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Many entrepreneurs and business owners have found new opportunities in these uncertain, volatile times.<\/p>\n
While many small businesses have had to close or scale down their operations, people continue to launch new companies and products at a 74% faster pace<\/a> than a decade ago. Many of these new businesses and products are thriving.<\/p>\n A significant part of succeeding today involves pivoting to online sales.<\/p>\n E-commerce had grown exponentially for several years, and 2020 shattered all records and projections. According to the Mastercard Economics Institute, global online sales increased $900 billion<\/a> in 2020 over the prior two-year trend. According to a global survey<\/a>, about 36% of consumers now shop online weekly, an increase from 28% before the pandemic.<\/p>\n If you are considering pivoting your own retail business to sell online<\/a> or planning to start an e-commerce business<\/a>, avoid the common mistakes business owners and entrepreneurs make when initially starting a business<\/a>.<\/p>\n You might start selling your products “direct to consumer” or DTC<\/a>, selling primarily through your website and promoting your online store through social media.<\/p>\n If you do this, you’re not alone. Data compiled in Shopify’s Direct-to-Consumer Guide shows e-commerce is expected to account for 6.6%<\/a> of all consumer packaged goods (CPG) sales by 2022. The DTC movement accounts for 40% of the sales growth in that sector alone.<\/p>\n DTC sales are encouraging, but what happens when you attract the attention of a major retailer or want to diversify your channel strategy via online marketplaces?<\/p>\n This often means you need to rethink your company’s\u00a0brand identity<\/a>\u00a0and\u00a0brand strategy<\/a>\u00a0because you’ll be competing globally against many other vendors. You’ll also need to consider\u00a0product packaging\u2014<\/a>for shipping products and as part of the customer’s experience. You’d be surprised to hear what most businesses get wrong when it comes to product packaging<\/a>. Many brands also turn to experienced CPG marketing agencies<\/a> at this stage to refine messaging and ensure their visual identity translates seamlessly across new sales channels.<\/p>\n The best product packaging is environmentally conscious and custom-designed for your products.<\/p>\n You also have to make sure you’re ready with the basics. For example, one of the most critical requirements for planning a product launch with companies like Amazon<\/a>, Walmart Marketplace, or Google Shopping<\/a> is an authentic Global Trade Item Number<\/a> (GTIN).<\/p>\n A GTIN is a globally unique product identifier encoded into a UPC barcode. They are available for $30 per GTIN and are critical for building your credibility because they validate ownership of your products.<\/p>\n But these unique product identifier numbers can’t be made up or bought second-hand. Retailers and online marketplaces like Amazon may hide or reject your product listing<\/a> if the GTIN is not directly sourced from GS1 US<\/a> and registered to your company in the GS1 database.<\/p>\n Be ready to capitalize immediately when a big E-commerce vendor comes calling by reading this guide to product listing optimization<\/a>.<\/p>\n That happened with Moonlit Skincare<\/a>, an indie brand of bedtime skincare products. When Nordstrom approached the brand for its holiday assortment, it built a robust e-commerce foundation with barcodes.<\/p>\n Stephy Kim, one of Moonlit’s co-founders, recalls:<\/p>\n Their onboarding process was very speedy. We had just a few weeks to get product made, packed, marked, shipped to their warehouse, and to have all product data input into their system. And since Nordstrom required GS1 UPCs on all products, we were relieved to have already obtained the necessary GS1 barcodes.<\/p><\/blockquote>\n Build a stronger brand with our free guides. Get actionable insights to define your brand\u2019s unique voice, understand your market, and stand out to customers. The guides are concise, actionable, practical, and tailored for the busy entrepreneur.<\/p> Build a stronger brand with our free guides. Get actionable insights to define your brand\u2019s unique voice, understand your market, and stand out to customers. The guides are concise, actionable, practical, and tailored for the busy entrepreneur.<\/p> Build a stronger brand with our free guides. Get actionable insights to define your brand\u2019s unique voice, understand your market, and stand out to customers. The guides are concise, actionable, practical, and tailored for the busy entrepreneur.<\/p> The pandemic has upended life as we knew it, but we will eventually emerge from it.<\/p>\n Ensure you build a post-pandemic life so your products can enjoy the beyond bounty.<\/p>\n Challenging times often create opportunities for innovation.<\/p>\n That’s exactly what Jen Voigt saw when she founded her company, Facakes<\/a>, at the height of the 2020 pandemic.<\/p>\n Hosting a birthday party for her son, Voigt found herself questioning the tradition of blowing out candles on a birthday cake when everyone wore masks. She invented facakes, plastic cakes that the birthday celebrant can use to blow out candles without spreading germs.<\/p>\n Voigt is confident that Facakes will live on after the pandemic. According to Voigt,<\/p>\n There has always been a group of consumers who didn\u2019t like the idea of someone blowing on their cake, and there are a number of health concerns for people with allergies and immunocompromised people who can benefit from a safer option for celebrating with friends and family.<\/p><\/blockquote>\n Voigt’s advice to small businesses just starting: “Be original, carve out a niche for yourself. Get your product into the hands of those who might need it.” Voigt gifts Facakes to nursing homes, for example.<\/p>\n We are all consumers and know a good user experience.<\/p>\n The best product listings<\/a> show products from multiple angles and provide helpful information about colors<\/a>, sizes, fabrics, care instructions, and how the product was made.<\/p>\n But creating that “wow” moment for your customers requires work on the backend.<\/p>\n Small business owners just starting may not realize they must come up to speed quickly on how the retail supply chain works.<\/p>\n The motivated brand owners discussed the importance of research and advice-seeking.\u00a0 Sarah Cline’s company, Milanblocks<\/a>, sells fashion products like handbags and phone cases using Shopify and major retail websites on its website. Originally from China, Cline educated herself on product inventory requirements<\/a> such as seasonal demand and how to anticipate different quantities of products through YouTube and other online resources. She quickly came to understand that retailers would require UPCs.<\/p>\n I expected obtaining GTINs would be very challenging, but it was easier than I expected, and I was able to work with big retailers as a result.<\/p><\/blockquote>\n YouTube is an excellent resource that provides a lot of information that can help entrepreneurs. However, with so many channels, you can easily get lost in the world of YouTube. We can probably all relate to finding ourselves on the weird side of YouTube watching obscure cat videos. Here are 15 terrific channels to help you succeed as an entrepreneur.<\/p>\n <\/div>See the 15 Must-Watch Channels<\/i><\/a>Challenge: Navigate retailer requirements<\/h2>\n
Essential Branding Toolkit for Entrepreneurs<\/h2>
Get your free branding toolkit<\/i><\/a><\/div><\/div><\/div>Essential Branding Toolkit for Entrepreneurs<\/h2>
Get your free branding toolkit<\/i><\/a><\/div><\/div><\/div>Essential Branding Toolkit for Entrepreneurs<\/h2>
Get your free branding toolkit<\/i><\/a><\/div><\/div><\/div><\/p>\nChallenge: Think long term<\/h2>\n
Challenge: Become an expert<\/h2>\n
TELL ME MORE!<\/div>15 Must-Watch YouTube Channels for Entrepreneurs<\/h3>
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