How to Build a Successful E-commerce Business in the Congested Lifestyle Domain The strategy to penetrate into e-commerce market is firstly to identify the target group and differentiate between the customers' needs and luxury
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Any business idea is only an idea till it doesn't have a USP and for an e-commerce brand, it is the most important to understand what is the USP and how well you can use it to develop a customer base. E-commerce can be a challenging space owing to the vast variety of options to choose from and having the capability to service a large crowd.
One needs to carefully define the market in their head and focus exclusively on it. Then you need to make sure to invest time in cultivating the brand and at the end be something you are proud of. This quality and pride in your brand would reflect your customers. The strategy to penetrate into e-commerce market is firstly to identify the target group and differentiate between the customers' needs and luxury. You need to study the market space and measure the potential consumption after the differentiation is made.
The e-commerce industry is no longer a strange territory for aspiring businessmen and space is getting cluttered, especially in the lifestyle domain. But if the basics are set right and the key details are factored in right from the beginning, you will be able to make a comfortable spot for your brand without having to worry about too much competition. The core strategy while getting into e-commerce should of course be customer satisfaction and to understand when and what the market demands. It's important to keep changing and going ahead with the trend which plays an integral part to make the customers a part of our story. Never forget that your customer is a normal person and like any other normal person, your customer's needs will also evolve over time and you should be ready to cater to it. Only identifying the target demographics is not enough unless you are buying media. The fundamental aspect is to focus on research that identifies and defines the profitable target group. This is a key focus as it helps with the target segmentation in combination with the behavioural data and it provides the actionable insights for growth.
It is essential to choose the e-commerce platform as to building a website from scratch because the main focus is to sell the products and increase sales. And being personally involved in the initial stage will steer your brand exactly into the direction you want it to grow. One needs to make sure their website is easy to navigate and has a very user-friendly interface. The usage of too many jargons and technical terms make it difficult for a normal customer to understand the nature of the offerings and they often leave your site before completing a purchase. The product images have to be of high quality and real. Presenting a false image will gather new customers initially but in the long run, it will result in loss of sale and affect your brand image in a negative way. The product catalog needs to always be updated so that people know what's new and relevant information should be provided to the customers. One of the biggest factors to be avoided is "DON'T MAKE RETURNS OR EXCHANGE TOO TOUGH FOR THE CUSTOMERS". The reason people choose an e-commerce platform of for ease of access and a comfortable buying at their fingertips, these two experiences can never be compromised. Customer care services for an online business play an important role because the consumer has zero face-to-face contact with the brand. The customers' interaction with customer service needs to be satisfactory and leave a lasting impression to build trust and faith in the brand or service. Creating customer loyalty is not only important for a higher rate of returning customers, but it also creates an unbeatable level of word-of-mouth advertising.
Digital is flourishing in our country and it holds the capacity to stand tall even in testing times. Our current situation is the best proof of digital emerging as the winner. At a time when other businesses are striving to stay afloat, industries such as e-learning, online gaming, social media, e-delivery, and OTT platforms are multiplying their profits. People are confined to their homes and are becoming heavily dependent on online services for entertainment and to meet their daily requirements. Many offline businesses these days are opting to adapt an online business model. The value of money and the lesser cost of running the business is also making it an appealing industry for investors to pump in their money. The primary difference between an online and offline store is the location and reach. While Brick and Mortar give the customer the look, feel, and touch experience whereas it restricts the reach which is one of the biggest criteria for brand growth. The volume engagement and interaction of an E-commerce website is what makes it a brand.