building a succesful ecommerce business
DESCRIPTION
A lot of entrepreneurs and startups are fascinated with e-commerce businesses. While it seems fairly simple to setup an e-commerce website on easy to use platforms such as Shopify, running an e-commerce business can be a lot more challenging. This presentation will demystify all the elements you need to put together to run a successful e-commerce business, from how to drive traffic to an e-commerce site, how to convert visitors, to everything else behind the scenes in running a successful e-commerce business. Presentation on building a succesful ecommerce business given by Nishant Kapoor.TRANSCRIPT
Building a successful ecommerce business
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Nishant Kapoor General Assembly, Hong Kong
August 13, 2014
13-‐Aug-‐2014 Nishant Kapoor, [email protected]
What is ecommerce?
• Why would someone buy online when they can get the same item/ same price in the neighbourhood store?
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What is ecommerce?
• Long tail = abundance of choice • Convenience • InformaMon / reviews • PersonalisaMon • RecommendaMons • Price
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What is ecommerce?
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ecommerce
Digital/ Online Retail/ Merchandising LogisMcs
13-‐Aug-‐2014 Nishant Kapoor, [email protected]
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Ecommerce business models
• Retail • Marketplace • SubscripMon
13-‐Aug-‐2014 Nishant Kapoor, [email protected]
Ecommerce equa8ons
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• Traffic X Conversion = Orders • Orders X RetenMon = Customers
• Customers = ?
13-‐Aug-‐2014 Nishant Kapoor, [email protected]
Traffic
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• Free – Organic Search – Word of mouth – Social media – Partnerships – Inbound/ Content
• Paid – Paid Search – Display/ Content ads – Offline = magazines, direct mail, outdoor ads – Events
13-‐Aug-‐2014 Nishant Kapoor, [email protected]
Conversion = Trust
• Building trust – Design – Copy (no typos!) – Site security – Contact informaMon – Live Chat – About Us – CerMficaMons – Reviews – TesMmonials
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Reten8on = LEAP
• Loyalty – Customer service – Returns policy
• Enagement – Emails/ communicaMon – Social media – PersonalisaMon
• AnalyMcs • Plagorm/ Plugins
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Constantly measure and improve customer sa8sfac8on
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97% 98% 99%
3% 2% 1%
2013 Feb 2013 Oct 2014 Mar
% Customers would Shop with us again
Yes No
97% 97% 100%
3% 3% 0%
2013 Feb 2013 Oct 2014 Mar
% Customers would Recommend us to Friends
Yes No
76% 81% 79%
24% 17% 21% 0% 3%
2013 Feb 2013 Oct 2014 Mar
Overall Experience
Excellent Neutral Poor
13-‐Aug-‐2014 Nishant Kapoor, [email protected]
Analy8cs!
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0:03:12 0:02:57
0:03:40 0:03:36
0:03:57 0:03:51 0:04:00
0:04:22
0:04:00
0:03:43 0:03:32 0:03:33
Minutes on site per visit
3.89 3.75
4.23 4.29 4.42 4.32
4.82 4.95 4.86
5.66 5.54 5.69
Pages per visit
1.19% 1.17%
1.73% 1.69%
2.15%
1.58%
1.95% 2.05% 2.03%
2.23% 2.07% 2.09%
Conversion %
7.4 6.8
10.0 10.9
14.1
10.6
11.9
13.2 12.7 14.0
12.9 12.1
Revenue per visit -‐ HK$
13-‐Aug-‐2014 Nishant Kapoor, [email protected]
Ecommerce technology / placorms
• Own website – Hosted SoluMons – eg. Shopify, Bigcommerce – ApplicaMons – Magento, OpenCart, Prestashop
• Marketplace channels – Ebay – Amazon – Taobao/ Tmall
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Ecommerce Power -‐ Plugins!
