting on yourself. Online businesses can deliver steady monthly cash flow to boost your retirement income, as well as a long-term appreciation of the asset price. And hopefully, with an online business that you’re passionate about in a niche you know well, you can achieve a bigger long-term ROI than other investment categories.

    Related: 3 Tips for Buying an Online Business

    3. They can be low-risk

    Buying an online business doesn’t have to cost a lot of money. You don’t need hundreds of thousands of dollars to buy an online business, and you don’t have to bet your life savings on one single business idea. Unlike buying a franchise where you have to be part of that larger brand and follow its rules, running your own online business gives you the freedom to make your own choices, try new things and follow your own intuition. Unlike buying a brick-and-mortar business like a restaurant or retail store, online businesses tend to have limited overhead costs and big potential profit margins.

    Choosing the right online business to buy depends on striking a balance between how much cash you want to invest upfront vs. how much time/expertise and additional cash you’re prepared to invest into the business as you manage for future growth.

    For example, there are lots of online businesses (like ecommerce stores, mobile apps or revenue-generating content-based websites) that are for sale for as little as $5,000 to $10,000. If you’re willing to put in some effort to improve the performance of these businesses, with better content, higher customer retention, sharper SEO (search engine optimization), diversified sources of traffic and more precise advertising, you could boost the business’s monthly revenues and recoup your initial investment within a few months to a year.

    Not every online business is an immediate slam-dunk moneymaker. Some online businesses require some extra help and careful management to reach their potential. But in general, if you’re a recent retiree or soon-to-be retiree who wants to earn extra income in retirement while keeping your entrepreneurial skills sharp, buying an online business could be the best strategy for you to get in the game. Buying an online business helps you save time and start selling to customers faster, without the growing pains of getting a new venture off the ground.

    Blake Hutchison

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  • How to Stop Online Marketplaces From Robbing Your Brand | Entrepreneur

    How to Stop Online Marketplaces From Robbing Your Brand | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Marketplaces have become extremely influential in ecommerce over the past three years. Major market players such as Amazon, Alibaba and JD attract millions of users, facilitating massive transactions across a wide range of product categories.

    They also generate a wealth of data on consumer behavior, preferences and trends. This strong market position gives them an advantage and the ability to charge unreasonably high commissions, basically robbing brands.

    The rise of marketplaces

    The journey of marketplaces goes back to the early days of the Internet when platforms such as eBay and Amazon pioneered the concept of online commerce. Founded in 1994 as an online bookstore, Amazon has evolved into a comprehensive marketplace offering a wide range of goods. eBay, launched a year later, popularized the concept of consumer-to-consumer online auctions. China’s JD.com and Alibaba also burst onto the market in the late 20th century.

    With the growth of ecommerce, niche and vertical platforms began to flourish. They focused on specific industries or product categories. A prime example is Etsy, a marketplace for handmade and vintage goods founded in 2005. And as technology has evolved, so have the capabilities of marketplaces. The introduction of secure payment systems, improved search algorithms and user-friendly interfaces have provided a new level of convenience, trust, and efficiency in online shopping.

    However, it wasn’t until after the pandemic that marketplaces took off. The year 2020 was a stellar time for them and e-commerce in general. Online platforms have become critical for brands to reach a broader customer base. In 2021, a whopping 42% of all online purchases were made through marketplaces. The convenience of shopping from home, the ability to compare prices and read customer reviews, and the seamless transaction process for customers have contributed to the rapid growth of online platforms. And in 2022, almost two-thirds of consumers said they were happy to be able to order everything they needed through one merchant.

    By 2027, third-party marketplaces will become the world’s largest and fastest-growing retail channel, accounting for nearly two-thirds of online sales. Amazon, Alibaba, Pinduoduo and JD.com are expected to generate $4.3 trillion in global sales, up from $2.5 trillion today. Experts say that the most successful retailers, both now and in the future, will operate third-party marketplaces, and consumer brands must align with them to flourish in this new retail environment.

    Although the concept of marketplaces itself is beneficial, including for brands, the strong position of online platforms has allowed them to dictate their terms to sellers and vendors and practically rob them.

    Related: 7 Revenue-Killing Mistakes for Ecommerce Retailers

    How online platforms make money on brands

    In the early days of marketplaces, when they needed to attract new suppliers to basically unknown platforms, contract conditions for vendors and commissions for sellers were usually based on a small percentage of the transaction amount. As marketplaces expanded and diversified, they introduced tiered commission structures to incentivize sellers with high sales volume. Those who achieved such volumes or met specific performance criteria could qualify for lower commissions, which offered a potential savings advantage.

    With time, marketplaces expanded their revenue streams by introducing additional services. They included premium placement in search results, featured listings, advertising options, and other services such as fulfillment, delivery, and marketing support. With these, marketplaces generate additional revenue while allowing merchants to increase their visibility. The problem is that though online platforms aim to increase the effectiveness of services and tools offered to sellers, their main goal is still to earn more by raising the penetration of those products, not optimizing sales for specific brands.

    As a result, Amazon, for example, now gets more than 50% of sellers’ revenue on average, compared to 40 percent five years ago. Sellers are paying more because Amazon has increased fulfillment fees, making advertising costs inevitable. The typical Amazon seller pays 15% per transaction, 20-35% for order fulfillment, and up to 15% for advertising and promotions. The cost of Fulfillment by Amazon, when Amazon stores, picks, packs, and ships orders, has been steadily rising, and there are few success stories of operating outside of this model. Advertising is optional, but it takes up most of the screen with the best conversions, so sellers inevitably have to buy Amazon advertising services to get noticed.

