I, as a businessman often hear people complaining about the competition in today’s market, what they have failed to grasp is the fact India’s annual growth rate in e-commerce sector is 51% as compared to China’s 18%. As the founders of Flipkart once said, “We were not thinking about numbers then, but we knew something big can be built out of e-commerce.” In today’s modern day market, what I have observed is that setting up an e-commerce store is merely the journey, not the destination. By 2019 about 70.7% Indians would have at least once bought goods and services online. I am just here to help you maintain a pace so that you do not get run down.
1) Know your clients
Meg Whitman, the president of HP once quoted, “Communications is at the heart of e-commerce and community.” While I was trying to gain momentum with my e-commerce store, the biggest roadblock I encountered was the fact that at the beginning I did not know where I stood in the market. First thing’s first, always communicate with your clients and ask them for their valuable feedback to know where you stand and what steps you have to ensure to attain even better customer satisfaction base.
2) Do not drink and drive.
“Things may come to those who wait, but only the things left by those who hustled” said by one of the most iconic men who ever lived, Abraham Lincoln. This holds true for businesses too. Now that you are very well aware of where you are encountering the problems, it is time to upgrade the named sectors one at a time. Take charge of everything now, not tomorrow. Never try to upgrade the whole system overnight as it will become a huge project and would create hindrance in the client website interaction. Take one small step at a time. For example, start with providing high-quality pictures of the product and creating a detailed description of the product. Not giving any room to mistakes keep changing your branding strategies. Nothing lasts forever in the market.
3) Know who’s got your back.
“You can’t just open a website and expect people to flood in. If you want to succeed you have to create traffic.”, Joel Anderson, CEO of Walmart said while sharing his experience.The second step post upgrading the website is to set up tools to identify the rate of conversion of traffic i.e. tracking down which sources are responsible for bringing in the maximum traffic and which sources are putting your capital to waste. After receiving the results, you should focus your investments on the sources providing you with high returns. For example, social network pages are a brilliant way to present the product out to the world.
4) Get Optimized or Get Scrutinized
Search Engine Optimization is to an e-commerce store what gas is to fire. A website should be optimized in every way no matter which device it is being connected from. Recent surveys have cast a beam of light on the fact that the incoming internet traffic is much higher in mobile traffic as compared to desktop traffic. Make sure your website does not lack optimization ever. Make sure your client does not feel out of place upon changing devices.
5) Choose wisely the elixir of success.
“People don’t buy what you do, they buy why you do it.” One principle should always be kept in mind i.e. if a greater number of audiences come through paid network instead of advertisement campaigns, and then you are doing something wrong. If this condition exists in your store like it does with a lot of businesses then make sure to improvise your ad campaign strategies if you do not wish to invest too much in bringing in the traffic which might not even convert into consumers.
6) Do not try to be MangalPandey.
“You can’t wait for customers to come to you. You have to figure out where they are, go there and drag them back to your store.” An e-commerce store is not a one man job. Hire people to divide up your work schedule. Pay them to take care of the consumer end. Never aim your product for a limited section of the audience, always aim at a higher scale which provides you the opportunity to succeed in a much better way. And never copy one of your competitors, if you lose your originality, you will lose a great deal of clients. Just follow them but in the best way, you will get the success.
Concluding we would like to say that once you start an e-commerce store it is going to get better from there, but do not forget to take care of your website. If you lack in even a single field, you might give your competitors an edge and lose some extremely valuable customers. Do not rest until you have made your store part of the big league because no matter what you do there will always be a greater service someone else is providing. So keep looking at the market, keep adapting and keep it up. Hard work never goes to waste, it always pays off but there is nothing like a free lunch my friend.