eCommerce has become a vital part of our collective buying habits throughout the last two decades. Enterprises can leverage these new habits by utilizing an eCommerce platform and strategy that allows customers to shop how and when they want.
Nowadays, most consumers simply do not want to leave their homes to buy products whether they be small or large purchases. Instead, consumers prefer to shop from the comfort of their homes, making eCommerce a suitable alternative for both enterprises and customers.
Ecommerce During COVID
The COVID-19 pandemic has pushed the expansion of eCommerce to new enterprises, customers, and product categories. It has given clients access to a wide range of products from the comfort and safety of their own homes and it has allowed businesses to continue operating despite contact limits and other constraints.
Despite the persisting differences of countries, the COVID-19 issue has increased dynamism in the eCommerce sector and broadened the scope of eCommerce, especially through new enterprises and customer segments. Moreover, in many nations, eCommerce transactions have shifted away from luxury items and services and toward necessities relevant to an individual’s needs. This trend has picked up steam in the IT sector as well as many providers were forced to pivot to online platforms to assist with sales in lieu of face to face meetings with potential clients.
Benefits of eCommerce
As the market increasingly shifts to the digital marketplace, building a solid eCommerce platform can give companies the following wealth of benefits.
Broadens the Brand
eCommerce is an excellent approach to transform your business from a typical brick-and-mortar store to a cutting-edge, well-known, and loved brand. One’s business is no longer just one store as going online entails providing exceptional items, online customer assistance, blogs, and social media content 24 hours a day.
With eCommerce and online presence, businesses can expand their product ranges and client base without worrying about having to physically move to other locations.
Convenience
An online business is open 24 hours a day, seven days a week, allowing clients to shop whenever they want, regardless of their schedule or time zone. People nowadays do not always have time to accommodate several sales calls prior to making a purchasing decision. Hence, people increasingly turn to the internet to find the products they want or need.
This is especially true for enterprise IT management teams who typically have a lot on their plate. Given the technology available to organizations today, there’s no reason a client shouldn’t be able to find pricing and procure colocation space or cloud storage resources at the click of a button and on their own time. If a business can provide this option for its consumers, they will appeal to a broader array of clients who are all looking for a convenient and flexible experience.
Increase the Reach
Millions of people worldwide can read a website at any moment, thanks to the internet's accessibility. This opportunity allows individuals or entrepreneurs to expand their businesses and reach to a global audience. This means more than just having a website and cultivating an online presence.
In order to truly maximize your brands reach and increase your client pool, it’s essential to develop a transparent and easy to use eCommerce platform that allows potential clients from around the globe to take a peek “behind the curtain” and see what your organization has to offer. Too many businesses fall into the trap of requiring clients to contact internal sales agents in order to move forward with the procurement of services.
This excludes a significant portion of online customers who prefer to browse pricing and deals strictly online. Taking the time to cater to this segment of potential buyers opens up a whole new avenue of potential revenue.
Gives Marketing Opportunities
Having an ecommerce platform as a marketing tool is one of the greatest advantages for any business. Utilizing SEO increases the site’s odds of being found in search engines. Plus, eCommerce has various marketing strategies, ranging from pay-per-click advertising, social media marketing, and email marketing, including links back to the website.
Scalable
As the company expands, expanding the product line and target audience will most likely be the next target to develop the company and meet the customers’ needs and consumer demands. Moreover, an eCommerce platform allows an entrepreneur to establish the business as needed.
Adding more categories, more transaction choices, and even expanding where you distribute is made possible without worrying about moving to a larger location like one would with a physical store.
Mapping Out An Ecommerce Strategy
A company needs a good eCommerce marketing strategy to win new customers and boost the business’ income. A customized marketing approach is of great help in attracting the correct clients, efficiently and effectively increasing revenue.
Outlining Goals
The first step should always be defining the goals for a year before developing a marketing strategy. An essential question that an eCommerce business owner should answer is: What exactly does the company want to achieve? Here are a few marketing objectives to consider:
- Boost traffic to the site created
- Increase the number of repeat customers
- Add a certain number of new customers each month
- Expand the available product lines
- Increase the overall revenue
After establishing a general one-year plan, try to get more specific with the objectives.