    The company has even been sued recently. According to the claim, Amazon penalizes sellers for failing to set the optimal price for their products by demoting them in search results and disqualifying products from the “Buy Box” feature, a white box on the right side of the Amazon product detail page, where clients can add goods for purchase to their cart.

    The power of AI

    With the growing influence of artificial intelligence, companies can now leverage AI to expand their presence, optimize operations and ultimately generate more revenue. We estimate that the global retail AI market will be worth about $350 billion by 2032 as more companies realize the benefits of neural networks and take advantage of them.

    Marketplaces already use AI-based tools that provide valuable insights into consumer behavior, campaign performance, and keyword search. Their main goal is to increase sales, and algorithms help them calculate which sellers’ products are worth promoting to maximize overall revenue. Online platforms analyze customer buying behavior, items in the shopping cart and the most viewed items to make recommendations, predicting what each client is likely to buy.

    Brands, too, can use AI to get to the top of marketplace search and increase the share of sales in their categories at the expense of internal marketplace traffic. However, sellers cannot access marketplace AI models. Platforms keep information about their developments secret and notify merchants of updates only when they occur. In Amazon’s case, Amazon Vendor Service can be used to access some of the AI functionality, but it increases the cost of doing business. At the same time, the service itself remains a black box. It means that brands cannot use platforms’ AI to promote their products. It also means they need third-party solutions to do so. What exactly would such AI solutions offer them?

    Related: How to Leverage the Power of ChatGPT and AI to Boost Your Shopify Store’s Success

    1. Intelligent and dynamic pricing

    AI solutions enable brands to implement intelligent pricing strategies. By analyzing market data, competitor pricing, and customer demand patterns, AI can determine optimal price points for products. Dynamic pricing allows sellers to adjust prices in real time based on factors such as supply and demand fluctuations, competitor activities, and customer behavior. This ensures that sellers remain competitive and maximize their revenue potential on marketplaces. Our experience shows that using AI to determine pricing allows sellers to recover up to 6% of previously lost margins.

    2. Intelligent adjustment for performance bids

    Leading marketplaces usually use real-time bidding (RTB) systems allowing advertisers to bid to show their ads to buyers. For example, on Amazon sellers bid on keywords, and the one with the highest bid and the best-targeted keywords usually wins. In other words, the winning bidding strategy is when the buyer’s search query matches the seller’s target keywords.

    With real-time data and advanced optimization techniques, businesses can ensure that their ad spend is used efficiently. AI algorithms can continuously recalculate billions of possible combinations of bids and amounts of budget, campaigns and segments, helping to rebound 20% of previously lost ROIC, based on our experience. Amazon, Alibaba, and JD already use such algorithms for in-house performance marketing.

    3. Efficient inventory management

    AI can optimize inventory management processes for sellers and vendors operating on online marketplaces. By analyzing historical sales data, algorithms can forecast shipments and sales by warehouse and SKU with granularity to organic and promotional sales and high accuracy, identify peak selling periods, and optimize inventory levels. This helps brands avoid out-of-stock or dead-stock situations, reducing storage costs and ensuring a seamless supply chain. Additionally, AI can automate inventory replenishment and order fulfillment processes, streamlining operations and minimizing human error.

    Related: 4 Ways to Use AI to Enhance the Customer Experience

    AI vs. People

    AI has enormous potential for sellers and vendors on marketplaces. By using AI to learn about customers, adjust rates, optimize pricing and manage inventory, brands can improve their competitive advantage, drive sales and increase overall profitability on online platforms.

    AI models also allow brands to save on time and resources of in-house teams and agencies, which, in our experience, companies typically hire to get their products to the top of marketplace storefronts. Сonsider, a medium-sized company from the food industry. Typically, a marketplace team (the one working to distribute products through online platforms most efficiently) includes an e-commerce leader, a manager, a designer, and a marketer. In addition, the company may hire an outside contractor to help its internal team.

    Nevertheless, these people are forced to engage in routine operations instead of using their time to solve strategic problems. With AI, teams can focus not on playing cat and mouse but on developing strategy and launching innovations, while algorithms will help implement them around the clock and in the most efficient way.

    Pavel Podkorytov

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  • The ABCs of Growing Your Online Business in a Crowded Market | Entrepreneur

    The ABCs of Growing Your Online Business in a Crowded Market | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    As the digital marketplace grows more and more crowded, online business owners are in need of ways to stand out from the pack. Especially in the face of ever-increasing costs and competition, it is getting harder to answer questions like: How do I get greater reach for my message, content and offers? How do I convert that reach into more followers, leads and sales? How do I ensure I provide more value to the market and stand out from the competition? These are more than mere questions; they are concerns that will be the death knell of any company that chooses to ignore them.

    Unfortunately, most people approach these questions from the wrong direction. In a world that encourages you to always be on the hunt for the next customer, there is a “secret weapon” that helps your business to stand out and rise above all the noise in the marketplace.

    Businesses that profit the most often do it through customer retention rather than customer acquisition. I want to share the “online business ABCs” with you. They illuminate a holistic approach to delivering a customer experience that leads to retention and word-of-mouth referrals that can fuel the growth of your business.

