Electronic commerce refers to the buying and selling of goods, products, and services over the internet. The Internet commerce industry, bit by bit has been rising over the past few centuries and is not going to stop in the near future. According to studies, back in 2017, eCommerce sales were responsible for $2.3 trillion, this number is expected to be doubled by 2021.
Today, the U.S. is rated among the fastest growing eCommerce industries in the global economy. In the present day, Millennials online shoppers make 60% of their purchases online and this figure is expected to increase in the years to come. It shows a complete shift towards ‘digital thinking’ among Millennials. Considering this, one can say, Ecommerce is a significant option for almost every business. It creates global reach, offers product datasheets, decreases the cost of inventory management, building long-lasting, relationships, increases your sales, creates global reach, boosts brand awareness, offers 24*7/365 availability, and saves you lots of money.
Although it may seem opting eCommerce platform is the biggest benefit for any online store. But with every ease comes complexities. In today’s modern world of technology, more and more businesses are interested in online stores. Because of this, the internet business industry has become so ferocious that it is making hard for users to reap success.
Let’s discuss some of the most common challenges faced by eCommerce businesses.
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Getting the Right Audience
Now, sellers and buyers, through eCommerce platforms can meet in the virtual world, without any barrier to geography. But with such ease, it has also become difficult to hook the right audience. Launching an online business doesn’t require a great deal. In the present time, almost every business is launching an online store. The online business makes money online with very little to no capital. But the most important thing for businesses is to know who they are aiming for and where to find the desired audience. Meaning, if you want to grow your business big and fast you should find the best platform according to your business requirements to drive sales and profitability. Some platforms offer a complete advantage in order to know where to reach them. They study the interests, needs, behaviors, likes, problems and pain points to attract the right audience for the goods, services, and the products they are being advertised.
According to studies, 88% of buyers buy based on online reviews and recommendations. The impact of user-generated reviews is growing on a daily basis. A study founded, almost 39% of buyers read reviews on a daily basis. This shows that reviews have become a great concern for the businesses to scale their success. Their opinion can either convert the products or services into good or they can make them worse.
Moreover, now with the rise of eCommerce, users have become smart. They buy from the brand that makes it easy for them to purchase. That is why it is important to pack your first offer with value. It will not only help them provide a positive buying experience but also makes it much easier to get repeat business. In one of the original studies, we found that the way products are described, matters a lot. Descriptions help influence people’s decisions. It is worth noting, the way things are presented can lose or attract customers. Make sure to impact your customer decision in a way that turns browsers into active buyers. If not, it’s easy for them to use their smartphones, read reviews and get easily distracted with technology and social media.
Personalize Quality Leads
Today, personalization has become a major priority for most of the businesses to increase conversion rates. This factor is overwhelming eCommerce. As, 91% of customers say that they prefer to shop with the brands who remember, recognize and provide them with relevant offers and recommendations. This shows a complete shift towards it. Another study demonstrations a 51% increase through personalization.
But what most eCommerce platforms are trying their best to provide personal experience but these techniques are not meeting customer’s expectations anymore. In this regard, using a personalized email campaign would be a better choice. A survey shows that only 17% of customers find it appealing to get mails with their names. Whereas other studies show, 50% of customers find it appealing when they get emails related to the products of their interests. This shows that now customers don’t expect to see their names only in the customized emails. In fact, they want to reap the benefits of personalization through tailored messages according to their needs and preferences. A survey shows that personalization enhances customer experience by 55% and, in turn, improves brand perception by 39%.
Personalization may seem a time-consuming task in getting the sale but of course, when you help your business communicate the right message to the right audience, you will convert them from leads to paying customers. So there we have it, building an email subscriber list with the most preferred choices is the key to success for any business.
Getting the Right Products to Sell
When running an online business it is important to reduce the risk of investing in slow-selling products and losing thousands of dollars of your hard-earned money. Having an effective but unsold inventory is the biggest loss for any business. eCommerce should sell a product that is high in demand but with low competition. As a result, your business will end up getting potential leads. But the best way to do is to have a catalog with pricing option. Once a customer gets the power to purchase a product with the right price, demand, estimated sales, rating, seasonality, dimensions and more it becomes easy for sellers to track the product performance and easily convert buyers into paying customers. Scoring each product is among the biggest challenges of eCommerce. By doing this, it becomes easy for the buyer to fulfil market demands.
