Many aspiring entrepreneurs get into e-commerce thinking it’s an easy way to make quick money. But, the problem is that they end up peddling whatever the latest trend of the moment is. From Pop-It toys to fidget spinners, these highly sought-after items quickly lose their appeal — and the e-commerce retailers that focus on selling them are left holding the (often expensive) bag.
One entrepreneur that has gotten the e-commerce formula just right is Enopoly CEO Vlad Varizhuk. Born in Russia and raised in Ukraine before moving to the US two decades ago, he didn’t come from a privileged background. “I never had anything in my life, so I wanted to get anything I needed for myself,” he said of how his hardscrabble upbringing affected his strong work ethic today.
Varizhuk didn’t foresee himself in the online retail industry. He began his career as an amateur boxer but had to retire early due to heart issues. He tried college but didn’t gel with the overly structured atmosphere and dropped out. He worked in network marketing, insurance sales, and even cupcake baking before discovering that he had a natural talent for e-commerce.
Today, he has passive income streams from various e-commerce projects but, through Enopoly, he has turned his attention to helping other e-commerce entrepreneurs automate their businesses and make their online storefronts into passive income streams. “We’ve become the e-commerce industry automation leader, which means that we do all the heavy lifting for our clients and let them sit back and make profits,” he explained.
One fascinating thing about his e-commerce empire is that he became more successful during and since the pandemic. As more people turned to online shopping for basic and luxury goods, his shops became busier and busier. And, as more brick-and-mortar retailers closed their IRL storefronts in exchange for click-and-order URL stores, Enopoly scaled up quickly, helping these longtime shop owners transition into the e-commerce world.
Here are his three best pieces of entrepreneurial advice to up-and-coming e-commerce retailers about how to start and sustain a thriving e-commerce business — or several of them!
Beware of Flashy Object Syndrome
This is one of Varizhuk’s favorite pieces of advice. You might be wondering, ‘what is flashy object syndrome?’ Well, it’s selling something hot, trendy, or of the moment. “The problem with that,” according to the CEO, “is that invariably the items fall out of fashion — or you are quickly competing with hundreds of sellers peddling the same items, often at cheaper costs — and you won’t find long-term success.”
So many new e-commerce retailers fall into this trap because they have gotten into the field for the same reason — to make fast money. But Varizhuk advises selling evergreen items, or something that people will always need and replace. Sure, garden hoses aren’t as sexy as VR headsets or crypto wallets, but they need to be replaced every year and that’s how you gain a steadily growing customer base, ongoing orders, and stability.
Harness the Power of Business Credit
If you’re serious about your e-commerce business, Varizhuk suggests getting a line of business credit as soon as possible. This allows you to keep the business’s money less entangled with your own personal finances, allowing you to draw a firm line between your money and your company’s money.
Never use business credit to buy anything personal, and try not to put your personal money into the business. However, one surprising thing that Varizhuk does suggest buying with your business credit is classes, courses, and other learning tools. “Get your business credit and use it to gain skills. Take advantage of courses, as many as you can handle. There is a lot of BS out there, so learn your stuff inside and out,” he said.
Don’t Skimp on Products or Services
The first thing the e-commerce giant suggests investing in is the highest quality products you can. The better your products are, the better the reviews will be, and the more customers you’ll gain and retain. Everyone buying online today reads the reviews of previous buyers, so cover your bases and make sure they have nothing bad to say about you.
And please, please, please ship your stock out on time.
Varizhuk also advises not to choose the cheap route for services. If you find someone to delegate to — a copywriter writing descriptions, a photographer shooting your products, or an automation service talking a load off your plate — choose the best you can and pay top dollar. “The people that make your life easier, the ones you feel comfortable delegating to, are priceless. They make a huge difference,” he said.
By using these tips, your e-commerce URL is sure to thrive. When it’s time to scale up and automate some of your processes, be sure to get advice from Varizhuk and the experts at Enopoly.
About Enopoly
Enopoly was founded by CEO Vlad Varizhuk. The company prides itself on serving as the e-commerce industry automation leader, while doing the ‘heavy lifting for its clients. Enopoly grants clients the opportunity to invest in an automated e-commerce business of their own, while its employees have a collective decades of experience and millions in sales. For more information, please visit https://www.enopolyautomation.com/