    Related: 3 Things Online Businesses Must Consider to Grow and Thrive

    A: Activation points

    Many businesses consider the sale the “endpoint” of a customer’s journey. Tons of time, energy and thought go into the journey up until the point of purchase, but then the level of attention, intention and care drop off from there.

    Viewing the purchase as the endpoint is a limited perspective. The real journey begins after the purchase. There is a massive difference between “making a sale” and “cultivating a customer.” It’s a mistake to expect that the new purchase is going to be consumed at all, much less in the way that will deliver the best experience and results.

    There are a handful of “activation points” where you can offer additional information, support or encouragement to continue to educate and cultivate customers. The most successful businesses understand that their role extends beyond mere transactions. In fact, they are proactive and continue to lead in their relationships with customers and clients. This could look like hosting check-ins, providing supporting content or inspiring community engagement with other customers.

    B: Bias and beliefs

    The second pillar of the ABCs is about introspection to question the assumptions we’ve built in our minds about our customers.

    We are so deep inside of our own businesses that we forget what it is like to not have that context, and we assume further that if someone makes the decision to buy from our business, they fully comprehend what they bought. While obviously, they have some level of understanding because they bought, it is nearly impossible for them to fully understand what they’re getting.

    The remedy to this is to operate as if your customer has zero familiarity with your product. Guide them from the start and down the paths or use cases that best deliver the kinds of results they are after. The intent is to help make your customer feel supported and understood while clearing the path so that their journey with your business is as smooth and rewarding as possible.

    Related: Disrupt the Cognitive Biases That Derail Sales

    C: Communication, community and check-ins

    The third pillar of the ABCs speaks to the fundamental human drive for connection and acknowledgment.

    Because there is so much noise everywhere in today’s world (and not just in your marketplace), nearly everyone feels “drowned out” at some point, intensifying what is already a deep-seated desire to be seen, heard and valued. If your business can help to fulfill this need for your customers, everyone stands to gain significantly from the effort.

    The cornerstone to meeting this need? Effective, consistent and personalized communication. Regular updates, check-ins and intentional outreach are pivotal if you intend to keep your customers informed and engaged. It may feel like you are “over-communicating” if you don’t engage in much of this at the moment, but I challenge you to test that bias.

    And while automation tools (i.e. email or text) can shoulder some of this burden, the human element is indispensable. Most businesses try to eliminate the human element because they think it is time- and cost-efficient. While that is true, it is rare to see an automated message be the difference in turning a casual customer into a loyal advocate for your business.

    Lastly, a true sense of community will completely change the way customers experience and feel about your business. Give them a way to connect with, learn from and support one another. A sense of belonging is a powerful motivator, promoting repeat business and engendering brand loyalty.

    Related: 7 Patient Strategies for Growing Your Business Online

    The real sale and the real role of your business

    You may have heard of the concept of “the sale after the sale.” Just like you don’t marry someone after one great date, you don’t win a customer for life just because you had a slick marketing funnel and initial sales process.

    The customer journey extends far beyond the initial transaction. There are many ways to guide your customer to full utilization, enjoyment and value gained from the product or service they bought from your business. In fact, your business’s role is not just to sell a product or service, but to ensure that the customer extracts the maximum value possible from it.

    If you do this, your business can expect greater customer satisfaction and an increased likelihood of repeat purchases, referrals and glowing reviews or testimonials. All of which will help to lower your acquisition costs for new sales and boost your profitability.

    Now that you know your ABCs, I hope you use them to build a moat for your business. Putting these into practice will help you keep the customers you have and attract new ones at a low cost — because existing ones won’t be able to keep how happy and successful your business helped them become to themselves!

    Sam Miller

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  • How to Protect Your Law Firm’s Public Perception by Managing Online Reviews | Entrepreneur

    How to Protect Your Law Firm’s Public Perception by Managing Online Reviews | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In today’s digital landscape, choosing a law firm is largely influenced by online reviews. For better or worse, when prospective clients begin their search for a law firm these days, they usually start with a search engine.

    And while that may be convenient for them, it opens the door for a slew of biased or untrue opinions that can put your practice on the defensive.

    That’s why it’s never been more important to evaluate and manage your firm’s Google search footprint and your online reputation. Though you may be aware of your reputational standing in the real world and the legal community that sees your work, crafting a positive image for your practice takes a different type of awareness — and approach. While this may take an upfront investment, it’s well worth the time and money to ensure new clients can find your firm and entrust their case and legal needs to your team.

    As a digital marketing and online reputation expert, I’m well aware of the power an online reputation can have on an attorney’s reach, revenue and long-term growth. To that end, I’d like to share a few best practices for managing law firm reviews and protecting your firm’s reputation. These crucial behaviors can help you control the online narrative while focusing on the work that truly matters.

    Related: Why Your Company’s Online Reputation Matters

    Determine where you stand

    Before making any changes to your online reputation, you need to determine where your law firm currently stands on the web. It helps to picture yourself as the average client in need of what you offer and create a list of search terms or keywords relevant to what they need and to your firm. It can help to start your search in incognito mode to ensure your previous search history doesn’t influence your results.

