Every decade seems to have its gold rush where people migrate in huge numbers to get their hands on riches. In this decade, e-commerce is the new gold rush and entrepreneurs are flocking in large numbers to the promised land. But e-commerce is not different than other businesses, the high rate of failure discourages many before they even start. But if you can persevere and keep fighting then sooner or later you’ll find varying degrees of success.
To improve your odds of coming out alive of these hunger games, we have compiled a few tips which can give you an edge over the competition.
1. Leverage Data
With the advancements in technology, the data that you have is nothing short of a gold mine. You can use real-time tracking to keep an eye on what your customers browse, click on, and end up buying. All this information can be used to better target a potential customer who might be just casually browsing. When you have all this data, you can throw targeted suggestions and recommendations which will boost your conversion rates.
2. Build Your Image
If you’re not actively building your brand image then you’re doing it all wrong. For any business and especially an online business, the role of brand image assumes even greater importance. You need to make people aware of your product and for that, you need to implement tactics like SEO and advertising. You might be new at ads and might not have good knowledge of how to implement them. Professional analysts at Store Growers advise you to retain the services of platforms that specialize in this area. They’ll be able to help you learn the ropes through personal coaching sessions and various courses.
3. Keep Changing
It’s a simple evolutionary principle- either you evolve or you perish. The e-commerce marketplaces are no different, those who can continuously adapt and improvise always take home the medal. You have to keep testing out your website or app to iron out the minor and major flaws. There is always scope for improvement and the more you improve, the easier it gets for the customer to utilize your services. If your webpage is very slow or unoptimized then you’re wasting many potential customers which could’ve been easily avoided with some optimizations.
4. Email Marketing
There’s a reason why companies and large corporations still send out regular e-mails to their clients. It creates a sense of personal connection to the brand for a customer. You can also leverage this simple tool to obtain more repeat purchases. If you can directly communicate with your customer via e-mails then you can offer them targeted deals and great discounts which will tempt them to use your services again. You can make your customers feel like they’re a part of a bigger family and that you care about their needs which is always better for your image, revenue, and loyalty.
5. User is King
In any business, the most important component is not the product, not the inventory, and not even you. The most critical part of any thriving business is the customer, or in your case a user. If you can convince your user that your store provides a better and more convenient shopping experience, then why would they look somewhere else? Focus on enhancing the customer experience on your webpage or mobile app. If your app is too slow and buggy then a customer will not want to come back again and even worse, they might not even want to complete their ongoing transaction. So focus on your users before anything else, and you’ll keep making profits in the long run.
6. Go Social
Since connecting to your customers on a personal level is so important, social media automatically assumes a primary role in your business model. If you’re not using social media to your advantage, then you’re making a fatal mistake that will harm your business in the long run. You’ll not have credibility until a customer can find your brand’s social media page, but if you have a page with a thriving following then it’ll automatically boost your brand image. So go ahead and make a page for your store, it’s free.
Even though the competition is fierce and the number of businesses that fail is way higher than those that succeed, you can still make it big if you don’t neglect any aspects of your business. Having a comprehensive and well-rounded approach will ensure that your store has maximum chances of success. Follow these tips and implement them in the most efficient way possible, and you’re guaranteed to obtain more success than what you have right now.