5 Tips for Running a Successful Ecommerce Business
Ever since we started shopping online, a growing number of brands have started popping up solely as digital entities, selling only online and in a highly competitive environment. No matter what your product or service may be, there are dozens if not hundreds of competitors who have a similar offer, and it may just be their online presentation or the speed of service that tips the scales in their favor instead of yours. With so many factors to consider, some tend to fall through the cracks even for the most devoted of business owners.
This is where tried and tested tips such as these come in handy, to help you manage your digital store and your brand more efficiently, retain and attract more customers, and achieve greater success despite the influx of competitors in your industry.
The customer is always right
Even if they aren’t, their two cents should truly count when you’re devising your next marketing strategy or upgrading your product. In order to sell to a specific group of people, you need to know them well and understand them on a much deeper level than just classifying them into “age” or “gender” categories. From creating your ideal customer persona, all the way to distinguishing between each and every person who visits your store, you can personalize the entire experience from start to finish.
This learning process never truly ends, as you need to keep refining your approach to make your brand more appealing for return buyers and to ensure that the entire customer journey is continuously improving. In addition to analyzing their online behavior, you should also do your best to utilize their direct feedback and turn it into opportunities for growth. After all, statistics show that customers will read around 7 reviews before deciding if they can trust a business, so use positive feedback to attract and grow your client base.
The online shopping experience doesn’t differ that much from the regular aisle browsing when you take a closer look at the shopper’s perspective. In a slew of available, attractive, well-packed products, the customer will always reach for the one they actually feel that emotional connection to. While we are a purpose-driven species, we are also an emotion-driven one, so the difference between one can of soda or the other (think: Pepsi or Coca-Cola) may not lie in the price or the taste, but in loyalty.
Building an ecommerce empire rests predominantly on how you utilize storytelling to put your brand above others in the same category and build a strong bond with your audience. While the abovementioned Pepsi-Cola example showcases two extremely successful conglomerates, when smaller businesses compete, one may go under, while the other reaps the rewards and snags the throne. Simply put, putting constant effort into creating innovative content on a regularly updated website, paired with optimization and ease of navigation, makes your brand more appealing than just another random product on the shelf.
Define your niche market
In your race towards greater ecommerce success, building a product and a brand that will stand out is vital for being recognized amidst the chaos of other brands in your industry. With the rising popularity of ecommerce, it’s becoming much harder to stick out from the crowd and convince your customers that they’re making the right choice by opting for your products or services.
That’s why you should think ahead when choosing your industry and try to find a market that’s not already overcrowded with competition. Keep in mind that B2B ecommerce is becoming more and more popular and, with big industries entering the ecommerce arena, even oilfield products can be purchased online. So don’t be afraid to think bigger than B2C and go for heavy industry markets that are just starting to develop.
Streamline the payment process
The lifeblood of your shopping experience, or how you design the actual journey to the checkout can mean the difference between a plethora of abandoned carts and a wrapped-up purchase on the majority of occasions. The simple truth is that people like online shopping for its convenience, and if the checkout makes it less so, they’ll opt for a brand that will get them to the finish line in a matter of one or two clicks.
For larger ecommerce businesses, using enterprise payment solutions can serve as the best way to turn a complex issue into a flexible solution that fits both you and all your clients. As you deal with a multitude of individual buyers, as well as their sensitive information, having an all-encompassing solution together with responsive customer service representatives means more purchases and fewer abandoned carts.
Your reputation is not the sum of all successful purchases, on the contrary – it’s based on brand perception, awareness, as well as the level of engagement you can achieve with your audience on any platform you exist. Some brands thrive on Twitter, while others cannot survive without Instagram, but no matter where you are, you need to humanize your company from an ecommerce business into a living entity that inspires trust and loyalty.
By building long-term relationships with the right influencers, remaining active on social media, and building marketing tactics that inspire social reviews, you can turn your social presence into a lucrative strategy for ecommerce success. In fact, many social platforms have integrated a shopping option, and you can always make the most of these opportunities to increase your sales through social engagement.
With the right strategies up your sleeve, and with creativity and dedication, your ecommerce business can transform from just another online seller into a household name with a legacy of success.
Also Read do’s and don’ts for business here.
I just came through an awesome case study for selling on Amazon, it is called The Million Dollar Case Study.