You’ve decided to jump on the bandwagon and set up an online store. E-commerce has not only become a universally accepted way of doing business but it is now the standard expected by many consumers. According to figures from Statista.com, global retail e-commerce sales are projected to surpass 4.9 trillion US dollars in 2021. Numbers like this seem to support the decision to take part in the e-commerce industry.
Five major considerations for e-commerce success
Now that you have made the decision to get into the game, what are some tips to help you succeed that you may not have considered? In an industry where there are so many competitors, how can you make your e-commerce venture stand out?
1. Competitor research
The first step to setting up a successful e-commerce venture is to scope out the competition. Taking the time to chart your competition’s presence on the web will let you see what they are doing well and where there are gaps in service that you can take advantage of. There is very little point in competing in areas that are well-covered unless you have something fresh to bring to the table.
2. Customer journey
This is not the type of journey where your customer is going somewhere but refers to the path that your customer takes when they visit your website. Considering what your customer will experience as they click through your site can determine whether they make a purchase or continue somewhere else. Making purchase buttons easy to view and the site easy to navigate so that visitors can find what they are looking for is vital to providing good customer service. Getting feedback from customers, or doing more advanced A/B testing can help to determine any hidden barriers or hot spots that your site may have.
3. E-commerce SEO – search engine optimization
Search engine optimization is the nitty-gritty technical side of e-commerce. Managing ecommerce seo is not difficult once you learn the basics, but it can be time-consuming. Tasks like increasing word count, setting up reputable backlinks, and optimizing the use of keywords are all parts of SEO. As are things like using faster site templates and compressing images for faster site load times. This is one area, where, as a busy business owner or manager, you may want to delegate. Anyone can learn SEO techniques, but the time it takes to consistently manage SEO can be time-consuming. In addition, it does take time to build SEO rankings over time, and having an expert plan can assist in making it over the long haul.
4. Reputation management
Having an online presence gives you an opportunity not only to sell goods or services but to position your business as an industry expert, leader, or valued resource. Taking the extra step of not only presenting your products but providing content that educates website visitors about your industry’s best practices can result in residual benefits for your business. By positioning a company as an industry expert, it can gain the trust of consumers, making them more likely to return to the site when it comes time to make a purchase.
5. Customer retention
Many companies fail to consider customer retention in their efforts to gain new customers. Like a crow chasing after a new shiny object, companies are always on the lookout for their next best customer. According to Harvard Business Review, depending on your industry, gaining a new customer is anywhere between 5-25% more expensive than retaining an existing customer. Remembering basic niceties, like thanking your customers, making sure your site works well, and attending to any issues clients may have efficiently and effectively can go a long way to keeping customers happy.
Building a successful e-commerce business is much like assembling a puzzle. Each individual piece is small but plays an important role in developing the final image. Like a puzzle, the more pieces you are able to put together, the clearer the final picture becomes. As you master one part of e-commerce, your business will start to take shape. By focusing on one key element at a time, joining each gradually together to make a whole; a successful e-commerce venture will be the result.
Photograph by Nataliya Vaitkevich