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With the vast competition out in the market these days, setting up an e-commerce business is not an easy task. It’s even harder to succeed and make consistent profits that will sustain your e-commerce business in the long run.
In order for you to succeed as an entrepreneur and manage your e-commerce business effectively, you’ll have to identify a number of responsibilities you can pass on. Admit it or not, you’ll have to get additional help in running an e-commerce venture. Similar to any other business, an e-commerce venture will require constant monitoring and maintenance, which can instantly become a source of unending tasks and factors that may vary in nature and importance.
Among a wide plethora of responsibilities in running an e-commerce business, there are a few notable factors that will matter the most. Let’s take a look at them:
UX and Performance Is Key
Most e-commerce websites look at their product pricing, offerings, and marketing when trying to grow their business. However, this might not be the best step to take when expanding your business. First, you should look into how your website is performing.
No one likes to visit and browse a website that’s unappealing, poorly designed, and crashes from time to time. Slow load times, low image quality, as well as crash incidents, are viewed by users as the fault of the company, which translates to a poor brand perception. When improving your e-commerce website’s performance, you try to find solutions that will enable your site to handle the stress of hosting large amounts of traffic, especially during peak times, to ensure the best possible user experience.
Perform a site-wide review and calibration in order to see if your website is performing well and make necessary upgrades and adjustments to ensure optimum e-commerce website performance.
Marketing and Branding
Despite how organized and beautifully designed your e-commerce platform is, people won’t visit your website, let alone be aware of your business, without a carefully positioned brand and an effective marketing initiative.
Creating a brand means setting a stone in how your business aims to build affinity with your target customers by conveying what your business believes, what it stands for, and how it differs from other brands.
Marketing, on the other hand, requires technical know-how and creativity in order for it to be effective. On top of that, marketing your brand will most likely require a marketing budget as well as a media budget so you can expose your brand by placing them in strategic areas where your target customers can see them.
Since we’re talking about marketing an e-commerce business, there are essentially ways that will help increase your sales at low or no cost at all. You can grow your e-commerce business with email marketing and through remarketing.
While these approaches are considered low cost, scaling them can be a challenge. Make sure that you craft effective content and carefully strategize your campaign in order to get the most results.
Consideration of Shipping Cost
Back when e-commerce was pretty new, most customers, as well as marketers, considered shipping cost to be the main deterrent in e-commerce. It was expected that customers will shoulder shipping costs in exchange for comfort and convenience. However, as this proved to be ineffective, marketers were able to find a way to incorporate shipping costs, essentially lowering this, or at times even provide free shipping arrangements in order to lure in more patrons.
Since then, free shipping has been widely used as a marketing edge by businesses who provide such deals. In fact, when customers are confronted with a sudden increase in their total bill due to delivery costs, they are more likely to abandon their order and look for an option that doesn’t charge for shipping.
Mobile Device Users are Becoming More Vital
The internet is on a constant evolution, ushering new industry trends in with every new technological innovation. In order to stay relevant for customers, it’s important to stay on top of these changes and cope with the ever-changing e-commerce landscape.
Over the past couple of years, mobile internet users have been on the rise and just recently, has surpassed the number of people browsing the internet from computers, which is probably due to the level of convenience provided by these mobile devices, as established in a recent study.
While this phenomenon indicates that more potential customers can be tapped while they are on the go, it also poses an added level of requirement for marketers. In order to remain relevant, it’s vital for e-commerce businesses to make their online store work across all devices especially through mobile phones. This doesn’t only ensure that your customers can access your website anywhere they are, this also ensures that they can purchase from your site whenever they wish.
Customer Retention and Satisfaction
Nowadays, customers value convenience more than ever. As millennials, who grew up with the internet and are used to getting what they want when they need it, become established in life and in their career, their buying power also becomes stronger, allowing them to dictate their demands as businesses try their best to lure them in and get a piece of the market. This is probably also the main reason why new industries, such as the ride-hailing app industry, have gained a strong foothold and was able to flourish.
Even from the early days of the concept of “consumers”, customers have always been right. Which is why it’s very important for every business, especially for e-commerce websites, to treat their customers the best they can.
By focusing on customer satisfaction, you’ll be able to enjoy key advantages, especially if the quality of your customer service exceeds that of the competition and surpasses set expectations of your customers.
As scholars and experts suggest that the e-commerce industry is set to grow even larger, businesses are coming up with strategies and solutions for growth, and integrate them into their existing strategies. Regardless how a business intends to achieve growth, these tips will be helpful in driving your e-commerce business towards success.