Global eCommerce has emerged as one of the most innovative business strategies for online retailers in the internet industry. eCommerce has evolved through technological advancement, and with this comes, changes in the culture of consumers’ purchasing needs.
Nowadays, most consumers would rather make their product or service research and purchase online, and retailers adapted to this trend by learning how eCommerce works. However, not all online retailers are successful in their business strategy. To succeed, it takes patience, hard work, and time.
Creating an effective business strategy is one of the major keys as it defines what your business offers and its visions. Having a clear purpose and direction will help you understand the things needed by both you and your consumers.
Having an efficient eCommerce business strategy is vital in cutting down on possible unwanted expenses and losses. This also assists you in competing with other bigger competitors in the online retail industry.
The convenience of eCommerce to People Inconvenience
Consumers prefer to shop online because of its convenience. However, there are aspects that need improvement to lessen difficulties and hitches, such as shipping and handling fees. Nevertheless, online consumers still opt to purchase through eCommerce once they get the hang of it.
eCommerce’s convenience is also made possible with the use of mobile phones. An example is how fast food businesses accept orders through mobile apps and even SMS, and this motivates online consumers to spend more. In the US alone, there is an increasing number of consumers who order and purchase products and services in the comfort of their homes, 24/7.
The ability to do all transactions online is one of the factors why online consumers prefer eCommerce. Aside from it being prompt, they can also pay for their purchases through online fund transfer. Searching for products and services effortlessly at any time of the day saves them time and money.
Here are the nine components that make a Successful eCommerce Business Strategy:
#1. A Good First Impression is the Key to Engagement
For you to convert potential consumers, you need to make a good first impression. It takes about 50 milliseconds for a user to know if they trust and like your website or not. Your website represents your online retail, and you need to be as creative as possible.
Investing in the best design for your website can last for years, and easy navigation to your website can give your consumers a unique and excellent shopping experience. You can go for a minimalist yet stylish design or go bold with colors that represent your brand.
Your website pages are also important. Your “About” page conveys details about your business and what you sell or serve. Adding good quality photos and a complete description of your products is also a must. An FAQ page that can answer the basic question they have, which will add up to your customer satisfaction experience.
#2. Sustain the Quality of your Products
Sustaining the quality of your products gain you trusted and loyal consumers through customer satisfaction. This also reduces the time, cost, and risk of replacing defective products.
There is an existing negative impression that products sold online are not of good quality, or that the products sold are fake. By ensuring your online consumers that your products are genuine and of good quality, and by providing honest and right product information, you create a good impression and reputation.
Another way of gaining your consumers’ trust and building your reputation is through accreditation with ISO 9001.
#3. Standardization of your Product Prices
Online consumers always compare the product price you offer with your competitors, and this is the reason why you must standardize and evaluate your product prices. Product pricing is considered to be a marketing tool and has a direct effect on your conversion rates.
You have to keep in mind that when an online consumer visits a website, the first thing they look for, aside from a particular product, is the product’s price A proven way to gain more profit for your online retail business is by having a cost-based pricing model. It works in three steps:
Step1: Find your cost price.
Step2: Find your wholesale price.
Step3: Determine your retail price.
Keep in mind that your pricing strategy will always depend on the type of online retail business you have.
#4. Make your Store User-Friendly
There are various ways to improve your website’s accessibility. You must keep in mind that there are about 57 million online consumers in the US alone and around one billion globally, that have some form of physical disability. The most common are those with:
- Visual disability
- Hearing disability
- Cognitive and other physiological disabilities
- Elderly limitations
Your website should be functional for everyone. Online consumers, especially, the differently-abled, will appreciate a stress-free shopping experience.
#5. Ensuring your Store Security
Online shopping must be secured; this way, your consumers will have the confidence to purchase your products. Your online retail shopping cart should have excellent security features that will prevent your consumers’ personal information from falling into the wrong hands. This can directly affect your business’ reputation.
There are various ways to secure your website’s shopping cart. One is by using an SSL (Secure Socket Layer) certificate. This is considered the standard security nowadays. What it does is encrypts data that your online consumer inputs on your website or shopping cart to secure it from online threats.
Another is requiring advanced verification methods. This will earn your consumer’s trust and confidence because they know you are taking good security measures. You must also create your website policies such as:
- Privacy Policy
- Refund Policy
- Terms of Use
#6. Reliable and Trusted Customer Support
Online consumers appreciate reliability on your part. The customer support that can attend to their inquiries, questions, and problems relating to product purchase and delivery adds value and trust to your brand. Your customer service should be available 24/7 and must accommodate your consumers with an excellent approach.
Having good customer service will help you gain and retain loyal consumers, and this will help you build your brand continuously.
#7. Enabling M-Commerce
You should be able to adapt to eCommerce’s technological advancement to stay competitive in the market. M-Commerce or Mobile Commerce is an innovative trend in online retailers nowadays. Most consumers do their product research and purchasing with the use of their mobile phones, obviously for its convenience.
Having a mobile app for your online retail is a vital part of creating an effective eCommerce business strategy. It is also important that you are able to monitor and upgrade your app, and educate your online consumers with useful information so they would come back for more.
#8. Develop a UX Review
UX Review is when an expert checks a website and identifies problems and makes recommendations to improve user experience. Through this, you will get honest feedback on your website and immediately make solutions and prevent damage to your brand.
#9. Utilize the Power of Social Media
Out of 4.4 billion internet users worldwide, there are 3.44 billion active social media users. You can try selling your products or services on Instagram Shopping as it generates four times more engagement than Facebook. And 80% of Instagram users use the platform when making purchase decisions. Therefore, promoting your eCommerce business or even selling in social media will surely boost your store’s presence, engagement, and conversion.
Takeaway
These components will surely assist you in making a successful eCommerce business strategy and will help you stay on the competitive online market, giving you a much better chance of getting your ROI.
Are there more components that you would like to share with us? Let’s further discuss more eCommerce business strategies on the comments below.