The key factors of a successful e-commerce business
What is e-commerce?
Over the last few decades, e-commerce has experienced incredible growth and has become an indispensable part of our daily lives. But what exactly is e-commerce? Most people are familiar with this term, but if you’re not, just think of online shopping. Shopping clothes online, ordering a new lightbulb on Amazon, or selling your old couch on eBay – all these are examples of e-commerce. In essence, it’s the sale and purchase of products and services on the internet.
The benefits of doing business online
This business model presents some significant advantages over traditional brick-and-mortar stores. The most obvious one is probably its independence of time and place. Most online shops are “open” 24 hours a day, which allows customers to check out and purchase products at any time. Shoppers also don’t have to walk or drive to the shops anymore but can access online shops from their living rooms. With the rise of the online world, products are made available to almost any country in the world. And the range of products is virtually endless!
E-commerce on the rise
The comfort and accessibility of e-commerce has led to a substantial growth in online retail around the world. As internet access and digitalization increase, so do both demand and supply of online products and services. In 2020 – the year in which thousands of traditional stores were temporarily closed – global e-commerce sales amounted to almost 4,3 trillion US dollars and are expected to increase even more in the future. Managing the online stores is also easy for sellers. They can Calculate seller profit using seller tools online.
Key factors for a successful e-commerce business
While thousands of new online businesses arise every year, not all of them are equally successful – and some may not make it at all. There is a large number of competitors, and it is not always easy to establish oneself among the big ones. But if you are running your own e-commerce business or are thinking about creating one, keep reading. Here are the key factors that can help you and your business grow and become more successful.
1. Brand name
It may seem obvious but finding the right name for your online business can be decisive for your success. Create a memorable name – something simple that is easy to remember but also catchy. If you are thinking about selling your products to other countries, make sure your brand name is easy to pronounce, as this will help international customers remember and talk about it. For inspiration think of big successful e-commerce businesses such as Google, Netflix, and Amazon – simple and effective.
When digital customers visit your online shop, the first thing that will catch their attention is your website. Try to design your online platform as customer friendly as possible. Create an attractive design and pay attention to details such as colours, size, images, texts, etc. Note: Be consistent. Don’t change the design and layout on every page, but instead try to keep it as consistent and unique as possible – colours, shapes and logos are an important part of your brand identity.
3. User interface
Your online business has the potential to reach anyone anywhere. But if your website is chaotic and difficult to navigate, this could drive away many visitors. Therefore, it is crucial that you create a customer-friendly user interface. Make sure they can find products easily and are automatically guided through the entire shopping process, from arrival to check-out.
Offer a personalized shopping experience with ‘Add to Cart’ and ‘Add to Wishlist’ options and create an easy and transparent check-out process that facilitates fast purchases. Also think of multiple payment methods that meet the customer’s needs. Also, if you offer your products worldwide, consider displaying information in several languages.
4. Customer satisfaction and support
The success of any business depends on its customers: if they are happy, you are too. Customer satisfaction is therefore a key factor to boosting your online business. It starts with the information displayed on the website. Try to be as transparent and precise as possible about the products and/or services of your e-commerce business.
Therefore, provide as much information as possible about prices, shipping, shipping time, terms and conditions, etc. Unclear or confusing information can lead to mistrust and even negative reviews from the customers. An efficient customer service is a good way to support your clients and build trust while also receiving constant feedback that can help you improve your business.
5. Multichannel marketing
Once the website is optimized, what is left to do is to spread the word. The more visitors you have, the higher the chances of sales. To increase the number of visitors on your online platform, consider multichannel marketing options.
One way to encourage customers to return is to present different offers and discounts or to reward customers through loyalty programs. Also, consider business promotions on social media like Facebook and Instagram as well as on websites that are related to your own. This can really boost your online presence. Another efficient marketing option is search engine optimization (SEO). Relevant keywords and precise product descriptions will help your website to be ranked at a higher position through search engines.
If this sounds like a lot of work, don’t hesitate to ask for help. Professionals like myITplace can boost your e-commerce business and make it even more successful.
Conclusion: How to be successful online
E-commerce businesses have many advantages over traditional businesses but also lack some important perks of brick-and-mortar shops. Therefore, if you run an online business, make sure to maintain existing customers by continuously offering them an easy and pleasant shopping experience and to attract new visitors through several marketing channels. Following the 5 key factors presented above will boost your online business in no time! To find more information about importance of branding, you should try Amazon FBA for Amazon sales