1. Don’t reinvent the merchandise wheel.
“Many owners think they have to reinvent the
wheel with the merchandise they sell,” Goetz
explained. Instead, he suggests focusing on
products with a proven track record of success.
“An easy way to spot a market trend is gauging
how a product performs on social media. If an
item is getting 10,000 Facebook Likes in less than
a few hours, that’s a tell.”
When choosing merchandise, it’s also crucial to
differentiate between commoditized and unique
products. Commoditized products are widely
available. Unique products are less accessible
handmade or niche products that aren’t mass
produced. “If you go niche, gauge demand first.
Observe what people are looking for. You might
be surprised to see what’s selling.”
2. Create a formula, then rewrite it.
Ecommerce comes down to a formula, Goetz
says, and the outcome is affected by different
variables: product, advertisement, landing page
optimization, and customer lifetime value.
“Once you figure out what produces the best
margin, copy that. Most who fail in ecommerce
are 90 percent there but haven’t worked out all
the variables in their formula,” Goetz shares.
For Goetz, a pivotal variable was drop shipping.
“I spent a lot of time bootstrapping my earlier
companies. Drop shipping was a game-changer
because it allowed me to advertise before
securing the inventory, yielding greater
outcomes.”
3. Build a legit Shopify store.
A successful Shopify store must win confidence.
“In the sometimes-fraudulent digital ecosystem,
you have to earn a consumer’s trust,” Goetz says.
“A money-back guarantee and free shipping
guarantee are great places to start.”
Goetz also suggests choosing a theme that’s
congruent with your industry. “With branding,
you want to look professional, not spammy or
creepy.” Gadgets are fun and technical, so his site
has bright colors and precise language. “If I were
running a men’s fashion store or toy store, I’d
change my theme to match the merchandise and
brand. Branding is key to converting customer
views into sales.”
4. Find winning ads with huge ROI and
scale.
For Goetz, marketing comes down to one word:
testing. “The only way to find out what works is
to test it many times,” he says. “Test 10 audiences
on each product, so you know where to invest
your energy.” For The Gadget Snob, Goetz hired
an ad manager to optimize Facebook campaigns.
“When you strike gold with a successful ad,
replicate it, but scale incrementally to ensure
you’re staying targeted.” He suggests increasing
ad spend 20 percent per day, not 500 percent.
When building campaigns, it’s also vital to use
language that’s shareable and creative. Sales
psychology is your friend. From his perspective,
classic scarcity techniques have been around for
centuries for a reason. “Try incorporating a
quantity incentive: if you buy one, it’s full price;
if you buy two, it’s 50 percent off and so forth.”
“Creating an email list is also vital. Email
campaigns have a higher conversion rate than
cold Facebook campaigns, and you can
incentivize email campaigns with rewards. You
can make money by merely pushing ‘send.’”
5. Hire a VA, then specialists.
For Goetz, hiring a virtual assistant was essential
to scaling. “At first, my VA helped with
everything,” he says. Once his site got off the
ground, Goetz hired people with specialized jobs
for specific tasks.
He also stresses the importance of universal
procedures. “Having clear onboarding processes
and procedures is key to growth. Make your
systems as easy as possible because while you
might have 100 orders today, tomorrow you’ll
have quadruple that.”
6. Get your customer support airtight.
For a store to operate at full throttle, Goetz
stresses the importance of customer support to
maximize your profits. “You need your customer
support to be airtight and available 24/7,” he
says. “Online shopping goes all night and people
place orders at all hours.”
To support questions and concerns, Goetz says
that live chat and around-the-clock customer
service is a must. “In our era of Amazon Prime,
customer service expectations have never been
higher, he says. “The last thing you want is a
minute hiccup or technical goof obstructing a
sale.”
Ultimately, ecommerce allows entrepreneurs to
reach untapped markets and reap the rewards. As
Goetz puts it: “My ecommerce site affords me
ultimate freedom.” By following a few basic
steps, you, too, can build a Shopify store to run
from anywhere in the world, and perhaps even
create your own million-dollar sales machine.
More From Entrepreneur
Entrepreneur Select: A Fund For
Entrepreneurs, By Entrepreneurs
Entrepreneurs require more than just money,
which is why we aim to empower you, as well
as act as a catalyst for value creation.

ok