We often associate e-commerce websites with sites like Amazon with tons of products...
But did you know that you can make a fortune just by selling a single product on your e-commerce site?
Just look at how Casper generated $555 million in less than two years selling a mattress-in-a-box.
Or how MUD/WTR — marketed as an alternative to coffee — makes $60 million a year.
It shows that a massive catalog isn't a requirement for e-commerce success.
So if you're thinking of venturing into the world of single-product e-commerce... then read the rest of this blog to learn:
Let's jump right into it!
Any website that sells only one kind of product is considered a single-product website. It's one of the popular ways of starting an e-commerce store.
By selling just one product, you're focusing all your resources and efforts toward one goal. And that's great because you:
There are plenty of ways to go about marketing your single-product e-commerce store.
And you can use an all-in-one tool like Konnektive — one of the world's most powerful CRMs — to build, grow, and scale your website faster than ever.
Since you're selling only one product, you don't need to create an e-commerce website with many pages.
Instead, you can focus on creating multiple landing pages targeted to different customer avatars for the same product.
This is super effective, as different types of people from different backgrounds, genders and age groups will buy the same product but have different considerations pre-purchase.
So to make sure your landers are optimized for conversion, consider adjusting these key elements for every avatar you want to target:
…All targeted toward a particular type of person with imagery and messaging that reflects their lifestyle and values.
With Konnektive, you can have as many landing pages as you want, and capture every keystroke to get tons of data on target audiences.
And when you couple these data with multiple split testing options, you get to make sure your landing pages are optimized for conversion.
If your main product has related items or accessories, consider bundling them in an upsell.
For instance, you're selling scented candles. Matchsticks and candle snuffers are perfect ‘companion products’ to upsell them.
Your upsell doesn't even have to be another product - customization and gift packaging are perfect complements to almost any product, increasing perceived value and increasing AOV.
Build your one-click upsell pages with Konnektive to increase your conversions and average order value. The dynamic upsell feature also adds specific upsells based on your customers' cart choices. Both of these contribute to an enhanced customer experience.
While upsells are awesome for growing AOV, subscriptions are an even bigger needle mover for LTV.
Subscriptions work for every product that needs to be refilled at regular intervals. Everything from printer paper and toner, vitamins and supplements, pet food, toilet paper, and thousands of other everyday items.
Plus, Konnektive handles any pricing model that makes sense for your business. Whether it's a flat fee, pay-as-you-go, quantity-based, or tiered, you can customize the pricing according to your business's needs.
Consider affiliate marketing if you want to find an additional traffic source without blowing up your ads budget and hammering your cashflow.
Affiliate marketing lets other people and brands promote your product through links on their own sites. When someone clicks on those links and buys something, affiliates earn a commission.
It's a great way to increase your AOV, as research shows a 21% higher AOV with affiliate marketing customers. It also serves as social proof since it acts as a recommendation from one buyer to another. In turn, your brand credibility increases.
Take it up a notch with influencer marketing, buy using social media personalities and celebrities to promote your e-commerce store.
And of course, make sure to track the success of your affiliate marketing using Konnektive's powerful CRM platform.
Since you're only selling one product, why not find a supplier with reasonable prices, excellent customer service, and fast shipping times?
Doing so keeps your customers happy, creating a great online shopping experience. It also leads to customer loyalty, increasing their customer lifetime value.
Konnective also helps you realize this with its fulfillment tracking feature.
Easily sync all your product SKUs, feature variations, and price points with the click of a button. This keeps your inventory up-to-date and organized.
You can also directly integrate your store into ecommerce platforms like Alibaba and AliExpress. Through this, your customers get live shipping calculations, insurance options, and tracking details for every order. It all contributes to a much-improved user experience.
Whether you use SMS, email, YouTube, or other channels, tracking your metrics is vital to success. They will serve as benchmarks to help you level up your marketing goals and strategies.
Konnektive's reporting and analytics feature stores customer data, tracks their buying journey, nurtures leads, and drives online sales growth.
Its advanced reporting and analytics tools let you track web traffic, affiliates, transactions, chargebacks, fraudulent charges, ecommerce sales, upsells, subscriptions, memberships, AOV, and CLTV on all your stores and landing pages.
All this data helps you make informed decisions to help you grow your e-commerce brand.
Ensure your marketing efforts are paying off with these three essential metrics:
Measure these three key metrics and more with Konnektive's RevLytics. It aggregates all your data into one central, dynamic analytical reporting suite.
Get access to RevLytics and everything that Konnektive offers for your e-commerce website.
Book a demo with Konnektive today.