Five Ways to Stay Ahead of Competition in Growing E-commerce Market
The e-commerce market is undoubtedly one of the most successful sectors in the world. Interestingly, the world population according to the United Nations estimate as of November 2018 was 7.7 billion, and out of which the number of internet users in the year 2018 amounted to 4.1 billion users. Over the years, the e-commerce industry has been thriving with the rise of internet users and a tech-instilled culture in most parts of the world. Simultaneously, there has also been a bunch of budding ecommerce businesses squeezing themselves into one of the most lucrative markets. More of them equal more competition.
Therefore, isn’t it wise for all e-commerce businesses to be competitive in the market? Here are few ways in which you can actually stay ahead of the competition.
Collaborating With The Delivery Company
Vertically integrating with the delivery company would allow greater focus on the core business rather than spending immense time and energy on making sure the goods are delivered and acquire the monies made on COD from the delivery company. In detail, the delivery company acting as a partner will provide greater value for the customer as the delivery company will have a sense of responsibility toward the sale. Thus, leading to better customer satisfaction and repeat purchases. Also, in Asia, the culture is more of a conservative one, where customers don’t trust online ecommerce sites as opposed to the culture in the West. This is one reason why most online customers don’t show interest in providing their credit card details. Instead, they prefer Cash on Delivery. Getting the receipt on the COD sales may turn out to be a hassle. However, if the delivery company acts as a partner this problem is solved.
Word-of-mouth is one highly effective method of marketing. Don’t you think it is highly effective when a customer refers a product to another customer? This is where affiliate marketing comes on board. The e-commerce websites can use this tool to engage with their customers and encourage them to promote their products on behalf of them in exchange for a commission. Thus, this will result in creating valuable brand loyalty.
Exclusive Partnerships With Manufacturers
Having exclusive partnerships with the manufacturers will give your e-commerce business an upper hand over your competitors. For example, GearBest partnering up with Xiaomi to exclusively sell Xiaomi products. Due to this, all of Xiaomi’s loyal customers would have to purchase them through GearBest. This would also result in better margins and improved brand recognition in the ecommerce market.
A User-Friendly User Interface
The convenience of the user interface is very important in turning potential customers to actual customers who purchase. The ease in searching for the required products will encourage potential customers to find out what they are seeking for. Also, the validations of the key words have to be properly looked into in order to give a better search experience. In fact, customer support section would allow better engagement with the customers, thus, leading to better satisfaction.
Being Up-To-Date on Trends
The tech and e-commerce industry is rapidly growing over the years. The number of internet users now compared to a few years ago has drastically increased. And the switching cost from one e-commerce site to another isn’t very huge. Therefore, a small delay in adapting to latest trends and technology will impact heavily. So if you want to be on the game, keep your eyes wide open on the persistently changing technology and trends. Keep updating the products available, keep adding new features to your website and keep on trying to understand the pulse of the customer.