Just opened up (actually planning to within few weeks) e-commerce website for online gift. Any suggestions or ideas in terms of online marketing and search engine ranking optimization (besides the well known stuff)? Any good ideas would be greatly appreciated. Thanks!

Welcome to the forums wpgift!

A few of our clients have had great success with Adwords on Google. I am not certain if you want to check that out as well

About search engine optimization, before you start design site read some staff about them carefully, otherwise you loss lot of time.
I would say visit some SEO forum and read more...

Keep away from invisible text on your page as the search engines will pickup on this, and penalize you.

Golden rule is "content". May sound boring, but it's worked for our 3 websites. We are ranked within the 1st page of the major search enghines for our keywords - hence get around 1000 unique visitors a day. CONTENT CONTENT CONTENT and linking with other sites.

Good luck... it takes time however.