While this has been a buzzword for decades, the next wave of personalization will do a much better job of predicting needs. Each individual will get a different experience based on geography, searching history, past behavior, etc. When you walk into a store, a salesperson can intuit a lot about you.
The future of e-commerce will use technology to do the same thing ... smarter technology that provides a better experience. For example, many search functions on retail sites are terrible. If you put in “shirt dress,” the search function will read dress shirt the same as shirt dress. Yet a salesperson would know the difference. We have technology that can tell the difference and this will only continue to get better.
Would it surprise you to learn that online sales for the USA in 2018 amounted to less than 15% of all retail in total? Well, ecommerce only represented 14.3% of total retail sales in 2018, according to Internet Retailer’s analysis. Consumers spent $517.36 billion online with U.S. merchants in 2018. Total US retail sales, not including the sale of items not normally bought online like fuel, automobiles and food at restaurants, hit $3.628 trillion last year. Global retail sales are projected to be around $28 trillion U.S. dollars by 2020.
So, the good news is that we have a long way to go before retail as we know it is dead. It’s also comforting to know for entrepreneurs the world over, that there are quite a few more opportunities to be had in the online commerce space.
Recently, Imperium PR’s CEO Shazir Mucklai, had the opportunity to have a discussion with Edward Shatverov and hear his story. Shatverov is an American E-Commerce entrepreneur and Real Estate Investor who has already become a millionaire by the ripe age of 18 years old. When he was 15, Shatverov wanted to do something different. While all his peers were arguing over who had the best Yeezy shoe models and fidget spinners, Edward had something else on his mind. He wanted to leave a legacy.
While in high school, Shatverov chose to skip out on after school sports and video game sessions with friends to do something else: master the online world of e-commerce. Rather than spending hours playing Fortnite, he obsessed over marketing tactics like Facebook and Instagram ads, Email marketing, and sales funnels. Shatverov studied tirelessly past midnight most nights, mastering E-Commerce marketing.
Shatverov believes that one of the keys to success in the E-Commerce marketing world is to find mentors. Early on, he realized that if he would be successful in the online world, he would have to learn from those who were already doing it. He says, “It’s astonishing how life treats you when you surround yourself with the right people.”
Essentially, the unlimited choice afforded by online stores means that niches that aren’t massively popular can still be successful. For example, online shoppers were posed a simple question: what percentage of the top 100,000 books on Amazon.com, Inc. (NASDAQ: AMZN) sell at least once a month? Most replied with an average estimate of 20%. They could not have been more wrong. Fully 99% of the top 100,000 books sell in some volume; there’s someone, somewhere who reads the random titles. Ecommerce entrepreneurs still have tremendous opportunities to target and leverage significant niches via a specific focus.
By age 18, Shatverov had reached his goal. He had accumulated millions of dollars in revenue, making him one of the youngest self-made millionaires in the world. Shatverov started from the ground up and now owns an e-commerce marketing empire including several online businesses.
Now that Shatverov’s reached success in the e-commerce marketing space, he has his eyes set on a new goal: Helping others achieve the same success he did through mastering lucrative e-commerce marketing techniques. His vision is to assist others in achieving financial freedom, regardless of their age.
Shatverov will also be releasing an online course platform in the future to train young entrepreneurs to master financial freedom through e-commerce marketing. The platform will include a series of marketing courses with a goal to teach new or struggling marketers through different courses, digital tools, and other resources.
Shatverov’s not shying away from the camera either. Some teaching platforms don’t allow access to the mentor but Shatverov wants to do things differently. He says, “the number of entrepreneurs who get into the digital world and end up getting their hands burnt is increasing.” That’s why he will occasionally provide students the option to have one-on-one sessions with him, giving them full access to his knowledge base.
When asked what one tip would be to give others in the online business world, Shatverov replied, “...they should use their resources to the fullest extent. Nowadays we have social media and it’s there for a reason.”
He went on to mention that Facebook and Instagram are resources that can be used to grow your business. Shatverov has grown his Instagram profile to over 150k followers, and it’s not because he was posting random selfies. Early on, Edward Shatverov saw the e-commerce marketing opportunity and decided to capture it.
Now, fast-forward a few years, and he runs a 7-figure e-commerce marketing empire, but he wants others to know that it’s possible for them too. Shatverov says, “Life is amazing, isn’t it? It’s crazy because if 5 years ago someone told me I’d be a millionaire, I wouldn’t believe them.”
Regarding his success, he goes on to say, “Anything is possible if you set your mind to it. Dedication and motivation plays a big factor. If I can do it, all of you can as well. Don’t let anyone tell you otherwise.”
Image by StartupStockPhotos from Pixabay
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