If you are into e-commerce, you will surely find these lessons you can glean from the Shopify executive team and their success stories.
And if you do not have a Shopify store, I’m sure you can learn from them for your own online business.
Lessons from the Shopify Executive Team
Here are the important lessons that you can learn from the Shopify executive team:
1. Know Your Customers and Make Them Your Partners
As mentioned earlier, the company started with an e-commerce store of T-shirt designs. The idea of creating a T-shirt design company was not only to sell their designs. But also to get more of their creations out there and be discovered by thousands of people.
2. Build Your Community and Listen To Them
Back in 2005, they did not immediately launch their online store. Instead, they built a community of designers and created a platform where they can showcase their designs to potential buyers. They also let other designers sell their T-shirts on their websites. In this way, they created a platform that fosters creativity and collaboration among designers. They made it into a marketplace with third-party sellers for both buyers and sellers to connect on one site.
3. Be A Leader in Your Industry
When Shopify started with T-shirts, there were already several companies offering the same service. For instance, with a similar product line in Canada. But Shopify did not try to compete with them by offering more products or lower prices.
Instead, it focused on what they have been doing best. Such as, providing an online platform for independent artists to sell their creations and build a community around them. In this way, it became a leader in its industry by concentrating on the core services that it offers to its customers just like Apple has been doing for years now in the tech industry.
4. Create Products That Will Last Long
The company also created its line of apparel products including shirts, hoodies, and bags which they still offer today along with products from other designers.
For this line of products, the company produces them in limited runs so that customers will feel like this product is exclusive and unique because it is no longer available after the limited period runs out.
This strategy has worked very well for them since customers feel like they can be part of something special by buying these products even if they are already sold out after the first batch has been released. They can always buy another one if they want it but chances are there will never be another one again because every product has an expiry date.
5. Offer Something Extraordinary and Different
Lastly, Shopify has always been offering great customer service and making sure that their customers are satisfied with the company’s performance. This means they also listen to their customers’ complaints or suggestions for improving their services.
They have implemented a system wherein they have their product designers improve their designs every so often so that they can attract more customers to their store.