A million product catalog is of no use if it is not helping your business grow. In this manner, sellers should give ease to customers to access the most profitable product with just a few clicks. It is the easiest way to eliminate barriers for buyers to enter and launch an online store and start making money in just some days.
Fostering the Idyllic Prospects
If e-commerce is a guaranteed way to improve your conversion rate than why you forget to deliver value to your valuable customers. Today, b2b brands get long email lists but they failed to actively engage with subscribers. What e-commerce, should really try hard is to create and communicate value to the buyer. With such fierce competition, it is not difficult for the buyers to move to any brand. That is why, it is important for e-biz to contribute to value in a matter of sales, processes, marketing, sourcing, operations and customer service, etc.
Ecommerce put a lot of focus on communicating product offering as well as promotions but what they forget is to consider the element of value at the right time in the right place that requires more effort. Now customers are shaping business in a meaningful way. Their focus is more on getting social benefits in exchange for what price they have paid. Meaning, when you offer your customer with plenty of choices, you add a small part of the value that motivate your customer to make a purchase. In the same case, when it comes to purchasing a product, the services a customer gets from your business creates customer value. This a crucial execution but it is the need of the marketing to research, gather data and employ value on the basis of the collected analysis in order to keep the business keeping and growing and overcoming the eCommerce challenge. A survey founded, businesses that focus more on customers are 60% more profitable. It’s the right time to get a little tricky and understand the value and benefits that your products promise to deliver, deliver what your customers value and grow faster.
Automating the Right Technology
As businesses are shifting online they are facing growth challenges. It is very important to choose wisely the source that almost solves every problem especially when it comes to technology and advanced marketing operations. Ecommerce businesses should choose the right solutions, inventory management software, email software, Customer relationship management systems, analytics and so much.
The problem eCommerce struggles with is automation through an effective inventory management system. If an eCommerce business partner with the wrong system it not only affects its growth but creates a huge barrier in the way to help you find the right solution to keep up the productivity. Businesses should align seamless solutions based on the size, growth trajectory, and industry. This will help your business offer a starting point upon which your customers can trust.
Businesses that become familiar with the effective software to achieve their business goals get better sales and a deeper look into its functionality. When you choose a cloud-based inventory management software you can accommodate as many users as you want for the success of your business. And cater to every need of the customer in the most desired way. Businesses should understand that going online is not everything, the real game is finding a new room for products, continuously customize the operations, increase customer base through winning customer loyalty, etc. Again, getting the right solutions for eCommerce is crucial to achieve but to keep up with functionality and growth, it is important to pick the best for your business.
Attain Cost-effective Long-standing Progress
Getting conversions for your b2b business is one way to help businesses succeed. But what businesses look for is to sustain a healthy profit. To do so, reducing expenses is the easiest way to increase profitability. The e-commerce world is changing on a daily basis and it is important to keep up with the latest advancements because there is no other way to put a rest stop to extra operational costs. Technology is integrated to reduce expenses. And provides the opportunity to be available online and make use of free advanced tools to promote your business.
Instead of hiring experts for your business when your business slim and trim additional time-consuming tasks through advanced business networking solutions, it becomes quite easy for you to devote the time on revenue-generating based activities. For example, when you add an effective invoicing system, it helps your business save thousands of money needed to hire accountants and finance officers. Also, it leverages the power of the internet to reach out to millions of users online in an organic way. It offers both free and paid advertising opportunities to make reach as many people as you want to. Moreover, instead of hiring marketing and sales experts, you can integrate sales and marketing at one single platform. You can get rid of additional costs associated with tons of printers through online cloud-based drives and save data online. Moreover, besides fixing the structures a system with a streamlined operating system help you improve margins and services that you needed on a daily basis.
If you don’t want to lose your customers then prevent your online business from the given eCommerce challenges and make it easy for your business to grow and scale. Remember, eCommerce is the best way to advertise, market and sell your products and services online. And without a doubt, eCommerce is the most economical and reasonable way to boost brand awareness, enhance visibility and sales in the market, across the world. Ecommerce is, honestly, bigger than just putting in words.
If you are caught up on some frustrating eCommerce challenges then automate your business with the right business networking platform that offers all-in-one tools to improve your service and help win in the fierce eCommerce marketplace.
Start with the right platform and see your business grow! Join today!