Why eCommerce is Challenging (And How to Make It Work For You)

eCommerce is growing rapidly, but it's also one of the most challenging businesses to be in. In this episode Eric Youngstrom joins Matt to talk about why eCommerce is so challenging and how we can make it work for us.

ABOUT ERIC

Eric is the founder and CEO of Onramp Funds, a purpose-built financing platform for e-commerce brands. In less than two years, since its founding, Eric and the On-Ramp team have raised over $40 million in seed funding and have helped dozens of e-commerce SMBs get off the ground.

Here’s a summary of the great stuff that we cover in this show:

• Every small business merchant is faced with a challenge when it comes to having the necessary capital to order that next round of inventory or their credit card has maxed out. They can't run an ad on Google to drive that next sale to their Shopify store. And just struggles to keep the wheels turning.
• E-commerce currently makes up 16-17% of retail and is expected to continue to grow. There is regional differentiation in e-commerce adoption, with the UK being 2-3 times that of the US. The key difference is geography - it is easier to ship within a smaller area. Omni-channel retailers are becoming more prevalent, but digital only retailers can still be successful.
• The golden rule of business is to treat the customer how you would want to be treated in that same situation. A lot of e-commerce businesses fail because they treat their customers like just another number rather than a real person. Instead focus on doing things that create loyalty from customers and builds your brand.
• eCommerce and mitigating inflation in the current economic environment.
• The importance of knowing the fundamentals of your business' finances.

For complete show notes, transcript and links to our guest, check out our website: www.ecommerce-podcast.com.