    Begin compiling your results into a spreadsheet, pulling from the wide range of review sites as well as any third-party blogs, articles, profiles and other online elements (good, bad and neutral) you may find. This database will help paint a bigger picture of your online reputation and what platforms or areas may need more attention.

    Related: How to Build a Reputation That Will Become a Real Asset for You

    Note repeat issues

    As you compile your results, take note of issues that crop up repeatedly. While some law firm reviews may be from difficult clients whose experience does not accurately represent your firm or your team, certain repeat problems can shine a light on issues that can be easily addressed and shored up as needed.

    When you find negative reviews, take care to respond publicly and empathetically. Your response to each negative comment will remain online and linked to the original negative review, providing balance when future prospective clients are reading reviews and demonstrating that your firm takes client feedback seriously.

    Related: 7 Ways to Recover After a Reputation Crisis

    Engage with the positive

    While responding to negative reviews — politely and apologetically, of course — is key to mitigating their impact on your online image, just as important is replying to positive reviews. As with negative reviews, your responses remain linked to the original posts and provide an easy but fairly powerful opportunity to bolster your online cred.

    When replying to positive feedback, ensure each response is personalized rather than issuing a boilerplate reply template. Robotic replies can often hurt authenticity and sometimes undermine your efforts altogether. You may also consider reaching out to individual reviewers and asking permission to share their positive feedback. Direct quotes from satisfied clients can be shared and utilized in various ways, including on your website, in email campaigns and across other aspects of your firm’s outreach strategy.

    Related: 3 Tips for Managing Your Business’ Reputation Via Social Media

    Create a review pipeline

    Once you’ve addressed existing reviews affecting your firm’s brand online, you can begin gathering new reviews. Encouraging and sometimes even incentivizing client reviews (strategically, of course) can generate activity that catches Google’s attention and push your firm to the top of organic results pages. In some cases, this increased positivity can help push negative feedback off of page one. No matter what, don’t attempt to create false reviews with accounts of your own. Such black hat techniques can often create red flags that ultimately do more damage than good.

    Automated email drip campaigns can provide an excellent opportunity to encourage happy clients to review your firm online. Updating your website with easy-to-find links directing clients to feedback surveys can also be an effective way to solicit positive feedback. These outlets can provide quotes you can use in both organic and paid marketing campaigns.

    Related: The Relationship Between Reputation and Brand

    Branch out to new platforms

    A major step in managing your online reputation is branching out to new digital platforms. If your firm isn’t active on social media, consider creating accounts and posting regularly. You don’t need to jump on every new app. Instead, focus on the platforms that make sense for your law firm, such as LinkedIn. There, you’re better equipped to control the narrative and present positive messaging.

    It can also help to work with a public relations expert with the focus, skillset and media relationships to incorporate mentions of your law firm’s successes into high-authority online news outlets, local blogs and other high-traffic venues. Even short, relevant blog posts on your own website can help promote your practice and increase client trust in your firm. Over time, expanding to social media and other online outlets can boost your placement in search engine results while promoting your law firm where it generates the best results.

    Adam Petrilli

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  • Learn to Generate Passive Income for Your Business in This $30 Bundle | Entrepreneur

    Learn to Generate Passive Income for Your Business in This $30 Bundle | Entrepreneur

    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.

    The United States Bureau of Labor Statistics reports that only one in 10 startups is successful. There is no singular reason why so many fail, which means you as a business owner have a diverse set of tasks to accomplish to see that your business is successful.

    It may be a lot to take on, but the 2023 Build a Passive Income Online Business from Scratch Bundle may be able to help you do it. Normally, this business management and growth bundle would cost $1,200 for lifetime access, but you can get it for $29.99.

    Find out how you can create a successful business online.

    If your business is already established, you could skip the first course, Start an Online Business: Get Ideas, Build a Blog, Promote & Launch, or you could study it to find out if there’s anything new you can add to your business online. If you have traditionally focused on brick-and-mortars, this could be an opportunity to perfect your strategy for online business.

    Marketing is an essential part of gaining an engaged, organic audience, but there are many steps before you send your first email. Lauren Lbik is the instructor behind each course in this bundle. Her Masters in Business and experience growing email lists could make her instruction an asset if you want to learn how to create a list of engaged subscribers.

    That also means you may want to develop new strategies for content writing and web design. This bundle features 25 lectures on content writing to show you how to plan, organize, and execute your articles and differentiate your content from your competitors. Review the lecture on SEO tools to enhance your article’s reach and get new traffic on your website. If you think your site needs work, find out how to create a WordPress website, arrange web hosting, and more.

    Build your business online.

    Entrepreneurs can learn how to grow an engaged following for their online business in this bundle.

    For a limited time, get the 2023 Build a Passive Income Online Business from Scratch Bundle for $29.99 (reg. $1,200).

    Prices subject to change.

    Entrepreneur Store

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  • Why Selling a Business Is the Next Use Case for AI | Entrepreneur

    Why Selling a Business Is the Next Use Case for AI | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Artificial intelligence has quickly become the most talked about technology in recent years. While generative AI like ChatGPT and AI-powered search engines like Google Bard and Bing are getting lots of attention, there are also some powerful innovations bringing AI to a surprising range of use cases and industries. One example is using AI to help sell your online business.

