Nine ways to beat your eCommerce competition
Did you know that 80% of the internet population purchases from an eCommerce store? The entire world is digitising rapidly. We have mastered the art of bringing things straight to us without moving an inch. All it takes is a click of a button to receive any product on this planet at your doorstep. That’s the power of eCommerce. As the eCommerce industry is widening its scope, more and more businesses are going online. Though this is good for the industry and the country, it also means there is increased competition for new and existing players. In this post, we will understand the different ways to beat your competition in an eCommerce system.
Before that, we need to address an important question.
What Should You Know About Your Competition?
The most basic rule to follow before starting any business (not just eCommerce) is researching the industry. You need to understand the eCommerce market thoroughly. The easiest way to do so is by learning from your competitors. Visit your competitors’ websites and make an extensive note of every aspect of their business. Capture details such as -
How are they getting leads?
How are those leads getting converted to sales?
How do they showcase their products on their website?
What are the different channels they are using to promote their products?
Also, don’t forget to identify your competitor’s errors and what they are doing wrong. The best place to see where they are going wrong is the product reviews section. See what your competitor’s customers say about the delivery, product quality, customer service, pricing, etc. Find the areas where your competitors are lagging and excel in those areas to get a competitive advantage.
9 Ways to Win Against the Competition in an eCommerce System
Here are the top ways to overcome and beat your competition in this competitive eCommerce industry -
1. Keep evolving
A common mistake most eCommerce companies make is that they remain stagnant for a long time. All they do is dump thousands of products into the eCommerce store and wait for miracles to happen. They never update or change the product. This is the biggest mistake that anybody can make, especially in a dynamic industry like eCommerce. Keep up with the trend and frequently bring in new collections to the store. Provide regular promotions and offers. All these show that you care for your customer’s delight, which will attract more visitors to your business.
2. Use the power of social media
About 46% of online shoppers use social media to finalise their interest in the product. As an eCommerce business, you can create communities on social media where your team can regularly interact with customers by posting offers, new releases, etc. You can even showcase some of your brand’s positive reviews, highlighting what the customer likes about their experience. If you are ready to spend some money, you can even onboard influencers to boost your eCommerce marketing activities. This will build a strong and loyal community that will grow at a good pace and be a key factor in increasing your sales.
3. Build a strong supply chain
Having a good relationship with all your wholesalers and distributors is important to scale up your eCommerce business with minimum hindrances. The most productive way to beat your competitors is by establishing a solid supply chain. Ecommerce business owners should take sufficient time to find the right wholesalers and distributors and have regular conversations with them.
4. Partner with charitable organisations
People are becoming more active socially and are constantly trying to find ways to give back to society. As an eCommerce business, you can consider donating a small portion of every order to social causes or a charitable trust. Customers would find this extremely appealing, as they get to purchase their favourite product and also do good to society.
5. Look attractive
Aesthetics is what drives people to buy a product or even visit your online store in the first place. You should invest time and money in building an attractive website - high-quality product images, thoughtful logo, good colour palette, and completely SEO optimised. If possible, partner with an eCommerce SEO company and a design agency to handle these tasks. All these would not only attract the visitors to your eCommerce site but will also make them stay for long and ultimately place an order.
6. Offer excellent customer service
Focussing on offering world-class customer service will help you in the long run. Be it answering questions instantly through chatbots or providing all the relevant information about a product on your website, good customer service will help you have loyal and happy customers. It will act as a free marketing channel for your business.
7. Keep networking
To increase the traffic to your store, you should show up on other platforms. The best way to do it is by collaborating with third-party sellers like Amazon and Flipkart. By selling your products through more popular and older sellers, your brand’s value will automatically increase and give you a lot of exposure.
8. Build a personal relationship with all your customers
Constantly engage with your customers through different channels. Send personalised emails to your customers on important days like their birthdays and anniversaries. If possible, send in a coupon that they can use in your store.
9. Adapt to the latest technologies
Implement the latest technologies in your store to give your customers a delightful experience. The usage of 360 degrees images and videos has started increasing the sales of many businesses. Innovative technologies like augmented reality enable customers to try out any product in real-time with the help of their mobile phones.
The eCommerce industry is mammoth. But most businesses are not able to enjoy the advantages of eCommerce fully because of the high competition. However, it is not impossible to succeed in it if you adopt the above ways in your business. As more and more customers are taking the online route for shopping, there is more scope for new businesses to thrive in the coming days. But if you are a newbie or finding it challenging to adopt the above ways, then you can always seek the help of an eCommerce expert like Powerhouse91. Powerhouse91 helps to scale your eCommerce business and beat your competitors in no time. Want to know how? Contact us today.