5 Factors That Can Make An E-Commerce Business Successful
Business has always been about good strategy. The strategies, however, have not been stagnant over the years. Back in the day, entrepreneurship used to be simple enough. All you had to do was either build or rent a brick-and-mortar building, stock it with your products, spread the word about your shop, and you were almost always guaranteed to get at least some response.
Now, opening a business is a lot more complicated than that. Some stores that used to be big household names before the internet have failed to keep up with competition from online businesses and have now closed. The internet is now everyone’s big shopping mall!
Establishing your e-commerce business to reach a certain level of success is going to take a lot of specialized strategies. Say goodbye to almost half the marketing strategies you are used to and get acquainted with new ways of interacting, satisfying, and growing your clientele.
So, what should you know if you want to run a successful e-commerce business? What goes into building an e-commerce website that converts?
Table of Contents
1. Regulate The Prices Of Your Products
As mentioned, the internet is full of businesses that are all looking for the attention of the same market segment you’re looking for. Competition is stiff and your average target client will probably be targeted by a slew of other adverts from other e-commerce shops in a day before they finally come across yours. They are spoilt for choice.
But don’t let this demotivate you. Instead, let it guide you as you do everything including the pricing of your products. Watch your competition, there are tools that can help you see what your competitors are charging for a product and analyze how you can gain an advantage over them.
Once you know what other businesses are charging, you can now price your products comparatively. This might mean charging the same or slightly less—depending on what you think your target market will respond to best.
Make sure though, that you don’t undercharge. This is almost as dangerous as overcharging. If your product cost is way below average, then potential customers are likely to doubt the quality of your products.
2. Stick To High-Quality Products
Have you seen the memes about how a product looks on an online advert versus how it actually looks once it is delivered? You probably have, and that discrepancy between what you’re advertising and what you eventually deliver is actually one of the chief things your average customer will be most afraid of.
Burst that fear and be true to your promise! Many people now do the majority of their shopping online, which means trust in online shops is growing and it’s always online stores like you that can further grow this trust. Your online brand should be impeccable when it comes to trust. You’ll reap the benefits by being able to retain your clients as well as gain new ones.
In addition to procuring your products from trusted and well-known sources, you should also have a replacement policy. The goal is to try and make sure you never ship a sub-par product in the first place. If you focus on product quality, you can join the top percentile of shops that stand out from the pack.
3. Improve The Accessibility Of Your Online Store
Now, your business’s website is of paramount importance. This is the new “building” of your business. Like a real physical store, you must clean it up and make sure the isles aren’t cluttered and confusing for your shoppers.
This means you must optimize your website’s design to ensure a flawless user experience that actually encourages your visitor to make a purchase. A website’s design is so powerful that when done right, it can lead a customer seamlessly to the check-out point and bump up your sales. But when done wrong, it can lead to dramatic bounce rates for your site. Bounce rate refers to the rate at which clients open your site and leave without taking any action.
Each component of your website should serve a purpose, including your color choice, the logo design, and the layout of the site itself! Things to consider when choosing your site’s color include the mood that the color will potentially invoke, as well as how a person with color blindness might perceive them. Ultimately, the goal is to make your site accessible to as many people as possible in order to improve your business’s sales.
4. Secure Your Payments
Of course, your customers are going to be concerned with the security of their financial details on your site. Many online scammers target e-commerce businesses to harvest unsecured financial information in order to potentially steal from their clients’ accounts.
So, you must secure your site using a Secure Sockets Layer (SSL). SSL encrypts your customers’ data and transactions which makes it much harder for your site’s information to be compromised. Another way to secure your site is by making use of two-factor authentication. You should be careful with this though, as the process might make it too difficult for your customers to make payments.
5. Optimize Your Site For Mobile Users
The people who are going to browse your site are most likely going to do so from their mobile phones. That’s because in general, many people use their mobile phones for leisure. This includes gaming, canvassing, and of course, shopping!
That’s why you have to make sure that your website is responsive. Your website should be able to adjust and fit in whatever device that a visitor is using. In other words, the website should stay visible and functional on a smaller screen.
If your website isn’t optimized for mobile, then you’re losing hundreds or thousands of potential clients. If you don’t know how to do it yourself, call in an expert who will know how to make your website responsive for both mobile and desktop users.
Internet use is steeply rising together with smartphone use and ownership. People are much more willing to shop from the comfort of their homes than ever before. The atmosphere is just right for you to launch your very own e-commerce store. And using the tips given in this article will make sure you enter this market right. It will count for a lot, and you’ll see it in the numbers!