The eCommerce landscape is constantly growing and changing. Currently, there are over 26 million eCommerce sites worldwide, and that number is only going up. The United States alone has 9.5 million sites. And retail sales of e-commerce worldwide amounted to 4.9 trillion dollars last year. With such a large and ever-growing industry, it can be difficult to keep up with the latest trends.
But that's where an ecommerce blog comes in very handy. With the help of informational content from ecommerce experts, coaching and business automation tools, you can stay updated with the latest eCommerce updates and become successful. Before we dig deeper into the success factors and strategies of ecommerce, you should know about the recent trends in the ecommerce market.
What are the recent trends in eCommerce?
It's no secret that brick-and-mortar businesses are closing down and disappearing, which was never expected if we go ten years in the past.
In contrast, the ecommerce industry is growing rapidly. And many physical businesses have also started creating their digital brands and joined the ecommerce markets, especially during the time of the Covid-19 Pandemic and social distancing restrictions worldwide.
But getting successful in the online business is not as easy as it seems. The market is very saturated, and customers have a large number of choices when it comes to buying anything online.
However, that doesn't mean that the eCommerce market has no gaps to fill. It is expected to grow significantly in the next few years. You're still not late if you want to enter the market, but you'll only get successful in ecommerce if you take the right steps.
That means focusing on a few key tips for ecommerce success and paying attention to the trade secrets. Some of the most critical tips include understanding your audience, learning from ecommerce blogs by experts, using business automation services, building a user-friendly website, and offering great customer service.
- Business Automation
- Amazon FBA
- Artificial Intelligence
- Mobile Commerce
- Social Payments
- Cognitive Supply Chain Management
- Influencer Marketing
- Social Commerce
5 Critical Success Factors of Ecommerce
Starting a business is hard enough, but understanding how to make ecommerce work for your company can be make-or-break. It's not enough to just put your products online - there needs to be a strategy behind it. Understanding the factors that can positively (or negatively) affect your eCommerce business is the key to success.
1: Product Pricing Regulation
According to a survey, 94% of online shoppers invest a significant amount of time online in comparing pricing and searching for a low price for a product before making the final purchase. That is why it's crucial for ecommerce business owners to regulate product pricing and stay ahead of the competitors. This way, you can make sure you are always offering the best price to your customers.
There are myriad pricing strategies suitable for eCommerce; you can choose either one or combine different pricing strategies per your business goals.
- Cost Plus Pricing
- Competitive Pricing
- Value-Based Pricing
- Penetration Pricing
- Price Skimming
- Bundle Pricing
- Dynamic Pricing
- Promotional Pricing
- Loss Leader Pricing
- Premium Pricing
2: Maintaining High-Quality Products
There is still a good number of people who have a notion that eCommerce sites are fraud and offer low-quality products at high prices as compared to brick-and-mortar stores. Fortunately, this misconception has been changing. However, there is still much that eCommerce business owners do to convince the buyers that their products are high quality and prices low or the same as the physical stores.
One way ecommerce businesses can do this is by ensuring that their product descriptions are clear, concise, and free of errors. Additionally, product photos should be high quality and show the product in use if possible.
By taking these steps, ecommerce businesses can show customers that they are serious about offering quality products.
3: Improve Online Customer Experience
As per the research, 53% of online shoppers say that they stopped purchasing products from the eCommerce store due to a bad experience. Entrepreneurs and online store owners need to make an excellent first impression. It includes both welcoming the customer with catchy design, simple user interface and post-sale experience in terms of good customer service. You can learn about improving customer experience from an ecommerce blog.
Below are listed some of the essential ways to boost the online customer experience in an eCommerce business.
- Welcoming messages
- Communication in the native language
- Personalised email
- Multiple payment options
- Abandoned carts notifications
- Social media comments, replies and messages
4: Store Accessibility
The design of your ecommerce store is very important in terms of accommodating all types of customers. An online store is a key tool that you use to communicate and transact with customers.
Improving store accessibility plays a critical role in deciding the success of the ecommerce business. Your site should be translatable as per the location and language of the customers.
5: Fulfilment and Automation
With time moving forward, there will be a significant increase in the number of online buyers, especially buyers of daily essential items or groceries. However, with growing numbers of buyers, there will be more competition, and many customers will abandon their carts due to the fact that competitors offer quick delivery.
That's why it's important for eCommerce businesses to incorporate automation tools and services to minimise the order fulfilment time. For instance, you can shift your business to Amazon FBA to increase your conversions and improve customer experience.
If you're new to ecommerce or Amazon, you can benefit from Amazon FBA coaching, avoid the mistakes that new sellers usually make, and speed up the journey to success.
Nowadays, ecommerce is booming and shows no signs of slowing down. This is a great opportunity for those wanting to enter the field. With more and more people using ecommerce to buy products and services, we are going to see some amazing innovations in the coming years. This is good news for both entrepreneurs and consumers. So, if you're thinking of starting an eCommerce store, there has never been a better time to get into it.
However, you must keep in mind that, as an ecommerce owner, you need to always provide value to users and offer a great experience. A strong foundation is a key to success when it comes to performance and reliability. And one of the best ways to boost the performance is by deploying business automation strategies.