Is Your Shopify Store Set to Hit a Million [$1,000,000] Revenue?
Hurry up for the golden three months of the year and hit your first 1 Million in revenue!
Outline: This article is part of a previous article where an E-Commerce store made $100K in less than a month using Facebook Ads a lot has changed after that. Business-wise, market-wise and demand-wise. This article has an informal tone of writing regardless of those let's get your Shopify store ready to hit 1 million in revenue this Q4.
A lot of my clients asked me; Is it? possible to make a million on a Shopify Store? The answer is: Yes, It is possible to make a million on your Shopify store with the following steps.
Advertising Changes: Facebook (which is now Meta) has launched its new ad delivery and reporting system called Meta Lattice which plans to enhance system performance and efficiency it came into effect in May, and a lot of advertisers are still struggling with the performance.
This year is always different from the previous years after the pandemic and global retail e-commerce sales are expected to rise as high as 6,310 billion USD in 2023. If you're not prepared then here are some ways to get prepared for this BIG milestone.
Expand Your Shopify Store Internationally
This is an important factor in scaling up your business, are you doing just the United States? Expand it to Canada. Expand it to Europe or better, expand it to the G7 countries which are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States for more business and faster shipping.
You may want to get a domestic warehouse in those countries for faster domestic shipping, but trust me. It's worth the time. I wrote a very detailed blog on expanding your business and going internationally which you may want to check. It is worth the time.
Understand Your Customer Like The Back of Your Hand
The question is how? How do you understand the customer like the back of your hand? You do it by doing market research. You do it by putting yourself in the customer's shoes and understanding what they need. Before this Q4 you will have to to come up with new product ideas related to Halloween, Christmas, Black Friday and Cyber Monday a great tool for doing customer product research is Glimpse - it gives you trending product demands before they are trending.
Glimpse gives you data forecasting for various categories that can help you supercharge your product research before the 1 Million mark on your Shopify store.
Make Use of Email Marketing
You may think eh, who uses email marketing to purchase products from? Everyone does. I ran a small email marketing campaign for a client that gave us an open rate of a WHOOPING 71% average for that industry is 39% and had a click rate of a WHOOPING 5-14% whereas the average click rate for that industry is 1.92%.
We have 7,000 emails and we sent emails to only 250 of those because of Klaviyo's free tier limit that generated a revenue of $1,200 in sales making an average revenue per user of 4.8 and we are planning to generate $30,000 from a single Black Friday campaign and $50K in a day including all channels and email marketing can be a game changer if you want to hit 1 million in revenue for your Shopify store.
Insure Cross-Functional Collaboration
Ensure your customer support team, marketing team and shipping team are collaborated properly. Make your shipping carriers are not overloaded if you are shipping through the USPS then make sure that you have backup plans, or vice versa because shipping carriers can be overloaded due to the high demand in Q4 and you may face hurdles during that time, so it is always a good idea to have multiple shipping providers and insure cross functionality before you scale and choose your shipping carrier wisely.
Enhance Your Digital Marketing Game
This. This is the most important factor and is going to be longer. Make sure that you are using the right set of people for your digital marketing and Facebook, and Google ads. You need to have a strategy which is having your product in front of the right people at the right time. That is it.
Targeting example for Facebook Ads for a Beauty Shopify store:
If you are running a beauty store then you can target women from 21 years old who are interested in Beauty, Sephora, and Pura Vida Bracelets.
OR You can target Women and men who have their anniversary or birthday coming up soon with an advertisement saying "Birthday coming up? Get X off by using the coupon birthday"
Targeting example for Google Ads for a Beauty Shopify store:
Google has something called Google Merchant Center which takes your product feed from you (super easy if you are on Shopify) and shows them on Google Shopping for free but to a limited audience, if you want to expand it you run Google Shopping Ads.
Paid Ads screenshot (you can see the sponsored tag) the product displays always on top.
Google merchant center free products screenshot. The products are displayed at the bottom of the page and are not on the Google.com listing.
Final Words: Scaling a Shopify store to 1 Million without a proper strategy is very complicated because of this highly competitive e-commerce space. But it is achievable with the right set of people and tools. Q4 has a lot to offer for the retailers as well as the consumers, as the retailers can scale their business as fast as can and the consumers can enjoy the sales and the discounts of the season.
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