I was recently approached by a struggling 7-figure ecommerce business with sales in the region of $350K/month rev. that dropped to $260K/month, to help diagnose their rapid 25% fall in sales and propose a turnaround.
Here is what I noticed about this business and other ecommerce businesses that have had a similar drop in revenue.
Their number one issue was their over-reliance on a single channel for traffic; in their case AdWords. Year over year, CPM increased and so did their spend; but their sales from the channel actually stalled.
They also did not focus much attention on retention.
FACEBOOK GROUP…CONTINUE OUR CONVERSATION
The eCommerce GrowthAccelerator Mastermind Facebook Group has just launched.
It is a community…
✔️ for founders and experts passionately involved in eCommerce
✔️ for the truly ambitious wanting to make an impact in the markets they serve
✔️ for those willing and open to help and share with other members
Here is where to apply to join the Facebook group
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7:20 The Backstory
10:15 Facebook Advertising
14:55 Spend on Adwords
16:38 Do not market on a single channel
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Attention Online retailers in Europe.
A new payments standard, known as SCA or Strong Customer Authentication will come into force in September 2019.
Mastercard research shows that up to 75% of e-commerce merchants in Europe are potentially unaware of this coming into effect. SCA is a new regulatory requirement that is designed to help retailers and issuers make digital payments more secure. The challenge is to create or keep a frictionless check-out experience for online shoppers.
SCA will allow for biometric technology and dynamic passwords to create a more secure and improved online shopping experience.
Mastercard’s Identity Check is fully compliant with SCA requirements and facilitates shopping experiences we can all trust, allowing us to securely pay online using features such as our fingerprint.
To find out more on Identity Check visit the Mastercard website here: https://newsroom.mastercard.com/eu/