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Shopify Success Rate: How To Make Your Store Successful?

Shopify Success Rate: How To Make Your Store Successful?

Shopify is one of the leading e-commerce platforms, with almost 20% market share. Today, there are over 1.7 million merchants that sell using the Shopify platform. These merchants run over 1,000,000 businesses in 175 different countries.

Shopify's total revenues worldwide 2015-2021

Source

And in the 2020 BFCM week alone, Shopify stores processed sales worth over a whopping $5.1 billion

However, this is just one part of the big picture. There are so many stores that are launched every day and only a small percentage of them go on to succeed.

Have you ever wondered what the Shopify success rate is? It's easy to think that anybody can have a successful online store, but that is simply not true.

The success rate is one of the most important aspects of running an eCommerce business on the Shopify platform. It determines whether you will be able to make money out of it or not! 

In this article, we will walk you through how to improve your Shopify success rate by sharing some tried-and-tested strategies for successful Shopify stores.

Outline

I. Reasons Why Shopify Stores Fail

Fail rates of businesses started in 2016

Source

Do you know how many Shopify stores fail every year?

Shopify is one of the best eCommerce platforms in the world. It has been in the market for a long time and has gained popularity. It provides its users with some of the best features to run its online stores.

But despite all the benefits that Shopify has to offer, there are still some merchants who fail to make it big on the platform. If you’re part of this group, don’t worry as we’re here to help you bounce back from failure and get your store up and running again.

There are some common mistakes that people make when using Shopify that can be avoided easily so you can have a successful store and great sales.

1. Unable to understand the target audience

Understand target audience

Think about it - if you don’t know who your customers are, then how will you know what kind of products they want?

More often than not, online merchants don’t know who their customers are and what they want from their products or services.

You may have a great idea but if you cannot reach out to the right audience, then it will not matter much. This is why, ​​if you're running an online store, you need to know who your target audience is and what they want before you even begin creating your store.

Also read: How Shopify Stores Can Build a Loyal Customer Base

2. Lack of planning

Without planning, there is no success. You need to plan your store and provide enough time for its development. 

If you don't have enough time and resources, then it will be hard for you to make your store successful.

3. Not enough traffic on the online store

If there is no traffic on your Shopify store, then it will be difficult for you to make sales through it. 

You need to get more traffic from different sources so that your customers can reach you easily and buy products from your store just as easily! You can use social media marketing tools, SEO services, and many other ways for this purpose!

4. Choice of bad products

This is one of the most common reasons for failure in any eCommerce store. You need to choose products that are relevant to your niche and that have high demand in the market.

We all know that choosing the right products is the foundation of any business. So if you want your Shopify store to be successful, then you need to choose good products. This can be difficult because there are so many options out there and it's hard to tell which ones are good or bad. So, you need to do your market and consumer research thoroughly.

You need to make sure that your product will sell before investing in it.

5. Poor marketing strategies

Some people make the mistake of thinking that having a great product will sell itself, but this is not true at all! 

Without proper marketing strategies, no matter how good your product is, it won’t sell well enough to make up for all the investment put into it.

6. Unresponsive and/or poor customer service

The main reason why people buy from online stores is because of convenience. 

Take that away from your Shopify store’s shopping experience and you’re bound to fail.

In fact, 73% of companies with excellent customer experience perform better financially than their competitors.

If you want your store's Shopify success rate to improve, then you need to provide excellent customer service. Otherwise, it will be hard for your customers to make purchases on your site again.

Many Shopify stores fail because they don’t communicate with their customers properly or don’t take care of their consumer’s problems. 

7. No mobile-first design approach

Mobile ecommerce statistics

Source

The number of mobile users is increasing every day, but most e-commerce stores have not yet adapted to this trend. Mobile commerce is growing rapidly, so it's important to have a mobile app for your business.

This means that you should consider developing responsive websites and a native mobile app for your store before even thinking about launching it.

8. High shipping costs and other shipping issues

Cart abandonment reasons

Source

You can have an excellent product and excellent marketing strategy, but if your customers don’t receive the products on time, they will not buy from you again.

If you're selling physical products, then shipping and shipping policies are one of the most important elements of your business. You need to make sure that your products get to their destinations safely and on time.

Shipping problems can arise due to different reasons like poor packing materials, incorrect labels, poorly organized warehouses, etc.

When a customer orders something from your store and gets disappointed by the shipping time and quality, then he/she won’t come back again! Customers will not trust your brand anymore and will move on to other sites.

9. Product margin going down

One of the main reasons why Shopify stores fail is because they don't have a product margin strategy in place. If you don't know how much profit you need to make on each sale, then it's impossible for you to survive as an entrepreneur.

And if your profit margin is going down every month, then it means that your products aren't selling well enough or they're not selling at all! 

One way to fix this problem is by researching other companies in your niche or industry and seeing what they're doing better than you are doing right now. Then try implementing these strategies in your business and see if it improves things for you.

