Recent success in online retailing has revolutionized the way people think about eCommerce. The success stories of Amazon and Alibaba are forcing people to rethink how they conduct business. Even more boutique online shops, such as Angelique Lingerie (who offers plus size corsets) are now able to bring more affordable prices to the marketplace on a much larger selection of products. This is in big part to the many online tech advances in the last decade.
Along with these advancements comes an increased recognition that there are billions of dollars in potential profits online. In addition, most people who shop online earn above average pay. That means the potential for growth is astronomical. Still looking to harness the power of eCommerce? Check out our tips below and start putting them into action today.
Utilize Social Media and Socialize the Site
Social media is at the forefront of eCommerce. Any business that wants a realistic chance at success needs to invest resources into social media marketing. It would also be a good idea to launch a social media account linked to the product. This is also a great way to counter negative falsehoods spread about the eCommerce site.
The strategy needs to be carefully thought out. It is also important to monitor chatter about the eCommerce store on social media. As a result, one is not caught napping in case there is a defective product on the site. It is also important to have a social platform on the site. This will typically entail having a comment section, where customers can share their views about products offered. This consumer feedback should be carefully analyzed to improve customer satisfaction.
Check Out the Competition
Regularly visiting the competition’s website is essential for success. One needs to find out what they are offering and how one can match that. With an online business, a customer can have access to information to more than thirty stores with just the click of a button. One needs to make sure that they have offers, which will make customer spend their money on the platform.
If the site is not competitive in terms of the offers available, customers will easily move to the next store. With an online business, it is about making voluminous sales and not about making a huge profit from a single sale. Lack of regular research is the leading cause of the death of online businesses in eCommerce.
Have a Solid Royalty Program
For any retailer, whether online or offline, customer retention is key to success. Royal customers can account for more than 80% of a business’s total sales. This proves especially useful in tough economic times. Any business that is serious about surviving for the long term needs to recognize the important roles royal customers have for achieving this.
Royalty can be garnered through a solid royalty program. For instance, the online store may give them special offers for products after a certain number of purchases. Another way of earning royalty from customers is having a solid return policy. If the company decides that, they do not take the product back once it leaves the store. Such customers will find it hard to purchase anything from the store ever again.
With the right measures, eCommerce platform can be hugely successful. However, budding entrepreneurs need to take their time. Preferably, one should start small and see how it goes from there.