{"id":4123,"date":"2021-05-21T09:59:00","date_gmt":"2021-05-21T01:59:00","guid":{"rendered":"https:\/\/berniewong.net\/?p=4123"},"modified":"2022-10-09T07:44:39","modified_gmt":"2022-10-08T23:44:39","slug":"ecommerce-growth-formula","status":"publish","type":"post","link":"https:\/\/berniewong.net\/zh-hk\/ecommerce-growth-formula\/","title":{"rendered":"eCommerce Growth Formula"},"content":{"rendered":"<p class=\"wp-block-paragraph\">After a year of transformation, operating online stores is nothing new for SMEs. The same is true even for larger brands alike \u2013 which offer products and services to mass markets. Everyone may already be familiar with selling their products on <a href=\"https:\/\/social-stand.com\/facebook-adds-inventory-tools-for-auto-dealers\/\">shopping websites<\/a>, using paid <a href=\"https:\/\/social-stand.com\/google-enables-ar-try-on-shopping-tools\/\">online shopping<\/a> platforms, or even launching their <a href=\"https:\/\/social-stand.com\/buck-the-trend-increase-sales-through-an-online-pop-up-store\/\">online stores<\/a>. This has also led to many marketing requests from our clients to grow their online business.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The people of Hong Kong\u2019s consumption habits have changed. It is now easier and even more popular to establish online stores than ever before. It isn\u2019t only merchants who open online stores. Anyone who has a dream to turn their craft or passion into a business, or just moonlight, can do so.<\/p>\n\n\n<div class=\"saswp-faq-block-section\"><ol style=\"list-style-type:none\"><li style=\"list-style-type: none\"><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/berniewong.net\/zh-hk\/ecommerce-growth-formula\/#Opening_An_Online_Store_Requires_Extensive_Knowledge\" >Opening An Online Store Requires Extensive Knowledge<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/berniewong.net\/zh-hk\/ecommerce-growth-formula\/#Examining_The_Achilles_Heel_Of_Online_Store_Growth\" >Examining The Achilles Heel Of Online Store Growth<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/berniewong.net\/zh-hk\/ecommerce-growth-formula\/#Conversion_Rate_and_Lifetime_Value_Are_Kings\" >Conversion Rate and Lifetime Value Are Kings<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/berniewong.net\/zh-hk\/ecommerce-growth-formula\/#Examine_Your_Business_Comprehensively_to_Grow\" >Examine Your Business Comprehensively to Grow<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"\"><span class=\"ez-toc-section\" id=\"Opening_An_Online_Store_Requires_Extensive_Knowledge\"><\/span><strong>Opening An Online Store Requires Extensive Knowledge<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p class=\"saswp-faq-answer-text\">Radio Television Hong Kong (<a href=\"https:\/\/www.rthk.hk\/?lang=en\">RTHK<\/a>) broadcasts at 8:30 AM daily. In response to an increased demand for knowledge about online stores, <a href=\"https:\/\/berniewong.net\/zh-hk\/\">Bernie Wong<\/a> has filmed several episodes about it. The content of these TV programs discusses the different aspects of running an online store. These include products, pricing, store launch, payment system, logistics, and marketing. Each episode aims to explain a model of an online store in the simplest terms. In the process of collecting materials, Bernie came across an online store growth equation. It is a model for everyone who wants to open an online store. It is also worth studying for both beginners and experienced merchants.<\/p><li style=\"list-style-type: none\"><h2 class=\"\"><span class=\"ez-toc-section\" id=\"Examining_The_Achilles_Heel_Of_Online_Store_Growth\"><\/span><strong>Examining The Achilles Heel Of Online Store Growth<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p class=\"saswp-faq-answer-text\"><a href=\"https:\/\/www.linkedin.com\/in\/matthewaxline\/\">Matthew Axline<\/a> published this <a href=\"https:\/\/twitter.com\/mattaxline\/status\/1382116247890841603\">eCommerce growth equation<\/a> on Twitter: <em>(V x CR x LTV) &#8211; VC = $<\/em><br><br>This means Visitors x Conversion Rates x Lifetime Value minus Variable Costs is equal to Profit. Such a simple equation is a good tool for examining the growth of online stores. It also means that having visitors does not equate to profit.\u00a0<br><br>Businesses commonly use paid advertising alongside content marketing to increase website traffic. This is a two-pronged marketing approach. Yet, even if they have dedicated creative content that attracts the attention of many, there has to be a good conversion rate. This means that customers must be willing to pay. That is also the reason why brands should not simply ask for \u201c<a href=\"https:\/\/social-stand.com\/facebook-is-removing-likes-on-pages\/\">likes<\/a>.\u201d The number of likes is questionable. It is blurred if they can bring business or value toward a brand.<\/p><\/ul><\/div>\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conversion_Rate_and_Lifetime_Value_Are_Kings\"><\/span><strong>Conversion Rate and Lifetime Value Are Kings<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Conversion rate is inseparable from factors that relate to the customer. Has the entire customer process been thoroughly considered? Is it optimal? There are also product prices and positioning to consider. More often than not, brands tend to overlook the lifetime value of customers. In fact, setting up an online store is only the first step. In Hong Kong, an effective method for attracting a steady flow of visitors and obtaining repeat purchases from customers is via SMS and <a href=\"https:\/\/social-stand.com\/facebook-announces-upcoming-whatsapp-ads\/\">WhatsApp<\/a>. These are besides spending money wisely to control variable costs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Examine_Your_Business_Comprehensively_to_Grow\"><\/span><strong>Examine Your Business Comprehensively to Grow<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I have never believed in a fixed formula for success. Although I find this eCommerce growth formula as a good framework for merchants to review their existing online business, it can also help newbies to make better considerations and more comprehensive plans for their online business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Source:<\/strong> <a href=\"https:\/\/www.visiongo.hsbc.com.hk\/zh-HK\/article\/ecommerce-growth-formula\">https:\/\/www.visiongo.hsbc.com.hk\/zh-HK\/article\/ecommerce-growth-formula<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">#ecommerce formula<\/p>","protected":false},"excerpt":{"rendered":"<p>After a year of transformation, operating online stores is nothing new for SMEs. The same is true even for larger brands alike \u2013 which offer products and services to mass markets. Everyone may already be familiar with selling their products on shopping websites, using paid online shopping platforms, or even launching their online stores. This [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4124,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[33,62,61],"tags":[450,449,451],"class_list":["post-4123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-trends","category-content-marketing","category-digital-marketing","tag-conversion-rate","tag-growth","tag-lifetime-value"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>eCommerce Growth Formula - Dr Bernie Wong - AI and Storytelling Trainer<\/title>\n<meta name=\"description\" content=\"After a year of transformation, operating online stores is nothing new for SMEs. 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