The ultimate goal of every business entity is profit maximisation. Every entrepreneur wants to grow his company by increasing sales and capitalising on the existing opportunities. With many companies benefiting from e-commerce boost, the essence of effective e-commerce strategies in attaining this goal cannot be overlooked. It has become an integral component of marketing and customer source. Ideally, it is estimated that by 2017, there will be an annual turnover of $440 billion in e-commerce sales within the United States only. What does this means to an average investor or small business owner? Optimising your business for e-marketing is the sure way of accomplishing your market goals this financial year. How best can one ensure that?
Site Personalisation Comes First
In the contemporary world, customers are looking for services providers who are able to meet their needs to perfection. With advancement in technology, it is now possible to identify and provide efficient services tailored to the need of specific customers. To maximize the expected profits, you need to ease the user experience by customising the site. You will only be able to give individual customers the one of a kind experience they seek by capturing their interests and preferences in the tailored promotions.
It’s all in the content
The joy of every business is having repeat customers. In the current corporate arena, such possibilities are fuelled by deployment of relevant crowd source contents to business sites. Which strategies do you have in place to ensure potential customers find you and keep coming for more of your services? The answer lies in the quality of the contents. Strive to make your site sticky for potential customers and before they know it, they will be loyalists! Consider Amazon, for instance. They attracted and retained millions of customers by prompting them to give their opinions on varied items like CDs and books. If that can work for you, try it out.
Improve Visibility across All Channels
Next, you will need to ensure your customers have a seamless experience navigating through the varied channels. This is only possible with consistency in brand experience, product availability, and promotional strategies across varied channels. For optimal results in enhancing visibility across various channels, you can take advantage of cloud based supply chain technology. This not only enables effective engagement of customers but also ensure unforgettable customer experience.
Time to try Subscription Commerce
Yet another fruitful strategy is venturing in subscription commerce. This can take varied forms depending on initial market goals. The most common model involves periodical delivery of products to specified customers. Most forms of these replenishment models consider one-month intervals. When used appropriately, subscription commerce can yield notable results.
Tapping new e-commerce customers implies business growth. As such, the capacity of the company to handle huge traffic and ensure efficient deliveries should increase. For big companies, this might mean seeking professional services of third party logistics providers in managing increased volume of complex orders. More interestingly, reverse logistics are creating significance differences between different supply companies. How efficient is your company when it comes to handling returns and exchanges? Are the involved processes economical, fast, and reliable? Yet again, third party logistic service providers can come handy in implementing same day deliveries and innovative fulfilment networks. It is the only sure way of gaining immense competitive advantage against other business entities in the same niche.
Rapid technological advancement has seen rapid rise in mobile e-commerce. The annual growth rate of mobile e-commerce is estimated at 130%. At this alarming rate, any company that optimises its mobile e-commerce platform has everything to gain. There are no doubts that in the coming years, this figure is expected to rise to greater levels. For the company with ineffective platform, nothing short of decline in revenue can be expected. In order to stay clear off your competitors, you need offer mobile accessible services including delivery services, maps, product information, and notifications. Unless you go for optimised web design, maximising your profits in this highly competitive economy might just remain a far-fetched dream.
Even more, strive to optimise your platform for mobile payments. Renowned economic giants like Starbucks and McDonald have embraced such technology and the results speak for themselves. In a recent research, it was established that US alone passed $40 billion in mobile e-commerce annual salaries. Anyone who takes in this information, synthesizes, and implements it will have every reason to smile due to the notable outcomes.
Time for Partnerships
Most successful businesses and companies are products of sustainable partnerships. Partnering with a closely related company is a brilliant idea worth considering. It becomes of particular interest when the other business handles complimentary products. It will not only promote corporate cohesions but also widen your client network. Such moves create avenue for advanced marketing including placement of relevant ads on the business site of the other company. It is always important to remember that the more enhanced your strategies are, the more benefits you stand to get from such plans; thanks to increased customer network. Whichever the case, partnering with a complimentary business is an incredible idea worth embracing.
Narrow down and focus on Your Niche
Yet another effective e-commerce strategy is identification and specialisation in a particular niche. To get the most out of e-commerce, you need narrowing down to your source of traffic and laying critical emphasis on the same. Where does most of your traffic comesfrom? The answer for such a question can never be the same especially where different businesses are involved. It might be LinkedIn for a B2B e-commerce site and Pinterest for a wedding related business.
Ideally, maximising profits and taking advantage of the revolutionized financial industry goes beyond the basics. One needs to study and implement advanced e-commerce strategies for the best results. From partnerships, optimisation of platforms for mobile usage, and focusing on particular niche, the aspect of effective e-commerce strategies come with varied options. You only need to keenly look through, identify, and take advantage of relevant techniques.
There are many strategies to attract online shoppers to your store and convince them to buy from you, rather than your competitors and surely another major criteria is pricing.
In order to offer smartly competitive pricing by automatically tracking your competitor prices, you should better give Prisync’s competitor price tracker a chance!
NOTE: You can now share your voice in our blog. Prisync Blog now accepts guest blog posts and you can see the guidelines here. If you are already writing on ecommerce, or thinking of it, just reach us out!