E-commerce is a huge phenomenon and is a more important tool for generating income every year as more and more customers search for products online, especially during the pandemic. Customers have adopted online shopping gladly because it’s so convenient and safe, as you can see in the graph below showing the huge increase in online sales over the past few years. So, building a powerful e-commerce business offers great opportunities for increasing revenue or the business model for starting a new online business.
Image courtesy of Large trade
But, there are many reasons why businesses should consider building a powerful ecommerce site, including low start-up costs, which means less risk for the aspiring entrepreneur. However, starting an online business is not a sure thing, and there are many pitfalls awaiting the unwary or unwary. Poor planning and suboptimal decision making can not only cost your money and time, it can also poison the pot and future endeavors. Therefore, we offer 4 tips for successful online business.
Building a Powerful Ecommerce Business
Before we dive into our tips for building a powerful ecommerce business, let’s outline some online retail statistics. First of all, you need to know your customer and nothing can replace this deep understanding of your customer and what they want. Below, find some Optin Monster stats to get you started. As you can see, while an almost equal number of men and women buy online, they buy totally different things. For example, while men and women buy almost as much travel, groceries and household items, men are much more likely to buy computers or other technology online, while women , surprisingly, are buying more clothes online.
Image courtesy of Optinmonster
Then think about how you want to operate your online store. Of course, it might seem like a no-brainer to open your eCommerce store on your own website, but there are other options to consider. For example, consider third-party options, like Amazon and eBay, that get your products’ attention to a ton of traffic. Of course, you face intense competition on these sites and incur substantial costs both for selling and fulfilling orders on these platforms. New options, such as Facebook Marketplace, allow businesses to sell products through their social platform.
Finally, think about your online product marketing strategy. Below are the tools most commonly used by shoppers when shopping online. Not surprisingly for those of you who read my articles frequently or who are quite familiar with digital marketing, search engine marketing, commonly referred to as SEO, is the primary tool that buyers use to find products online. Email marketing is also a key strategy for building a powerful ecommerce business.
Tool for a strong e-commerce business
Now let’s move on to our top 4 strategies for a powerful ecommerce business that generates revenue and sustained growth for your businesses.
1.provide superior customer service
There is no success without providing top quality customer service every time. Poor service not only costs you customers and it’s 5 times cheaper to keep an existing customer than to replace them with a new one, but word of mouth from dissatisfied customers travels quickly, especially in a connected world where complaints are made. quickly become viral.
Plus, make contingency plans for when things go wrong, as it’s impossible to avoid 100% of problems. For example, weather conditions may delay delivery or you might experience a temporary out of stock (remember the disasters of toilet paper and hand sanitizer at the start of the pandemic. In these situations, excellent communication with customers reduces the damage these outages could cause. The sooner you solve problems or answer questions, the less damage. Modern businesses often host hours of customer service on social platforms to address concerns publicly and quickly on location where customers share their complaints.Other companies employ chatbots that work daily and hourly to make sure customers get prompt customer support.
2. Consider the impact of delivery
Providing great delivery is one of the main rules of powerful ecommerce companies. If your customers do not receive their orders quickly, or the packages appear damaged, you risk negative feedback. From the customer’s point of view, getting every package in perfect condition and quickly is the most important indicator of professionalism. To grow a successful e-commerce business, partner with a reliable courier and delivery service in your area so you can meet your customers’ expectations every time.
Take into account the cost of delivery as well as the speed. Many consumers will not buy products online unless the company offers free delivery. By setting a threshold for free shipping, this shipping option is a great way to sell incentive customers. Instead of buying 1 item, a customer can buy a second or third because they get free shipping with a larger order.
Of course, beating your supplier is not the answer to getting low cost shipping so that you can offer free shipping. Logistics is a complex process with a lot of moving parts and developing a good process is more like choreographing a ballet than balancing your checkbook.
3. Study your competition
Copying business practices poorly reflects your brand, but ignoring your competition and everything they do isn’t a good idea either. Studying your competition is vital to thrive in the e-commerce industry. The more knowledge you have about the different companies in your niche, the better prepared you are to seize a missed opportunity and match their offerings to eliminate their competitive advantage to the extent possible.
Don’t stop with your direct competitors because you can learn a lot from companies operating in other industries. For example, I once heard a business owner brag about their on-time delivery, modeled on pizza delivery services, even though they were operating in a B2B marketplace.
4. Involve customers
People are probably going back to a company that gave them a good experience. So, in order to build a successful e-commerce business, keeping customers engaged with your brand and keeping in touch with customers in a meaningful and mutually beneficial way is essential? Develop a content strategy Focusing on the customer journey and matching content to where a particular prospect is along that journey is key to success.
As you can see in the graphic below, content marketing is more like a diaper cake than a one-size-fits-all strategy where everyone gets a generic message.
Image courtesy of i-Scoop
The e-commerce industry is full of opportunities. However, to find consistent and consistent success, you need to carefully analyze your market. Make sure you can give potential customers what they expect. Follow our four rules for greater customer satisfaction and higher income.