    A big trend right now among online business entrepreneurs is that when business owners get to the point of deciding to sell a business, they don’t want the process to take too long. They want to quickly, painlessly and efficiently find the right buyer. This need for speed also works for the opposite side of the transaction. Prospective buyers of online businesses don’t want to get lost in the clutter of too many choices and irrelevant listings; they want to quickly zero-in on the right businesses that are relevant to their expertise and a good fit for their investment goals.

    AI can be the missing link for more efficient online business exits and acquisitions. With the power of AI, online business sellers and buyers can get a more precise sorting and matching process to help prospective deal partners get connected faster.

    Let’s see a few reasons why AI can be the next “killer app” for selling online businesses.

    Related: Does AI Deserve All the Hype? Here’s How You Can Actually Use AI in Your Business

    Expectations are rising for online business mergers and acquisitions

    Small online businesses, such as ecommerce stores, content-based websites and blogs, mobile apps and software-as-a-service (SaaS) solutions, have become a larger part of the “Main Street” of the digital economy in recent years. As these business categories have grown, there has been increasing interest from investors and rising expectations for how to make M&A deals for these businesses.

    Selling a business is a huge decision, both financially and emotionally. It’s kind of like selling a home; you’ve poured years of time, work and effort into this asset and you want to get the best price that the market will bear. When you list your online business for sale, you don’t want it to linger on the market or attract a bunch of tire-kickers who are not serious buyers. When online business owners decide to exit, they want to quickly and efficiently connect to a shortlist of qualified buyers who are genuinely interested in buying a business and who are ready to talk about details and advance to a deal-making stage.

    For investors, the process of buying online businesses has traditionally been too full of friction and clutter. If you’re an online business investor, you don’t want to have to sort through a bunch of irrelevant listings or get spammed by sales pitches. Your goal as a business buyer is to quickly find relevant, high-potential acquisition opportunities that are a good fit for your investment goals and expertise.

    AI can help meet these rising expectations for both sellers and buyers. With AI-powered recommendations and smarter search capabilities, online business sellers can quickly get their business on the radar of qualified buyers, while prospective buyers can use AI tools to meet their unique investment goals and get access to high-potential deal flow on tap.

    Related: AI and ChatGPT Are the Future of Business Growth — But They Still Have Limitations

    Institutional investors want to find relevant, profitable online businesses

    Online businesses are not just for solo tech geeks working out of their garages anymore. Digital Main Street businesses are attracting increased interest from sophisticated institutional investors, such as family offices, private equity firms and aggregators. These larger investors have more complex needs than first-time online business buyers or solo entrepreneurs.

    For example, if you’re an institutional investor looking to buy online businesses, you typically will have a larger portfolio of online businesses that you want to match or expand. Your team will likely have a certain industry vertical or space that you prefer to invest in, as that fits your expertise and experience. You might also have certain deal size parameters or other unique data points that you’re looking for to help determine whether an investment is a good fit.

    AI for buying online businesses is an essential development for sophisticated institutional investors. Machine learning and AI-powered recommendations can help these investment teams quickly surface and hone in on a list of potential M&A targets that fit their parameters and investment goals, with higher accuracy and at scale.

    Related: Thinking About Starting an Online Business? 2023 Is the Right Time to Do It. Here’s Why.

    AI will become a ‘personal assistant’ for online business M&A

    There’s been a lot of hype and chatter about AI and what it means for the future of humanity and how people work. Will AI replace all human knowledge workers? Will AI make people obsolete? I believe that these fears are overblown. AI will be like any other technology that humans have developed: as we learn how to interact with these tools and build them into our workflows, AI will help people work better and faster. It might eliminate a few jobs in the short run, but it will ultimately create many more new opportunities for humans to do more of what they do best.

    Here’s how that might look for online business M&A. Think about the traditional process of buying or selling a business in the pre-digital era. You had to work with a business broker. You had to set up a listing. You had to market the business and look for qualified buyers. Some deals might have happened by word of mouth or within a known universe of investors, but the process took much longer and was unnecessarily complicated and costly.

    Today, as AI capabilities continue to improve, we’re going to see AI become a kind of “personal assistant” or digital intern that helps online business buyers and sellers do their deals faster, more efficiently, and with greater precision. AI will be a friendly digital helper that is with you at every step of the way — offering up smarter searches, better recommendations and more accurate results, leading to more constructive conversations for business sellers and investors.

    AI is going to drive big changes in how every industry operates, and the online business M&A space is no different. But the future is bright. By eliminating friction, clutter and costs from the process of buying and selling online businesses, entrepreneurs can do more of what they do best: building successful companies and delivering value for customers.

    Blake Hutchison

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  • How to Grow Your SMS List: 5 Best Practices to Follow | Entrepreneur

    How to Grow Your SMS List: 5 Best Practices to Follow | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    It’s hard to believe in the legitimacy of a marketing method that boasts a 98% open rate and a 20–30% conversion rate, according to Startup Bonsai. However, these incredible outcomes are achievable with SMS marketing, such as SMS lists. As a result, many businesses are capitalizing on this untapped marketing opportunity to boost sales.

    The return on investment for SMS marketing is encouraging. This makes it easier to monetize your subscriber list in the context of customer experience and marketing. However, almost every business worries about how to get clients to sign up for an SMS list without being intrusive or illegal.

    Getting clients’ express permission to use their phone numbers is crucial, and the only way to do it is to be completely honest about your intentions. The primary focus of this message should be on conveying the benefits of joining your SMS mailing list to your target audience. Here are five ways to improve your SMS marketing.

