The emergence of eCommerce has revolutionized the world for years to come. There is no way anyone could have predicted the rise of such a useful platform with the creation of the internet. A quick glance at the world’s top eCommerce websites like Alibaba, SeeBiz, and DHgate, can give you an idea of how the gears of the industry are shaping the world as we know it. Most traditional retail owners have decided to integrate online selling platforms into their services as they have seen the rate of unprecedented growth that eCommerce can provide for their business. A lot of new business owners have decided to forgo the whole concept of physical retail stores in exchange for online stores, which already cost much less with a better rate of potential growth. The competition is fierce, and becoming successful isn’t something that can be done without proper preparation. The main factors to consider and care for if you want to run a Successful eCommerce Business.Learn more about Successful eCommerce Business.
We’ve compiled a list of the most important key factors that determine the success of an eCommerce business.
Having a Successful eCommerce Business
Customer Experience
Positive or negative reviews can significantly impact your business. Customer’s business doesn’t want to spend too much time looking for a product on your website due to subpar web designing. The shipping of your products is a major element in shaping the early impression of your customers, as well. Another important aspect is fulfillment. Delivery and fulfillment networks offered by Amazon, eBay, and Shopify can simplify the process of shipping products from warehouses to your customer’s doorstep. A look at this guide can help you understand the difference between fulfillment networks and how to choose between them for best results. Once your shipping scheme is punctual and fully developed by utilizing fulfillment networks, you can focus on other important matters.
Pricing
If there is one thing customers care about more than anything, it’s finding the best price for the products they want. Pricing your products shouldn’t be done without thorough research of your competitors, locally and internationally. Since most eCommerce businesses have their prices out in the open, it’s not hard to create a solid database of your competitors’ prices. The strategies you should follow involve the assessment of the rarity and earnings of the products you display. The most common pricing strategy is known as the keystone pricing method where the wholesale price is doubled to calculate the value of the item. You’ll want to take into consideration your competition’s pricing before blindly setting yours.
Quality
In the beginning, a lot of people were reluctant to buy from eCommerce websites as the common notion at that time was that the quality of products bought online is inferior to products purchased from physical retail shops. While this is far from the truth, some eCommerce stores have abused the fact that customers can’t directly check the quality of their products until they purchase them. It’s important to maintain a certain standard of quality which remains consistent for your customers to be able to trust you. The return policy may not be enough to save you from items that are of mediocre quality; bad reputation spreads faster than a good one.
SEO
Search engine optimization is one of the key factors that can make or break online businesses. If you don’t have enough traffic coming to your website, then you won’t be able to convert or increase brand awareness. While the results of successful SEO are always rewarding for businesses, maintaining a good ranking on search engines is a hard feat to achieve. Algorithm updates are constantly being pushed upon search engines which can throw off many people’s SEO strategies if they aren’t following the updates closely.
Customer Service
The satisfaction of your customers includes many different aspects other than the quality of the products. Your customers should always feel that any problem they face with the product or shipping can be amicably resolved by the customer service team. Proper customer service doesn’t just solve problems, it also strengthens the loyalty bond between the brand and the consumer. Taking your time to build a loyal customer base is much more important than rushing to meet a sales quota.
Mobile Platforms
The growth of eCommerce has expanded onto mobile platforms as the user-base reached impressive numbers. Online stores should always think about optimizing their websites to be used on mobile platforms. The ease and quickness of navigation allow consumers to enjoy a smooth experience that makes them comfortable during shopping online. You don’t necessarily need an app as long as your website is well-optimized to be used on mobile phones.
The eCommerce industry is a lucrative business to invest in but you need to offer what makes you stand out from your competition. You’ll want to focus on developing strategies that involve the most important key factors that make consumers interested in visiting your store and buying your products. That said, new strategies can help you stay ahead of the competition, so keep your ears to the ground