• Email – mailchimp, constant contact etc • Targeked segmented emails – Windsor Circle • Chat – Olark, Zopim • Helpdesk – Zendesk, Helpscout • Inventory management • Social – JustUno • Cart recovery • AnalyMcs -‐ Jirafe • Mobile – martmobi • Product recommendaMons • Reviews -‐ Yotpo • Shopify App Store hkp://apps.shopify.com/ • Magento Extension Marketplace -‐
hkp://www.magentocommerce.com/magento-‐connect/ 28 13-‐Aug-‐2014 Nishant Kapoor, [email protected]
Ecommerce Business Model
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hkps://docs.google.com/spreadsheets/d/1c7ZPiC3_4kOxURjp0_Ycmk7YaMBIjFIcE0kuFEFFR6c/edit?usp=sharing
13-‐Aug-‐2014 Nishant Kapoor, [email protected]
Pet ecommerce in Hong Kong PetProject Apepet Petpetorganic Bcpets WNP HKJpets Wisepet
Physical Store ✗ ✔ ✔ ✔ ✔ ✔ ✗
Credit Card Checkout
✔ ✗ ✔ ✗ ✔ ✔ ✗
IntuMve UI ✔ ✗ ✔ ✗ ✔ ✗ ✔
Email newsleker ✔ ✗ ✗ ✗ ✔ ✗ ✗
Flexi returns policy ✔ ✗ ✗ ✗ ✗ ✗ ✔
Loyalty Points ✔ ✗ ✗ ✗ ✗ ✗ ✗
Automated follow up emails
✔ ✗ ✗ ✗ ✗ ✗ ✗
Product Reviews ✔ ✗ ✗ ✗ ✗ ✗ ✗
Languages Eng & Chi Chi Chi Chi Eng Chi Eng
Live Chat ✔ ✗ ✗ ✗ ✗ ✗ ✗
SubscripMon In process ✗ ✗ ✗ ✗ ✗ ✗
Mobile site/apps In process ✗ ✗ ✗ ✗ ✗ ✗ 35 13-‐Aug-‐2014 Nishant Kapoor, [email protected]
PetProject tes8monials 'By the way, if you need to purchase pet food or treats, etc. I would recommend this newly started online pet shop call PetProject HK. They have excellent customer service and the their prices are very reasonable compared to other ones out there. Free delivery to DB if order over HKD200. Here is their website: hFp://petproject.hk/en Their staffs are very friendly and speak very good English.' Posted by Angel Chang on Discoverybayforum.com 'Thanks for the delivery this morning. I am very happy with your service and prices and you can count on me as a loyal customer.' Gwendolyn Moy, Sheung Wan ‘I just ordered some Frontline for my dogs from this site -‐ excellent service hFp://www.petproject.hk/’ Posted by Ed on AsiaXpat.com pet forum 'You guys are AMAZING! My Pom had a sudden change of food preferences in which she suddenly hates all the food we got her. Basically this meant that she would have NO FOOD in 2 days and given the holidays, I was freaking out trying to find a place to buy organic, gluten free food for my furry baby. THANK YOU, PetProject for accommodaYng my request to deliver as early as possible! I wasn't expecYng delivery unYl a[er Christmas but you guys are amazing!!! Thank you so much for organizing so quickly! Merry Christmas!, Posted on our facebook page by Robbie Alvendia These are unsolicited comments posted by these HAPPY customers in public forums J
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PetProject.HK tes8monials I used to have to go to different pet stores to buy my dog food. Now with PetProject, I can just sit at my desk and order anyYme, day or night. I can choose from many different types. The Pinnacle Duck & Potato dry dog food is not available in the stores and my dog loves it. He is picky and has gone through 5 days without eaYng if it's something he does not like. Now cannot wait to get his food and waits for it every day. Alexandra Yung, Jul 11, 2013 Requested to match the lowest price I found online was not a problem a refund was issued in less than 24 hours. Great service Wanyee Ho, Jul 8, 2013 One of the best online shopping experiences in HK Moray Taylor-‐Smith, Jun 30, 2013 Healthy and good quality food for dogs. Great delivery service from PetProject.HK Lesley Davies, May 13, 2013 Promptly responsive & highly efficient! Zachary Yeung, May 2, 2013 Can easily buy the product(s) from this shop and also save Yme for purchasing. I will come to visit again. Alice Leung, Mar 21, 2013 Very fast delivery. My cats love it. Alex Wong, Mar 20, 2013 Smooth communicaYon, helpful staff, effecYve delivery ! Damien CHAN, Mar 13, 2013
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