    1. Pop-ups for instant attention

    One option is to introduce an SMS pop up on your website. It’s a great approach to getting website visitors interested, whether or not they’re already familiar with your business. To ensure your website visitors opt in, perfecting the timing and content of these pop-ups is crucial.

    Related: 5 Ways to Use Texting to Grow Your Sales and Marketing

    SMS pop-ups can be timed to appear as users reach the bottom of your site or just before they click away to another one. Make your pop-up highlights why people should sign up for your SMS list, such as access to exclusive offers.

    2. Launch a text-to-join campaign

    Text-to-join is the simplest approach to acquiring prospective customers’ phone numbers.

    Customers can choose to receive your promotional texts by texting “join” to a special shortcode. This approach can also gather other information, such as a complete name, zip code, and product preferences. You can also use this data for future advertising initiatives.

    It takes little effort to launch a text-to-join campaign. All you have to do is make up a term that relates to your company and start advertising it. Instruct your audience to send a message containing the keyword to your company’s regular phone number or a shortcode.

    Related: 7 Ways to Correct a Failing Marketing Strategy

    Your SMS subscription list will automatically expand to include everyone who sends the specified keyword. Your subscribers will know they have successfully opted in when they get an automatic reply after signing up for your SMS list.

    3. Provide rewards for people to join your list

    Getting clients on your SMS marketing contact list is something you’ll need to promote at all times actively. You can streamline this by offering your clients discounts, freebies and other enticing offers. Make an irresistible deal and watch your number of SMS subscribers soar.

    Let’s say you run a car wash service. If they sign up for your SMS list, you can give them a 20% discount on their next car wash. Assuming you own a supermarket, you could offer subscribers a Buy One, Get One Free promotion on certain products in exchange for their phone number.

    4. Include a check-out sign-up

    Another good strategy for gathering numbers from your target audience is to have customers sign up for your mailing list at the point of purchase.

    Get clients to sign up for your SMS list when they pay at your store. Let them know that signing up for SMS will allow them to enjoy exclusive discounts. This facilitates the collection of contact numbers for use in SMS marketing. For example, if you own a salon or spa, you might give customers a discount on their next service in exchange for their consent to receive promotional text messages from you.

    5. Make the most of your current list of email or newsletter subscribers

    If you already have a subscriber list for your email or newsletter, you may have an easier time converting those same customers into SMS subscribers. Persuading the people on your email list to also opt-in to receive text messages could be beneficial because text messages are more successful than emails.

    SMS marketing is a great marketing strategy for companies of all sizes and budgets because of its high open rates and conversions. Although growing your SMS list while still being compliant might seem challenging, a well-executed SMS campaign can do wonders for income. If you’re looking for a unique way to build and maintain your SMS subscriber base, the aforementioned methods can help.

    Under30CEO

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  • Improve Click-Throughs and Show off Reviews for Your Business with This Tool, Now $59.99 for a Lifetime Subscription | Entrepreneur

    Improve Click-Throughs and Show off Reviews for Your Business with This Tool, Now $59.99 for a Lifetime Subscription | Entrepreneur

    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.

    About 82% of adults say they at least sometimes read online customer ratings or reviews before purchasing items, with 40% saying they always or almost always do, according to a study from the Pew Research Center. That means that reviews can make or break an online business, potentially helping you stand out from the others.

    Ensuring your customers can see real input from purchasers can help influence sales. But if your reviews are spread across multiple platforms, they won’t always get the full picture. That’s where AddStars Reviews comes in, offering a simple way to consolidate your online reviews. And you can score a lifetime subscription to this handy service for only $59.99, saving you nearly $600.

    AddStars Reviews serves up your product’s reviews right on Google’s search listings, helping prospective customers find your website with ease. As a review aggregation tool, AddStars helps display all of your consolidated reviews where anyone searching the web for the services or products on your website will be able to see them — before they even check out your site. It’s a simple, affordable way to improve your online reputation and visibility.

    With AddStars, golden yellow stars are shown by your web pages on Google’s search results, helping boost customer confidence as they click on your website. On average, it increases click-throughs by around 35%. A user-friendly interface and plenty of customization options make it easy to use for businesses of all sizes. And with this lifetime subscription, you’ll enjoy these perks, plus all future upgrades with no contract and free onboarding.

    It’s even received a Small Business of the Year Award and has a 5/5 rating on Product Hunt.

    Get a lifetime license to AddStars Reviews — now just $59.99 ($649).

    Prices subject to change.

    Entrepreneur Store

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  • Make Passive Income Online with Help from This Bundle, Now Only $29.99 | Entrepreneur

    Make Passive Income Online with Help from This Bundle, Now Only $29.99 | Entrepreneur

    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.

    Side hustles can be a great way to explore a new field without fully committing to it on a 9-5 timetable. The best part? It shouldn’t require too much time but can yield big rewards if you do it right. If you’ve wanted to start an online business to earn passive income, the 2023 Build a Passive Income Online Business from Scratch Bundle can help.

    This bundle of six online courses is geared toward helping you build your online side hustle, with six hours of learning taught by a skilled instructor that you can do at your leisure. And you can snag them all with this bundle for $29.99 for a limited time.