10. Poor optimization of Shopify theme

A poorly optimized theme makes customers feel uncomfortable while using your website which affects their shopping experience. If customers do not like your website then they will leave without buying anything from your store because they do not feel comfortable browsing through it.

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II. Common Signs Of A Successful Shopify Store

It's true that not all Shopify stores succeed. 

While no one wants to talk about their failures, knowing what went wrong with a failed Shopify store can help you avoid making the same mistakes. Here are some common signs of a successful Shopify store:

1. High conversion rate

high conversion rate means that more customers are buying from you than they did in previous months or years. This can be a sign of growth or improvement in customer service. The higher the conversion rate, the better!

If not, all your marketing efforts will go down the drain!

2. Good reviews from customers

Number of reviews consumers read before buying

Source

Most buyers today rely on reviews to help them make their purchasing decisions. You should be proud if people are talking about how good your products are and how great their experience was with your website.

3. High customer retention rate

If you can get people to come back to your store, then chances are they will keep coming back. This means that they trust your brand and enjoy shopping at your store. You could also see an increase in profits because repeat customers are likely to spend more than new customers would spend.

4. Low return/refund rate

If you have a low return rate on merchandise, it means that most customers are satisfied with their purchases and would recommend your store to others. It also means you're doing something right with inventory management so that customers don't have issues with receiving damaged or incorrect products from your business.

5. Low abandoned carts

A high cart abandonment rate means that many customers have added items to their carts but decided not to check out after all. This could be because of various reasons such as shipping costs, billing information, and so on. This shows that there is something wrong with your checkout process or website design. You need to fix it immediately!

6. Profitability

The biggest sign of a successful Shopify store is that it is making money and growing!

You might have a high Shopify success rate in terms of profitability but low conversion rates. This means that you are getting lots of sales but they are not profitable.

If your online business isn’t profitable, then its success isn't guaranteed and it probably won’t be around for long.

7. Healthy social media presence

Social media presence statistics

Source

Social media has become an essential component for any business, especially for eCommerce stores. If you have a healthy social media presence, it means that people are interacting with you online and this translates into more sales because they will become more familiar with your brand and products through social media channels such as Facebook or Instagram.

8. Great website UI/UX

The first thing that people notice when they visit your store is the website design.

Your website should be easy to use and navigate. Visitors should be able to find what they are looking for quickly and easily. In addition, your website should look clean and professional so that potential customers can trust you with their money.

Now, you can easily build using beautiful and functional Shopify website designs using PageFly.

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9. Good website SEO ranking

The best Shopify stores have great SEO rankings.

This means that customers can find their website easily when they search for keywords related to their products or services. It also means that people are visiting their site regularly and spending time there - which is important for conversion rates!

III. Tips To Improve Your Shopify Success Rate

1. Create a compelling brand story for your store

The first step in increasing your Shopify success rate is creating a compelling brand story for your business. You should always start with branding because it’s one of the most important aspects of your business.

Your Shopify store should be more than just an online catalog of products — it should be a reflection of who you are as a business owner and what makes you different from everyone else out there. That's why it's so important to have an engaging brand story behind your store that speaks directly to your target market and helps them understand why they should buy from you instead of someone else.

This means creating a unique identity that sets you apart from other brands in your industry or niche market. You should also have a well-crafted mission statement that explains what makes you different from other companies selling similar products or services online.

A good brand story should include some elements such as why you started this business, what is unique about your products or services, and how you will improve the lives of people through them.

You can follow Simon Sinek’s Golden Circle to help achieve this.

Simon Sinek's Golden Circle

Source

2. Create an attractive website with high-quality product images

Create an attractive website

It’s important to make sure that your eCommerce website looks good and is easy to navigate. There are several ways to do this -

  • Choose a theme that suits your brand and makes sense for your products. Don’t choose a theme just because it looks cool — make sure it works with your business.
  • Use high-quality images on the homepage and product pages. Use large, high-resolution images that are clear and easy to understand. Make sure all of the important information is visible in the image without scrolling or zooming in too much (i.e., don’t use tiny thumbnails).
  • The design of your Shopify store should be user-friendly so that even a newbie can use it without any problem.
  • It should also have a good navigation system so that users can easily find what they're looking for without having to search for it over and over again through different pages or categories.

3. Make sure that your Shopify store has high-quality content and engaging copywriting

Content is king. Regardless of how beautiful your eCommerce store and products are, if you don’t have good content and copywriting, people won’t want to shop in your store.

Content marketing is a great way to build credibility with potential customers, as well as increase their trust in you as an authority on a particular topic or industry. Your content should be valuable, helpful, and relevant — not just promotional!

Your content should be written in an engaging way and should answer any questions or concerns potential customers might have about your product. The better the quality of your content, the higher the chance people will have to buy from you instead of going elsewhere.

4. Give relevant information about your products and services on the product pages

Look at the way you present your products. Do you use videos? Infographics? Visuals? How about testimonials from customers? The more elements you add to your store page, the better your chance of increasing sales conversions and getting more people to buy.

