The COVID-19 virus has affected many globally. However, digital technology has been shown to effectively add growth to many businesses, such as an ecommerce business, both large and small. As it has reached these businesses, digital technology has accelerated. Therefore, those who have expanded or started to include eCommerce have benefited during the pandemic: this trend is set to continue beyond this crisis. It is predicted that by 2024, the retail eCommerce sector will reach US$6.07 trillion, a surge of 11.34%. We go a bit deeper into some of the areas many businesses struggle with and the areas they control. Regulations often differ, as do the terms of online payment solutions. There are other areas impeding success over which companies do not have much control. Focusing on making your business the best, the most visible, and accessible can help you make changes that benefit your business.
Customers’ growing expectations and the ecommerce business
Businesses have spent millions of dollars improving their brand identity and reputation, all with a more customer-centric approach. Nevertheless, experience does matter since 86% of online shoppers are willing to pay more if they have a better experience. Nevertheless, even though the market has increased, customer satisfaction has decreased – even Amazon has experienced a decline in the American Customer Satisfaction Index. Consumers have tired of irrelevant endorsements and are demanding engagement in place of assumptions. The average customer experience is below acceptable. Many new players have been drawn into the eCommerce market – in fact, 89% more are revival businesses. Some businesses, like Amazon, are trying to innovate by offering new shipping methods. However, there is a disconnect between the seller and consumer expectations.
Personalization originated with relationship marketing
Even though it has been seen as an old concept, it is a vital component many have not mastered to their cost. The scale has been a negative factor – the customer database is too large to generate personalized customer experiences. On the other hand, customer purchases are often too low to justify spending on such an approach. Still, eCommerce personalization within an ecommerce business is possible. The correct software can be harnessed, and the best people can analyze the data, track sales, and pinpoint new opportunities, helping the client make better choices. To overcome this problem, there is a need to create a one-on-one relationship. The data must be processed using the tools available and adding much-needed capabilities to increase online ratings and visibility, yielding a deeper understanding of the client’s buying behavior, thereby drafting a personalized customer experience.
An important trait to adopt while the business grows is being reliable. Clients will use various channels to learn more about the product or service before making a purchase; therefore, the experience at the different touch points should be consistent on all these platforms. To solve this problem, optimization of the various digital platforms is vital. In other words, the multiple pages, shipping details, and search options should be consistent. The customer’s shopping journey then becomes seamless. In practical terms, the fulfillment, distribution, and product quality must be commendable.
Dealing with the Competition
Simply put, competition occurs when an increasing number of people offer the same products or services, and a race ensues to see who can outsmart the other. W. Chan Kim and Renée Mauborgne coined the blue and red oceans strategy. This strategy describes red oceans as the cutthroat competition turning the ocean red. However, when owners innovate, ignore the competition, and can turn hidden constraints into new opportunities for growth, such a strategy falls within the blue ocean. The blue ocean is where you want to be: you are not inherently forced to drop your rates to beat the competition.
Alternatively, companies such an ecommerce business can remain in the red ocean, where they need to undertake ongoing competitive analyses to observe pricing, products, and competitors’ marketing strategies. This is to understand the competition’s strengths and weaknesses, which the company’s marketing strategy must consider.
To operate effectively, the ability to be agile is essential, especially for eCommerce. This involves making changes that continue to inspire the customer when necessary in reaction to rapid changes. This could mean producing new content or photos, or video-editing work. Also, this could imply hiring additional skills for a project but not wanting to hire permanent staff, which will affect the company’s overheads. For the latter, outsourcing is a solution. Business owners or companies that want to improve their agility can onboard and offboard staff as and when the project requires such.
Through Facebook and Google ads and emails, marketing can stimulate traffic to the websites of businesses, especially for an ecommerce business. However, once spending stops, so too will the traffic. Having good leads is, therefore, useful to help a company remain at a high-ranking level. A strong SEO strategy can help to improve ranking and lure the right audience to the business website. In addition, a lead-generation specialist can help to increase the number of leads. This specialist will focus on lead-generation strategies, such as using lead magnets. Lead magnets are incentives that drive traffic to the site by offering their contact details, creating grade content such as white papers or e-books, offering a discount, offering a free trial period, using social media, and, for instance, using retargeting.