    Lauren Lbik, an online business guru, guides you through these six courses, starting with Start an Online Business: Get Ideas, Build a Blog, Promote, and Launch. This 4.7-star rated course not only helps you develop an online business idea but also helps you think up a name and a niche so you can attract the right customers. From there, her course Build an Email List: Email Marketing Strategies to Grow Your Audience helps you develop a list of engaged subscribers.

    Have a great idea for an online course? Lauren has a course for that, with Create an Online Course: Launch to Success with Confidence. Build yourself a potentially lucrative passive income operation. In addition, Create an eBook: Write, Design, and Publish an eBook from Scratch walks you through the steps to turn your idea into a creation ready for an audience.

    Finally start your side hustle with help from this 2023 Build a Passive Income Online Business from Scratch Bundle — on sale for the best price online, just $29.99 (reg. $1,200).

    Prices subject to change.

    Entrepreneur Store

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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

    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.

    Ivan Popov

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  • 7 Ways All Dating Apps Are Lying To You | Entrepreneur

    7 Ways All Dating Apps Are Lying To You | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Dating apps have undoubtedly revolutionized how people find love and connect with others. 3 in 10 US adults say they have used an online dating service (website or app). The convenience and accessibility of dating apps have made it easier for individuals to meet potential partners, but it has also contributed to some negative impacts on the dating scene. In this article, we will explore why dating apps can be detrimental to the dating experience.

    1. Superficiality

    Research from William Chopik, an associate professor in the Michigan State University Department of Psychology, and Dr. David Johnson from the University of Maryland, finds that people’s reason for swiping right is based primarily on attractiveness and the race of a potential partner and that decisions are often made in less than a second.

    One of the primary criticisms of dating apps is that they tend to focus on superficial qualities rather than deeper compatibility. Users are often swiping through potential matches based on their physical appearance rather than considering their personalities or values. This can lead to a culture of shallow and superficial dating, where people are judged solely on their looks and not their character.

    Related: 5 Secrets to Building a Successful Consumer App

    2. Inauthenticity

    Another issue with dating apps is that they can promote a culture of inauthenticity. Users often present an idealized version, i.e., a highlight reel of themselves online, carefully curating their profiles to showcase their best qualities. This can lead to a lack of transparency and honesty in the dating process, making it harder for people to form genuine connections.

    Related: Gen Z Falls In Love With Homegrown Dating Apps

    3. Dehumanization

    A 2020 study by Pew Research found that one-third of women using dating apps have been called an abusive name, and almost half of women had men continue to pursue them online after they said no. That’s double the rate that men experience. Dating apps can contribute to the dehumanization of potential partners.

    When people are reduced to a profile picture and a short bio, it can be easy to forget that they are real human beings with complex emotions and experiences. This can lead to a lack of empathy and understanding in the dating process, making it harder for people to form meaningful connections with others.

    4. Burnout

    The sheer volume of potential matches on dating apps can also lead to burnout. The 70 million adults in America that use dating apps have developed a rejection mindset that makes dating feel particularly unpromising and exhausting.

    Users are often overwhelmed by the sheer number of options available to them, which can lead to decision fatigue and a feeling of being emotionally drained. This can make it harder for people to put effort into any one relationship, as they are constantly wondering if there might be someone better out there.

    Related: From Machine Learning to Unfiltered Videos, These Online Dating Trends Are Set to Improve the Tricky World of Dating

    5. Catfishing and scams

    Dating apps are also notorious for catfishing and scams. Users can easily create fake profiles or misrepresent themselves online, leading to disappointment or even danger when users meet in person. This can lead to a lack of trust in the online dating process, making it harder for people to form genuine connections.

    In 2019, the Columbia School of Journalism in New York City and news site ProPublica found that the Match Group, which owns around 45 dating apps, only screens for sex offenders on its paid-for apps, not free platforms like Tinder, OKCupid and Hinge. While some work has been done to correct the lack of fraud prevention in online dating, there’s a loophole in American internet law, Section 230 of the Communications Decency Act, which dictates sites can’t be held accountable for the harm that comes to third parties through their platforms.

    Related: Online Dating Scammer Steals $1.8 Million from His Victims. Women ‘Fed Lie After Lie.’

    6. Limited communication

    Dating apps can limit communication between potential partners. Users are often limited to texting or messaging, and without the benefit of face-to-face interaction, it can be harder to gauge a person’s true character or intentions, leading to misunderstandings or miscommunications.

    7. No in-app advertising transparency

    Finally, and perhaps the best (worst?) for last. Major dating apps like Tinder, Bumble and Hinge lack any sort of in-app advertising transparency. Users are constantly upsold on more premium features like boosting a profile for 1 hour to be seen by more members, but there’s never any reporting data on impressions made, engagement, clicks, etc. Ad performance data is available across all digital platforms, such as Google and Meta, but appears nonexistent within the dating apps space.

    In conclusion, while dating apps have undoubtedly made it easier for people to meet potential partners, they have also contributed to some negative impacts on the dating scene. Superficiality, inauthenticity, dehumanization, burnout, catfishing and scams, limited communication and lack of in-app advertising transparency are all potential downsides to using dating apps.

    While they can be useful for meeting people, it’s essential to approach them cautiously and be aware of their limitations. Ultimately, the best way to find a meaningful relationship is by getting to know someone in person through genuine interactions and communication.

