How to beat and better your E-commerce Competition?

By | Mar 31, 2016 | 1816 views |
  • How to beat and better your E-commerce Competition?

The competition in the E-commerce space has heated up with many companies, big and small, venturing into the online sphere. Everyone is trying to create a brand name in the market, draw more customers, ensure customer loyalty and beat the competition. So, what are the rules of the online game? How can online sellers beat, and more so better, the competition? We give you some tips and tricks to stand out in this breakneck e-competition and create an online success story.

Do a SWOT analysis for your competition

In business terms, SWOT stands for analyzing the strengths, weaknesses, opportunities and threats of an organization:

  • The Strengths refer to the exclusive features which give a business a distinct advantage over the others.
  • The Weaknesses refer to those features which place a business at a disadvantage over the others.
  • The Opportunities are the features which a business can explore to achieve more growth.
  • The Threats are the factors which pose a hurdle in the path of a business’s success. 

SWOT analysis is an essential part of a brand’s strategy which can help a retailer to determine the internal and external factors which will affect the success rate. Entrepreneurs need to build upon their strengths and opportunities, and overcome weaknesses and threats to achieve success.

Make Mobile Commerce a key strategy

Mobile Commerce is the new face of E-commerce. India’s population both in urban and rural areas is increasingly adopting the m-commerce route to purchase products & services. In fact, Mobiles are fetching as much as 70% of the revenues for the online retailers. According to a study, Mobile Commerce market in India is estimated to grow up to $19 billion by 2019. Mobile Apps have become popular for online purchases. India is amongst one of the top five regions for the Google Play store. All these facts clearly point to the fact that the online retailers need to ensure that their sites are truly mobile commerce ready. There is a need to adopt responsive web design and provide a seamless user experience across all devices. Keeping in view the increasing usage of smartphones, iPads and other mobile devices, we can safely say that m-commerce optimized sites will lead to more conversions and give you an edge over your competitors. 

{Related Read: M-commerce-the new bloom in business}

Develop SEO rich and Interactive Content

Content is what rules the roost today. Ensure SEO driven content and techniques for your online store and the web traffic will increase manifold. Static Images are so passé and boring. Interactive content is what is trending now. Give videos, webinars, virtual guides and 360 degree view of images. Such content makes the site interesting and offers more details about the products to a prospective buyer.

{Related Read: How SEO Tools Benefit Business Performance On Search Engines}

Deliver a Complete Package

Efficient delivery is one of the pillars for success of e-commerce firms. Fast delivery, and still better, free shipping, attracts customers. Quick delivery of products keeps the customers happy and loyal to an online store. Many stores are trying to offer one-day or next-day delivery on their online stores.

{Related Read: Same-day delivery or Next-day delivery. What is a good delivery strategy for online stores?}

We suggest that retailers should go a step further and add a surprise gift, a discount coupon or some offer for the customers. It will make them come back to your online store and chances are they will buy more than actually planned for. It will earn positive customers’ reviews and also attract more people.

 Personalized Customer Experience will drive sales

The online store owners need to offer a personalized experience for the users. Ensure that you engage with your customers via the website, social media platforms like Facebook and Twitter, e-mailers, notifications, SMS, customer support, etc. Keep your customers informed about new offerings and your USP. When a product is delivered, make efforts to make the packaging innovative and unique. To show appreciation, retailers can give a personal touch by adding a note of thanks.

Tap into the Global Marketplace 

Internet has made the world a small place and it is easy to communicate with people all over the world. Go global and see your sales going places. Do not limit yourself to one country and rather sell over the world. Don’t worry about how you are going to achieve this. Simply choose a platform like StoreHippo, which creates multilingual and multivendor stores integrated with all the leading payment providers to accept payments in any currency. 

{Related Read:  Benefits of a Multilingual Website}

Highlight your USP and quality 

In this fast developing online sphere, you need to stand apart from the crowd. Online retailers need to highlight their brand’s USP (unique selling point). What sets you apart from the others? If you can’t figure it out, there is something wrong with your strategy. Identify a key feature and benefit of your product which attracts people to your store. Develop a USP for your brand. It will go a long way to create a positive image in the eyes of the people. Remember to give paramount importance to your brand’s quality and never compromise on it else it will lead to negative product reviews. In case your site gets negative comments and reviews, do not take it lightly and address the issue/s right away. 

{Related Read: How to respond to negative online product reviews}

Develop an effective social media strategy 

In this world of digital media, it is impossible to carve a niche for yourself without a good social media strategy in place. You can promote and sell products via social media platforms and also connect with your customers. Respond to your customer queries on social media and also sell products through Facebook ads.

{Related Read: Social Medium: An Effective medium to build customers relationships}

If online retailers adopt such measures, they will certainly up their ante, standout in the digital world and carve out a niche for themselves. What are your views? Please let us know.

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