E-commerce business is deals with of many competitors, struggles and risk factors. We have seen a lot of changes in the last 2 years. In the retail sector the last 2 years was a struggling phase at the same time learning phase too. Meanwhile the E-commerce marketing had skyrocketed, and fortunately that flow has been maintained till now. Newly bloomed e-commerce platforms and businesses make the sector more competitive. The advancement in digital advertising makes the competition in the online business world more complicated.
As per records, the global revenue of online businesses amounted to more than 3.53 Trillion USD in 2021. It is supposed to grow to a number of 6.54 trillion by the end of 2023. These numbers are enough to speak about the importance of the ecommerce business sector in the global economy growth.
How to keep your e-commerce business competitive
E-commerce is growing now. It promises the customers that “everything will be delivered at your door on the same day or within a few minutes. Customers really want to buy things online in order to save money and time. Quality of products, collections, delivery time, shipping methods, price, offers etc. are the main factors people are looking for. These are the key points usually sellers used to attract their customers towards their business.
Let’s check the 3 magical ways to keep your business competitive in 2022,
- Strategic Marketing:
Marketing techniques have changed in the last two years. The advancement in paid marketing become more popular and these advancement features vast possibilities to reach to the right customers at the right time. Remarketing techniques and website tracking are great tools to find your customer and make them familiar with your brand.
Audience targeting can be effectively used to find out the exact match customers. According to the recent Facebook survey “Holiday insights study”( Facebook commissioned YouGov to survey 49,563 adults between Dec 9th – 24th in 2020 and Dec 2nd – 24th in 2019 in UAE) ,60% agreed that during holiday seasons they usually discover products through online search and online platforms. Cross border opportunity survey records show 35% people agreed that 50% of their online sales are shipped from abroad. Consider providing worldwide shipping and target users based on their location and deliver advertising in the appropriate language.
Competitive analysis and organic SEO can help you to find out the area where you want to put more concentration. By checking the web analytics reports it’s easier to find out the session duration, flow, and bouncing rate.
2.Loyalty Programs
Loyalty programs are a traditional method to keep your customers sticking to your brand for a long time. The power of feeling “considered” is great. Choosing the right loyalty program is really important. Loyalty program solutions like “OptCulture “makes this task easier. Innovative loyalty programs like percentage based, promo based, and roll over based helps the businesses to drive sales and thereby growth. Giving early access to the sales, and special discounts to the loyal customers make them more happy. Innovative Loyalty programs are essential to make your business standout from others.
3.Customer satisfaction
The prime success point of every business is customer satisfaction. A loyal customer is an asset to a brand. E-commerce businesses usually run offers to attract customers. But sometimes due to insufficient product availability or supply chain management defects leads to delivery delays. So while planning a sales promotion event always confirm that you have enough stocks available and you can fulfill the shipment within time.
For an ecommerce business, a website is really important. Having a website which can convert each traffic to the site to a sales conversion is necessary. More than a good looking site an easy to navigate site will be preferable. User experience should be the primary consideration. Chatbots can help you to connect with your customers. An ecommerce site with 24*7 Customer support can generate trust in the customer’s mind. To keep stand out from the crowd, you have to check the loopholes in your current business strategy and follow the tips and tricks listed above.
