With an ever-increasing number of consumers buying goods and services online, businesses have started relying on ecommerce. As a result, the ecommerce business is growing exponentially. In 2017, sales are estimated to reach around $434 billion for the U.S. alone. But this is not true for all ecommerce businesses; many of them are struggling to generate revenue.
If you’re one of the struggling businesses, then you need not worry, as this article presents some great ways to get noticed in this highly-competitive market so as to increase your online business profit.
1. Great website design
It takes a fraction of second for customers to decide whether or not they like your business’ website. A creative, user-friendly but still professional-sounding site name can provide an idea of what it is about, which also goes a long way toward making the website relatable for the customers. There are plenty of features or checklists if you need them, but you should focus on the following features first:
- Persuasive copywriting – Unique product content descriptions serve as distinguishing factors for any ecommerce website in order to separate it from its competitors. They will lead to higher conversion rates and site rankings on the search engines.
- High-quality product images – High quality product-images from various angels will go a long way toward assuaging one of the most critical customer problems – the inability to try something before purchasing it. Interactive images like 360o will further enhance the user experience.
- Customer feedback – Customer feedback provides authenticity to the content displayed for the product or service and its quality. Moreover, customer feedback also serves up continuous new content for the products leading to a better search engine optimization.
2. Set price strategically
Ecommerce businesses have made it very easy for consumers to compare the prices and details of products from other vendors. Price is one of the major comparison points for consumers and most prefer to buy at the best bargain price. Prices should be set up based on the following points:
- Competitive prices: Ecommerce businesses should always be aware of the pricing offered by their rivals. The price should be established to provide a better deal than their competitors or at least one matching them to ensure customer conversion.
- Dynamic prices: Product prices should be altered continuously. Flash sales and periodic discounts serve as a great way to attract new customers as well as to re-engage existing customers.
3. Better customer service is invaluable
Per the book “Marketing Metrics”, businesses have achieved a 60% – 70% selling probability for selling to an existing customer as compared with a new customer where this figure drops to 5% – 20%. Effective customer services lead to loyal customers. One way to do this is to be flexible and offer multiple payment options to satisfy a wide range of customers. Customer service is one of the most vital aspects of the ecommerce because the customers and the sellers never meet in person. Customer service includes the following points:
- Address uncertainties: First time customers are often reluctant about buying and are also anxious about the security. Ecommerce aims to allay these doubts by ensuring that their details are safe. Trust marks could be displayed which show the consumers that their credit card details are safe.
- Live Chat: Live chat adds the human touch to the otherwise virtual experience. Live chats are a means by which customers can reach you with the business issues directly and quickly. Live chats can help solve queries regarding delivery tracking, return policies and FAQs about products. Thus either will enhance the brand reputation and win the customer’s trust in the process.
- Customer Relationship Management: CRM allows businesses to collect data from both the existing customers as well as of the prospective buyers. By analysing this huge amount of data, it helps to recognize the shopping habits of the buyers and further suggests to them new products. These suggestions are often seen on websites under the titles like “suggestions” or “you may also like”.
4. Focus on branding and marketing
A strong brand is sometimes the most important reason why consumers buy from a particular brand. Amazon is a great example of this fact. Building a good brand can produce free and low-cost leads along with improved sales. Collaboration with other brands could also be undertaken with the advertising helping to generate revenues.
- Social Media: It makes a lot of sense to invest in marketing resources where customers spend most of their online time. These places are social networking sites. Product promotion on websites like Facebook, Twitter, Instagram and Gmail along with product updates and promotional offers will ensure traffic on the site.
- Search Engine Optimization: Nowadays, most users search for online commodities on search engines and still get comparative pricing. It is from this that they decide which ecommerce site to visit. Search engine optimization will ensure the visibility of the business and increase its chances of success.
- USP: One of the best ways to ensure product sales are to own its exclusive online sales right from the sellers. When this exclusivity is advertised along with reasonable prices, it will lead to far greater sales.
- Delivery policies: According to a survey by E-tailing group, unconditionally free shipping is the prime criteria for customers making online purchase. The key is to offer free or low-cost delivery services.
In the end, one can say that ecommerce businesses have opened up great reserves of consumers while also providing a plethora of products and services on their desks via laptops and smartphones. It could be made profitable with proper focus on website design, competitive pricing of products, good customer service and an effective branding and marketing plan.