eCommerce for Entrepreneurs

eCommerceforEntrepreneurs
November 11, 2015

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Content
 Introductions
 Reality Check: The Web in 2015
 Common Missed Opportunities:
• Tailored Platforms over Custom Development
• Deep Mining the Internet for Market Insight
• Micro-Positioning
• Web Design for Conversions
• Analytics to drive better Decisions
• Scaling Effectively
 Putting it all Together

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Background
http://learn.utoronto.ca/courses-
programs/business-
professionals/certificates/e-commercee-

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Background
https://ca.linkedin.com/in/axelkuhn
http://ecommerceconsulting.ca

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Content
 Introductions

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The World is within your Grasp

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New Business Models all the Time

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But: Online Business is ultra Competitive
Great! You have a website. Now what?

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And: The Web is Noisy
• Approximately 543,000 new
businesses get started each month in
the US (2014 – Forbes)
• ~ 50% of small businesses have a
website (2014 – Inc)

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Content
 Introductions

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Stories about Missed Opportunities
No deep customer
and competitive
online research.
Reinventing the
wheel!
Custom-built platform
has BIG limitations.
Can’t pivot! Start over?
Web model is not
converting.
“Don’t know why”!
Decisions are driven
by “feel” not data.
Poor optimization
strategies!

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Content
 Introductions

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Really? Custom development?

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Custom development is Expensive
“A completely customized site with
e-commerce capabilities starts at
about $25,000, with additional
features and functionality
increasing that cost substantially.”
(smallbusiness.chron.com)
“So the range of costs could be
anywhere from about $5,000.00 to
millions of dollars, but lets just use
$350,000.00 as a theoretical first
phase upper limit.”
(atlanticbt.com)

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Custom development is Slow
A typical website project without e-commerce will
take 3-4 months from start to launch, assuming no
delays or interruptions. But an e-commerce website
project could take that entire time just to prototype.
In fact, of the e-commerce projects we’ve worked
on in the last year, the quickest prototyping phase
was two months and the longest was just shy of
four! But despite the range in the prototyping time,
in the end, both of those projects took over a year
to fully complete.
(newfangled.com)

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Custom development is Painful
“I once worked with a guy who thought you could speed up
PHP sites by removing the whitespace in the PHP source
because it made them smaller.”
(designernews.co)
“This one time I met a very shady character … who claimed
to work for a professional company called Design for Digital,
but what I discovered was that not only was he the sole
representative for the company, but his entire business was
a scam. He would hire another local company to do the
work, but then mark up the price multiple times. For after
sales support I had to contact the company that did the
work.”
(cnet.com)

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Opt for Tailored Off-the-Shelf?
“Top 1000” sites using
WordPress include:
• Mashable.com
• Techcrunch.com
• Wired.com

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If you must do “custom”, bring it in-house

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Content
 Introductions

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So you have a better mousetrap?

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Somewhere someone is doing something similar!

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Content
 Introductions

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You can’t take on the big players (yet)
The web is
dominated by
really big and
powerful
eCommerce players

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Organic Traffic is Critical
An extensive study by
BrightEdge in 2014 revealed
that the clear champion of
website traffic is organic
search. Not only does organic
search trumps other traffic
generators, driving 51% of all
visitors for both B2B and B2C
businesses, it also tends to
generate the highest revenue
on average across the 5
industries measured.
The table below shows the revenue performance for the 5 industries by channel
The table below shows the traffic performance across 5 industries by channel

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Leverage the Long-tail
Per Google:
 70-75% of all the search volume is in the Long Tail
 15-20% of Google’s monthly search volume is from queries never
before encountered. Completely unique!

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Focus. Focus. Focus.
“If you try to sell to everyone, you’re really selling to
no-one”

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Content
 Introductions

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Know your Conversion Goals
Macro Business Goals
 Transactions
 Sales Leads
 Demo Sign-ups
Micro Business Goals
 eNewsletter Signups
 Social Shares & Likes

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Reverse Engineer your Conversion Funnel
Printers
Technicals
Reviews
Other
Products
Software
Filaments
etc.
Testimonials
Stories
Gallery
Customer
Feedback
Warranty
Shipping
Returns
FAQs etc.
Transactions
Product
Support &
Programs
Transaction
Blog/ News
Customer/ Member
My Account
Order Status
Wish list
etc.
Home
Corporate
About
Gen Contact
Info
3D Printing
Insight
(Thought-
Leadership)
Cart
Blog
Sales Inquiries
(email/phone)

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Have plenty of “Trust factors”!
 Testimonials
 Ratings
 Press (“as mentioned in…”)
 Endorsements
 Associations
 Team
 Contact Info
 etc.

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Content
 Introductions

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Make sure your data is right
Based on multiple studies (and our own personal experience) 80% of
eCommerce businesses are missing out on the true value of Google
Analytics because of incorrect implementation and configuration.
Data In:
User site traffic
Data Out:
Analytics Reporting
GA Code Implementation:
Some pages not coded, or coded
with older GA code, causing 10-
15%% self referrals.
Conversion Tracking:
Some Events & Goal Tracking in place, but not
effectively implemented for performance
optimization
Analytic Filters:
No negative filters, but “own” traffic is
not filtered out
Other Technical Issues:
Webmaster shows only 25% indexation
of site content. Poor mobile
performance

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Optimize your Conversion Performance
85% Cart
Abandonment
15% Cart
Conversion
Focus on your target
segment only
Your Macro Goal(s)
Your Inbound
Traffic

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Make sure your Website is at the Centre
So you can track all
your conversion
activities
Conversions

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Content
 Introductions

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Optimize First. Then Scale
anjum naveed AP

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What channels are best to scale?
Social
Referral
Advertising
SEO

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Content
 Introductions

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In Summary
Lots of other factors:
 Strategy
 Monetization
 Content
 Mobile

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Take the Course. Join other Entrepreneurs.
http://learn.utoronto.ca/cours
es-programs/business-
professionals/certificates/e-
commercee-business-
management

eCommerce for Entrepreneurs

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