It’s a common misconception that you must sell a wide range of products in your online store to secure a high income. However, having a successful single-product e-commerce business is highly possible.
A single-product e-commerce store is simply a store that focuses on selling one thing well. This way, when someone mentions your store name, people automatically know who you are and what you sell.
For some vendors, running a single product store is scary. What if no one likes your product? How do you hope to have a successful SEO strategy if you only have one product?
But, a streamlined and product-centered ad campaign can help you build and raise brand awareness exponentially.
In this post you’ll learn:
Compared to regular online stores that sell various types of products, single-product stores have more space for freedom. Since you sell only one product type, you get to create an entire brand around it.
However, online marketplaces such as Amazon and eBay have become so popular that customers prefer to shop all in one place. This is why you need to work harder to create a certain feeling around your brand to convince customers they should purchase from you.
You can implement several elements to achieve an excellent single-product store:
Today, online shoppers value the ease of shopping and simplicity. It would help showcase that to your target audience in your online store. For a single-product website, intuitive navigation, a clear call-to-action, and uncluttered pages will be essential.
For the design, you can test out various store designs and decide which one has a fast speed and high conversions. You should pay attention to these metrics for your online store.
If you can’t make a distinction of your brand compared to your competitors, you will be forgotten. But, single product stores are easier when it comes to brand development. You can build a brand identity for your products and allow them to resonate with your target audience.
You can highlight your product’s value, purpose, and benefits. They should be clear for your customers so that they will be aware of what they are buying.
Online shopping is a visual experience for shoppers. They are convinced that the product is what they are looking for from the images. Also, price, customer reviews, rating, and shipping time are important factors. But images are the primary factor they consider.
Your images must be high in resolution and have an option to zoom in. Customers should take a closer look at the product. You can also include product videos, such as lifestyle videos when people use your products.
Online shoppers consider that customer reviews are super important when shopping. Nine out of ten consumers read online reviews before purchasing. That’s why you should get as many reviews and ratings as possible. It’s a way to show your customers what they expect from the purchase.
One great way to get more reviews is to ask your customers for feedback after purchasing. It can also be a great way to observe whether there is a need for improvement in your operations or in your product specifically.
People usually set up general stores because there is a much larger chance of them making a sale. Think about it. If you offer 1000’s of products, that’s 1000’s of opportunities to make a sale.
But the same can be true for single-product stores; you need to focus more on marketing.
It all comes down to perception. When someone lands on your store and sees your focus is on one product type, they assume you know what you’re talking about. If you only sell one product, it’s fair to assume that you are the authority about that product. But what does it mean to become an authority?
You can show your authority through your marketing. If someone is in the awareness stage (still deciding the best route to solve their problem) and all their research leads them to your store when they are finally ready to make a purchase, who do you think they will think of first? You, of course.
And once you become an authority, you can let your prices reflect this. A single-product e-commerce strategy depends on you showing your value.
And because you have one product to sell, you probably need to increase your prices to ensure you’re always making a profit. But the good news is that if you can convince people you’re the best place to buy X product, convincing them they need to pay your prices is a no-brainer…
If you go to any single product store, you’ll often find that they sell more than one product. This is common, a process known as expanding your product line. For general stores, expanding your product line is expected. You can add a whole category of new products to your store.
But for single-product e-commerce stores, expanding your product line means adding supplementary products to support your primary offering. This is an effective way to increase your revenue by giving your customers more choices.
When customers can buy more than one thing, their average order value increases. This is an excellent pricing strategy for single-product stores, but getting it right is essential. You can consider a bundle pricing strategy which is to bundle supplementary products with the main product. It makes products more affordable to your target customers.
If you’re considering expanding your product line, ensure you have built your brand first. When a customer knows your brand and knows what you’re about, the decision to buy supplementary products from you is much easier.
You now understand what running a single-product e-commerce store means and how you can start doing it. You may be running a general store and would like to open a second niche store focusing on just one product.
Or you’re new to the world of e-commerce and want to know how you can get started just selling one product.
Either way, whatever position you’re in, you’ll find the best practices listed here will help you set up your store and a pricing strategy that always keeps you in the green.