3 lessons from scaling eCommerce business to $10,579,736 in sales
In this video I share insights and lessons learned from scaling a dropshipping store from $0 to 8-Figures and building a brand in the process.
What does it take to scale to $10MM?
How to create a crystal-clear vision for your ecommerce business and guide it to massive success?
When should you stop dropshipping from Aliexpress and develop your own products?
Insights from building a $10MM Brand
Brands are always worth more than regular dropshipping store.
Once you reach a certain volume of orders, and you want to grow even more, you’ll need to start sacrificing some of the profitability to maintain that volume. We decided we are happy with our current volume of sales and revenue, so we decided to stay on the same level, and optimize the store for more profit.
If you are running an ecommerce business, you need to have a vision for where you want to go with it. If you want to build a brand, you need to define a niche and sell products for that specific niche.
If you are hitting 100k, 200k, 300k per month in sales, you should seriously consider creating a brand. You obviously have a proof of concept. You found winning products, you found winning audiences. Why not develop a brand that will be much more valuable that just a regular dropshipping store?
Volume is important, but always think about profit. Unless you are funded by some venture capital firm, profit should be your major goal.
Selling products with higher margins was another important lesson I learned. Obviously, you’d have lower conversion rate on your store, because of the higher prices. So there is a fine balance. How much would your CR drop if you increase your price? But how much more profit will you make because of that? Monitor these metrics and find the sweet spot.
Want more valuable insights for your ecommerce business? Read the case study below:
Case Study: How I Got Into Russel’s 2-Comma Club in 3 Months by Scaling 1 eCommerce Funnel, And How You Can Too
If you have an online store doing at least 10-20k pm and you want to safely scale it to high 6-figs (and net 35-50%), then this CASE STUDY is just for YOU…
Click the link below to watch it