The world is a digital village where everything happens online. By “Everything” here, we mean most things you probably thought could only be done offline. For example, people now get married online, carry out successful financial transactions online, and even fall in love online (amazing, right?)
While it all seems so mushy and fun, especially when you think about all the fun you can have on the digital space, you also need to consider how to maximize the platforms for wealth generation. According to Statista, the e-commerce industry will cross the $2 trillion thresholds in 2020, which means people are shopping rapidly online.
The question is, will you get into the e-commerce action? If you have a business with an online presence and are worried about the decline in sales, it is time to check if you are doing things the right way.
This article presents the top seven things to consider on the e-commerce strategies, which will help you achieve tremendous success with your business online.
Of course, there are multiple steps to take, which exceeds our seven thresholds, but this is a concise way of getting it right with all aspects of your e-commerce venture from sales to products, marketing and customer retention.
Alright, let us begin with the first item on the list.
Choose a profitable e-commerce model
There are varying e-commerce business models, and your choice of business determines the extent of your success with the enterprise. Your e-commerce business model should be the right fit for the products/services you offer. Some of the options available include:
- Wholesale, which entails selling peculiar items in large quantities.
- The subscription-based model requires customers to pay for products at specific periods.
- The Artisan-style model requires creating products by hand with raw materials.
Drop shipping is a popular option as it doesn’t require you to handle the products or hold them in a warehouse. You only take customer orders and transfer them to third party suppliers who fulfill and ship the order.
The White Label process requires you to buy products from manufacturers, personalizing the items to represent your brand, and selling them online. With this option, you don’t have to handle the business’s production stages but must pay close attention to the quality control process.
Discover what suits your business and improve on it for long-term success online. However, regardless of your final choice, you must ensure you have a legally binding ecommerce store. One of the reasons some e-commerce businesses suffer online is because they bypass the legal stages and get into trouble over taxes and regulatory bodies. So from the start of the business process, make sure you are on the right side of the law. Get in touch with the company formation service if you need help.
Product, product, product
Next, we must talk about products because they are the reasons customers are interested in your business and why you set up the business venture. If you have a great and seamless e-commerce model with poorly reviewed products, you will fail.
Products speak louder than any promise you will offer the client; as such, please dedicate time to curating products/services that are excellent, useful, relevant, and a must-have. Your products should meet all regulatory standards, and some of the ideas to consider before choosing what to sell includes:
- Profit generation
- Your competition and existing alternatives
- Experience with the product
- Ease of production
- Customer reliance on the product
Develop a Stellar Digital Presence
A stellar digital presence is not restricted to a website as most people seek mobile-friendly ecommerce sites such as apps and direct purchasing links on social media platforms. Your digital company should entail ALL viable online platforms where your target audience spends the most time.
This realization means you must know your target audience and have a typical customer avatar, which details your target client’s peculiar information. No brand can survive online today through e-commerce without being proactive on social media; so post, engage, organize giveaways, offer discounts, and other digital tools to remain relevant online.
Proactive Marketing Channels
Marketing is an ongoing process that must be continuously fine-tuned because the online business space is ever evolving. A tremendous and consistent digital marketing campaign is what determines the success or failure of individual e-commerce businesses.
Utilize multiple marketing methods such as email and social media marketing, content marketing, and brand development (this helps your brand stand out). Always remember that even if you are doing well, there are competitors out there who are working overtime to get your customer’s attention. As such, you shouldn’t relent in your marketing efforts every single day! You’ve got to remind them of your presence continuously and the value you offer them.
Collaboration to boost your brand’s presence online is a form of marketing strategy, but it is a stand-alone idea on this checklist because of how important it is to the process. As an e-commerce entrepreneur, you must learn how to collaborate with influencers and individuals with a large following online to shine a spotlight on your brand. For example, if your e-commerce business centers on beauty products, it is advised that you collaborate with popular beauty influencers such that they can drive traffic to your site.
Effective Shipping and Delivery Services
Next strategy is ensuring that your shipping services are topnotch when sending out orders. Do you know why terms like “Same day delivery”, “free delivery” or “express delivery” boost online sales ? The answer lies in the customer’s desire for expedient shipping experiences.
Most customers remain loyal to specific e-commerce platforms just because they offer a reliable shipping and delivery service. Figure out or upgrade your delivery method and determine if you can factor in free delivery on specific orders. If you adopt the free shipping approach, you must find ways to cover the cost (you can liaise with an efficient and affordable logistics company).
Excellent Customer Protection and Security Service
Lastly, we cannot talk about success with e-commerce without considering your customers and prospects. No e-commerce venture will succeed without loyal customers, and in the online space, customers only care about two things: quality of product/service and security with transaction details.
If customer data is compromised, the company will be vulnerable and blacklisted by prospects. The real cost of eCommerce data breaches is a situation business owners must avoid at all costs. Please develop a security strategy to protect customer data such that your site is a safety net for transactions.
Security updates on your ecommerce websites and payment platforms should comply with the regulations guiding e-commerce in your country for seamless and safe transactions. Additionally, customer service at all levels, from inquiries to ecommerce sales and shipping, should be excellent.
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At the time of writing, Jeff Bezos became the richest man globally and the first man to make $200 billion with Amazon.com Inc. Bloomberg reports that the billionaire added $13 billion to his net worth in a single day because of the rising trends with “Web shopping.”
You may think, “But I am no Jeff Bezos,” but you cannot ignore that e-commerce is the business world’s future. If you haven’t gotten started, now is an excellent time to take the leap and use the strategies above to finetune your efforts such that your business can rise above murky waters and thrive!