    The number one contributing factor to finding a mate is proximity, i.e., if I want to find someone interested in nonfiction books, I need to go to book readings with nonfiction book authors, or salsa classes for salsa aficionados or dog parks for dog lovers. The point is to know your values and go to places with people who share the same values as you do.

    Kevin Kaminyar

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

    7 Proven Strategies for Launching a Successful Ecommerce Business | Entrepreneur

    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.

    Christina-Lauren Pollack

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  • 6 Social Media Content Strategies That Will Make You a Trusted Authority in Your Field | Entrepreneur

    6 Social Media Content Strategies That Will Make You a Trusted Authority in Your Field | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Are you looking to build your reputation as a trusted authority in your industry? With the six strategies outlined below, you’ll learn how to create helpful and engaging content and build trust with your target audience so that they see you as a go-to source of reliable information. These strategies will help you gain more followers and ultimately help you become a trusted authority in your field. Let’s get started!

    Strategy #1: Create content that showcases your actual work

    It’s a no-brainer strategy, but many professionals feel guilty about promoting themselves on social media because they believe it makes them look pushy or needy. However, there are creative ways to showcase your expertise that can make you feel confident in what you share.

    • Case studies: Use the power of storytelling in your case study posts and show the transformative journey of your client. What painful problems did they have, how did you come into the picture, and how did you solve them?
    • Behind-the-scenes content: Share sneak peeks of your process, challenges and successes as you work on a project. This kind of content offers a unique perspective on your work and helps build a personal connection with your followers.
    • Ask for feedback: Post your work on social media directly and ask for feedback from the audience. This content will put you in a position of not being pushy but instead looking for honest feedback. Readers will feel intrigued to look at your work.

    Related: 10 Social-Media Marketing Strategies for Companies

    Strategy #2: Do live AMAs (ask me anything sessions)

    There is no better way to demonstrate your expertise than to do live sessions answering questions. People love engaging with experts who have hands-on experience in the field. People consider you a valuable resource when you make yourself available for questions.

    You can host live AMAs once a week. Let your audience know there is a live session on a particular day of the week, and they will be more likely to join you with their questions in hand. Over time this practice creates a domino effect on your authority, and more and more people in your industry will flock toward you. It also helps you position yourself as an expert, build a community around your brand and lets you uncover less-known but critical problems in your market.

    Strategy #3: Bust the common myths around your industry

    Every industry has its assumptions and beliefs. Showcase what you disagree with to create interesting content. Here are some ideas for you.

    • Create a myth-busting series: Dedicate social media posts to busting the most common myths in your industry. It allows you to educate your audience and demonstrate your expertise over a long period.
    • Present alternative solutions: Offer unique solutions to common challenges and problems in your industry. Show people how they can do it better, faster, and cheaper. This demonstrates your ability to think outside the box and provide unique insights to your audience.
    • Use humor: Busting myths doesn’t have to be serious. Adding a bit of humor to your content can make it more engaging and memorable for your audience. Most importantly, it’ll add a personality to your brand.

    Remember, when presenting uncommon opinions, it’s essential to be respectful, open-minded, and well-informed.

    Related: How to Establish Online Authority

    Strategy #4: Share your pitfalls so others can avoid them

    People love reading about your vulnerabilities and mistakes. It helps people get a glimpse into the human side of you. This type of content gives insights to your readers to avoid errors and get better results from their endeavors.

    Highlight what you have learned from the experience and how it has helped you grow and improve. Offer advice to others who may be going through the same situation. Give them clarity on what exactly they should think and do to solve those problems.

    Related: Why Vulnerability Is a Strong Business Leader’s Most Powerful Weapon

    Strategy #5: Create how-to guides and show your deep expertise

    Creating “how-to guides” as part of your social media content effectively increases engagement with your target audience and demonstrates expertise in your field. All “how-to guides” should begin by introducing the problem that needs to be solved and providing an overview of the steps that will be taken to solve it. Once complete, highlight the benefits resulting from completing each of these steps.

    Make sure your how-to guides are detailed, easy to understand and actionable. This strategy demonstrates your deep knowledge of the subject, which can lead to increased engagement and, ultimately, more quality followers for your content marketing efforts.

    Strategy #6: Predictions and futuristic content

    Predictions can be a powerful driver of engagement on social media, giving people insight into new or changing trends or offering creative speculations about the future of your industry. Create content around forecasting future trends and advancements/technologies in your industry. It helps you establish a fast-forward thinking approach and position yourself as a thought leader.

    This form of content has its unique appeal as well: it taps into your reader’s collective curiosity and desires to learn more about the unknown, spurring conversations that can pique interest. Of course, on social media, you should handle predictions with caution. To make sure followers trust your credibility with such content in the future.

    Some futuristic content can be:

    • Ideas on how your industry can prepare for the future
    • The rise of new development and its impacts on your industry
    • Your thoughts on what the future may hold.

    Some final thoughts

    Gaining more trust and recognition in your area of expertise doesn’t happen overnight, but these six social media content strategies can help you a long way in your journey. Now it’s time for you to choose which of these content strategies to implement first.

    Utilizing the above strategies will give you the best outcome for being seen as a leader within your field but don’t let that overwhelm you. Start small by nailing down one or two of the above tactics and build from there. You should be able to see the results over time if you remain consistent across various platforms.

    What strategy would you like to try first? The power is in your hands!

    Erica McMillan

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