Identify the Target Market
After outlining the goals, the next step is to establish the target market. A company must identify who the targeted customers are since this factor affects how and where the eCommerce marketing efforts should be centered. Companies may miss out on important information about their target clients and their challenges if companies neglect this step.
Sending a survey to an existing audience is the best approach to get started. Begin by addressing the ideal customers if one does not have any yet. Identify the following important demographics when examining the target market:
- Age
- Gender
- Location
- Marital Status
- Job
- Income
- Buying Behavior
- Interests
- Social Media Preferences
Research Your Competitors
The next step is determining who the key competitors are and what their current strengths and weaknesses are. This study will help the company to identify opportunities to obtain a competitive advantage.
Examine the websites of the competitors and the things they offer. What is the level of detail in their product descriptions? Do they have a blog to advertise their business, and if so, how frequently do they post?
Competitor research is a continuous process. Always keep an eye on what the competitors are doing to remain on top of shifting market dynamics. Subscribe to their newsletters and follow them on social media. It's also good to buy some of their items to test the customer experience and see how the process treats their customers.
Closing Thoughts
Today's consumers are fortunate to have a plethora of options when it comes to price comparison. With the rise of e-commerce and online marketplaces, it has become easier than ever to compare prices across different retailers and platforms. Gone are the days when consumers had to visit multiple physical stores to find the best deal. Now, with just a few clicks, they can access various websites and apps that provide comprehensive price comparisons.
However, despite the convenience, it is crucial for consumers to put in some effort and research when it comes to price comparison. Simply relying on the first search result or the most popular retailer may not always yield the best results.
Taking the time to explore different sources, comparing prices from various platforms, and reading customer reviews can help consumers make informed decisions. By putting in this extra effort, consumers can ensure that they are getting the best possible value for their money and avoid any potential regrets or buyer's remorse.
When it comes to understanding what your ideal clients are willing to spend money on, having a clear sense of their preferences and purchasing power is crucial. By identifying the specific needs and desires of your target market, you can tailor your products or services to meet their expectations and provide value for their investment. This involves conducting thorough market research, analyzing consumer behavior, and staying up-to-date with industry trends.
However, it is equally important to strike a balance between offering high-quality products and realistic pricing. While it may be tempting to maximize profits by setting exorbitant prices, this can backfire and deter potential customers from making a purchase.
It is essential to consider the perceived value of your offerings and ensure that they align with what your ideal clients are willing to pay. By understanding their purchasing power and finding the right pricing strategy, you can create a positive perception of your brand and attract loyal customers without giving the impression that your products are unaffordable.
In today's rapidly evolving world, staying ahead of the curve is essential, especially when it comes to technology. As advancements continue to reshape various industries, it is crucial for businesses to keep up with the latest trends and embrace digital transformation. Going online has become a necessity, as it offers numerous benefits such as increased safety and convenience.
With the rise of e-commerce and online transactions, businesses can reach a global audience, expand their customer base, and streamline operations. Moreover, consumers now prioritize safety and convenience, making online platforms the preferred choice for shopping, communication, and accessing services. By embracing technology and establishing an online presence, businesses can cater to these changing preferences and stay competitive in the digital age.
Furthermore, going online not only provides businesses with a wider reach but also enhances safety measures. In light of recent events, safety has become a top priority for both businesses and consumers. Traditional brick-and-mortar establishments often face limitations when it comes to implementing robust safety protocols. However, by transitioning to online platforms, businesses can minimize physical contact, reduce health risks, and ensure the safety of their customers and employees.
Online transactions offer secure payment gateways and data protection measures, providing peace of mind for both parties involved. Additionally, customers appreciate the convenience and flexibility that online platforms offer, allowing them to shop, communicate, and access services from the comfort and safety of their own homes. By going online, businesses can adapt to the changing landscape, prioritize safety, and meet the evolving needs of their customers.