Ensure that you have clear and accurate product descriptions, including images, pricing, and shipping information. Further optimize your product page with a prominent "Add To Cart" button

Make sure that you have a good description of each product and service, including its benefits and features. Use bullet points so that your customers can easily read through the information without getting bored.

5. Use Google Analytics to track visitor behavior

Use Google Analytics for tracking

Every time a customer visits your site, Google Analytics records the information about them, including where they came from (the referring source) and what pages they visited on your site. This information can be used to improve your website by making sure that important pages are easily accessible from the homepage and that visitors don't get lost in too many clicks before finding what they want.

For instance, if you notice that a lot of people are coming to your site looking for something in particular and not finding it, take a look at what else they're searching for and create content that addresses their needs. This will get them deeper into your site and make them more likely to buy from you.

6. Use a clear pricing structure

Checkout abandonment reasons

Source

Your customers need to know exactly how much they will be paying for each product or service listed on your website before they make a purchase decision. This way, they won't be surprised by any hidden charges at checkout time.

7. Make sure your site is mobile-friendly

Mobile friendly sites

A high percentage of online shoppers use their mobile devices to browse products and make purchases.

If your site doesn't provide a great mobile experience, they might not be able to view all of your products or find out how much they cost. When creating a new website, ensure it is responsive so that it displays properly on different devices and browsers (e.g., Safari).

8. Collect social proof because it matters

Collect social proof

Source

Social proof is one of the most effective ways to build trust with your customers and improve your Shopify success rate.

As store owners, you need to know that consumers are way more easily influenced than we realize.

Did you know that 88% of consumers trust user reviews as much as personal recommendations?

Social proof can be in the form of testimonials, reviews, or comments. It could also be in the form of ratings and rankings such as those found on Google Maps or Yelp. In fact, these sites give more weight to reviews from people who have used your products or services before or know something about them.

The best thing about social proof is that it can help convert shoppers into buyers and produce more revenue faster than any other strategy out there today!

IV. Examples Of Top Shopify Stores with High Shopify Success Rate For Your Inspiration

While success is not guaranteed, there are still many things that you can do to improve your chances. Here are some examples of successful Shopify stores for your inspiration -

1. Fashion Nova

FashionNova

FashionNova is a popular Shopify store for women's clothing, shoes, and accessories. The company started as a small operation with only four employees but quickly grew into an international brand with over 2 million customers worldwide.

Their main selling point is that they offer trendy, fashionable, and inclusive women’s clothing at irresistibly low prices. This is a fashion brand that designs and sells clothes for women of all sizes and shapes.

The founders of the company found that social media was an effective way to reach their target audience, so they started using Instagram influencers as models for their products. The result was impressive - the company sold $1 billion worth of products just within one year!

Today, they have more than 21 million followers on Instagram and they post daily photos from their customers. This gives them a lot of exposure and helps them increase sales by sharing their products with these users' followers.

2. Gymshark

Gymshark

Gymshark is one of the most successful Shopify stores in the fitness domain that's changed the way people work out. It is a fitness brand for everyone.

They have the world's best fitness clothes, so consumers can look good while working out! They claim that their products are designed by athletes and tested at the gym.

Gymshark is a prime example of understanding that just driving traffic to your website is never enough. How you persuade your customers to actually purchase something from you after that is what determines the success of your Shopify store.

Their Shopify storefront is strategically designed to drive home more conversions. It is very evident that a lot of thought and effort was put into perfecting every tiny detail of their website so that the User Experience (UX) is not compromised.

Here are some notable UI/UX integrations -

  • Restock subscription ability
  • Sticky Add to Bag button in mobile view
  • Express and distraction-free checkout

3. ColourPop

ColourPop

Founded by Laura Nelson in 2014, ColourPop Cosmetics is an online cosmetics retailer that offers cheap products at affordable prices.

They have been able to generate $20 million in revenue within just two years of their launch! Their success lies in their ability to create unique products that are different from what other brands offer on the market. They also offer great customer service and make sure that customers get their orders quickly.

They have even collaborated with huge names such as Disney and Sofia Nygaard which has generated a large chunk of ColourPop customers through social media.  Furthermore, the brand has over 10 million followers on Instagram and has been featured many times by popular beauty bloggers such as Kathleen Lights, Jackie Aina, and more!

The brand has become so successful because of its innovative packaging design styles which reflect quality without sacrificing style!

V. Conclusion

There's never been a better time to start an eCommerce business, and Shopify is a great option for anyone looking to avoid complicated eCommerce systems and software. 

Nevertheless, it can still be a challenge to figure out how to get started.

We hope this article helped you get a headstart on what is Shopify success rate and how to make your store successful.

Whatever you do, it is important to understand the importance of each step of your Shopify store development. 

And when you finish these steps make sure to measure your success rate according to the plan and goal that you have set for your business before you start. Always remember that all businesses take time to grow and have a steady flow of traffic.

You can get started by creating a compelling website design using PageFly today!

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