Success Factors to Finalize the eCommerce Strategy
Online shopping is no more a whim, it is an integral part of modern lifestyle. This has increased the scope for eCommerce businesses. Keeping this in mind there are multiple companies which have come up with their own websites. So how to transform your business into a brand in this competitive world? Follow the below tips to strategise and succeed in eCommerce marketing.
Promote your products
This is one of the key factors for gaining success in the eCommerce site. Brand promotion is important to expand the customer base. E-commerce sites like eBay and TrueGether promote their products on social media (Facebook, Twitter, YouTube, etc.), through emails and newsletters. Besides general promotion, business owners should also target a specific customer base. Businesses can also promote their eCommerce business in the following ways:-
- Discounts on the MRP or on bulk purchases.
- Free shipping or delivery offer on specific items.
- Buy one, get one offer; buy one and pay less on the other.
- Rewards or loyal points on repetitive purchases from the site.
No one can avoid the attraction of discounts. So, the above- mentioned promotional strategy can expand the eCommerce business.
Know the market
What are your competitors offering? It is just not enough to know your customers, you also need to know your competitors. Analyze the strengths and weaknesses of the other eCommerce companies. The eCommerce strategy should be learning from the strengths of the other companies. Study the other eCommerce sites carefully to understand what they are doing better than your site. It is also important to jot down the bad ideas of the competitor sites. These should be the points which you must avoid on your website. Besides checking the websites, businesses should also follow the pitching style of the competitors. Besides adopting the good points, eCommerce strategy should include safeguarding your own strengths.
Offer the Best shopping experience
It is tough to offer unique products every time. So, you need to offer best in class services. The first step is to create a user- friendly website. Visitors should not face any issue in surfing the site. Upload high quality product images, create a search function and provide customer support to make shopping an easy experience to the users. Some other ways in which you can boost the shopping experience of the users by
- Having a flexible return and refund policy.
- Generating product recommendations based on the previous purchases of each buyer.
- Enabling wide variety of payment options; online, via debit and credit cards or through Cash on Delivery.
Another way to offer best shopping experience is by adopting changes as per customer feedback. One of the successful eCommerce strategy is to have an option to capture customer feedback. Product and service reviews are important for continuous improvement of the eCommerce site. You can also post surveys and send follow-up emails to the customers to get feedback. Some must- ask questions in these surveys or customer interviews should be
- How the website can be improved.
- Why they choose your website.
- What extra they received at your website.
- How they made the selection on the website.
- What is the preferred price range for the buyer.
- What was the issue for which they did not want to buy from your website.
Improve the inventory and supply chain
Every initiative to succeed in the eCommerce business will go in vain if the product is not delivered on time. Reliable and timely deliveries are significant eCommerce strategies. Follow trade magazines and attend trade shows to get in touch with the best sourcing organizations. You can also
- Adopt for drop shipping. This refers to the process in which the ecommerce site need not keep the products in stock which it wants to sell. It buys the product from a retailer and then directly sends it to the customer. In this process the cost and time invested in maintaining inventory gets saved.
- Automate inventory systems. This will ensure that the stock levels are properly maintained. The self- optimizing slots based on the available number of products will set right expectations in front of the customers.
Last but not the least; a successful eCommerce strategy will be to find a reliable and affordable 3rd party supplier.
One thing that every eCommerce site should keep in mind is, every strategy might not be applicable for every website. Keep the below points in mind while choosing the eCommerce strategy which can lead to success.
- First define the problem.
- Analyze the market specific to your product.
- Milestone or objective which needs to be achieved.
- What should be the best policy? Reducing the product price or offering better quality product.
A proper eCommerce strategy can offer big rewards. An effective eCommerce strategy is one which gives the best and most of the returns. So why wait. Get your eCommerce strategy today. It should be sustainable, tactical and focused.