What’s a trend that has been constantly on the rise since it began? It’s E-commerce!
First introduced in the 1960s, it wasn’t quite popular back then. But once people started realizing how convenient it was to shop from the comfort of their homes, they couldn’t resist exploring! Since then, it has been growing like fire.
Why has E-commerce become a necessity for every business today? Well, the advantages that come with it clearly reflect its importance. With E-commerce, you no longer have any geographical restrictions. Why miss the chance to connect with potential customers from all over the world within a few clicks? Plus, you don’t need a huge investment to get started.
Moreover, an E-commerce setup saves a lot of expenses like rent and transportation. And what’s even better is that it allows you to be there for your customers 24/7.
If you are also planning to develop an app or starting your own E-commerce business, continue reading to learn what you need to survive and grow!
Why Do Some Online Ventures Fail?
The current spread of a pandemic brought an unbelievable surge in online activities. People turned to the internet for everything they needed, and thousands of businesses went digital! This is why Ecommerce, once again, became the talk of the town!
More and more people are now trying to make their way into the field of E-commerce. Although it might seem intimidating, confusing, and risky at start, it’s a jackpot if you do it right. Some online ventures fail just because they get into the field without exploring its essentials.
The Four Key Elements
Here is a list of four elements crucial for the success of an ecommerce business.
1. The Right Product
The most basic mistake E-commerce entrepreneurs make is choosing the wrong product to sell. By wrong product, I mean a product whose market is already saturated.
You should never choose to sell a product just on the basis that it has proven to be successful for someone else. Do your own market research instead; see what the customers actually want!
There are two major categories of products you can choose to offer:
- Commoditized products
Products that have a high demand and popularity in the market, i.e. a product for the masses.
- Niche Products
Products that are demanded by a specific group of customers.
If you choose to sell only commoditized products, it’s highly possible you won’t be able to survive against the big giant retails like Amazon and Ali Baba. Hence, it’s better to target a specific group of consumers or offer a mixture of commoditized and niche products both.
Remember; your product should solve an actual problem for the customers. Just a simple consumer problem may turn into an exceptional business idea for you!
2. A Differentiating Point
The competition is fierce out there!
Thousands of businesses are competing with each other in every industry. Out of all the options available in the market, why would customers choose your brand?
The only question in a customer’s mind, while choosing a brand, is “What’s in it for me?” They are no longer looking for just products, they are looking for experiences. Hence, it is essential to keep coming up with different ways to gain and retain customers. Give them a solid reason to try out your product and continue using it.
But how to do that? Find a unique selling point that stands out against all your competitors. Some of the differentiators for your brand may be excellent customer service, an association with a social cause, or a unique brand story, or even a geographic location! Without a solid differentiator, you might not even be noticed at all in today’s intensely competitive markets.
3. An Elaborate Marketing Strategy
Setting up an E-commerce business is easy, but running it is a totally different story!
Without extensive marketing efforts, your startup will eventually fade out amongst the competitors. Focus on the profile of your target market and build a killer marketing strategy based on that.
Your marketing campaigns should emphasize your unique selling point. Plus, don’t forget to include multiple mediums, engaging content, and unique ideas.
- Using Compelling Emails
- Posting on social media platforms consistently
- Optimizing your content for higher conversions
Here are two of the most beneficial marketing advice to follow:
Spice up your campaigns: Involve customers with your brand in different ways. You can arrange giveaways, competitions, and events where customers can participate and build a connection to your brand.
Use Customer Feedback: Customer feedback is one of the strongest marketing tool, so make the most use of it. Encourage customers to put their suggestions forward, surf through their comments, and then implement them to improve your position in the market.
Consistency is the key element for every business. For E-commerce, it is even more crucial. Why? Because this industry is highly dynamic and there is no tried-and-tested formula for success here! You need to be patient and wait for your strategies to work.
Rule number one is to keep your product information consistent across all platforms. Rule number two is to make sure there is complete consistency on your website between search options, purchasing pages, and shipping details to make purchasing easier for consumers. The final rule is to make sure your product quality is consistent with what you show your customers online.
Conclusively, consistency will automatically generate customer satisfaction and company credibility resulting in the growth of your business.
E-commerce is on the rise and it’s not expected to slow down in the future too!
Although it’s definitely not easy to handle, it becomes easier once you get to the hang of it. Just make sure that whatever you do makes you stand out amongst others in the market.
The four elements mentioned in this blog will definitely ensure that your E-commerce business thrives in the long run. It may take some time before you start making a significant profit, so you need to stay on track long enough to let your business flow.
Despite the challenges that come with it, E-commerce is definitely worth considering!