There has been exponential growth in the eCommerce industry over the last decade. Both B2B buyers and B2C/D2C customers are exploring online purchase options owing to the sheer convenience, cost-effectiveness, and variety. Resultantly, the competition among online sellers has become increasingly fierce. Merely having a great product is not enough to be a successful online seller today. A strategic online marketing plan and data-driven business decisions are crucial for maximising profits.
Both operational efficiency and a strong customer focus lay the foundation of a successful eCommerce business. Here are 9 proven strategies for an online seller to stay ahead of the competition:-
- Fine-tune Product Pages to enhance User Appeal and Search Visibility– Always upload top-quality product images taken from different angles. Ensure that your primary keyword is used in the product title. Write a lucid product description with suitable keywords. With the increased popularity of smartphone browsing, an online seller must ensure that the entire content layout is mobile-friendly.
- Attractive Promotions/Discounts in sync with Industry Standards– The most effective way to lure customers and induce conversions is by offering attractive discounts. But this has to be aligned with the industry norm and, most importantly, comply with the desired profit margins. Lastly, surveying competitors is pivotal for devising the correct pricing strategy.
- Choose the Right eCommerce Platform– As an online seller, if you are operational on an eCommerce platform that caps product prices or doesn’t facilitate prompt payments, it can lead to a major blunder. The larger the user base and the geographical reach of the online marketplace, the higher will be the profitability.
- Capitalise on Your Social Media Presence– This might not have been the case a few years ago, but today, social media is the lifeline of an online seller. Before making a purchase, a customer is most likely to check your social media followership, ratings, and reviews.
- Spearhead an Effective Email Marketing Campaign– Using the email marketing features of renowned eCommerce platforms is a great way for sellers to reach out to both potential and existing customers. Personalised marketing emails showcasing products/services and offers per the recipient’s profile are recommended for high ROI.
- Understand that there is No Alternative to High-Quality Customer Service– Even when you have access to prime markets and have devised the best promotional strategies, customer service should always be at the forefront. As an online seller, you need to be available for queries, highly responsive to complaints, and ensure a robust CRM approach after sales.
- Bank on Positive Customer Reviews, User Generated Content, and a Strong Loyalty Program– Rewarding online shoppers for their loyalty will ensure that they make repeat purchases. Leading online sellers always bank on driving engagement with positive user-generated content such as unboxing videos, product usage videos, high-quality images, and positive reviews.
- Use Analytics to Identify Performance Loopholes and Rectify Them– Data-driven businesses are garnering massive profitability worldwide. By systematically analysing customer behaviour, sales trends, and operational parameters, sellers can gain valuable insights into the current loopholes in the system. Leading eCommerce platforms provide the latest analytics tools for sellers to gain full-fledged knowledge of their target markets. These tools can also be used to assess the performance of competitors.
- Focus on Product Diversification and Expansion in New Markets– An intuitive online seller will always ensure that the business doesn’t stagnate. Introducing new products as per the latest industry trends and discontinuing obsolete products is necessary. Also, sellers should aim to expand in foreign markets for higher profitability.
Conclusion
Maximising profits as an online seller warrants a multifaceted approach. One needs to keep pace with emerging trends and the latest technology to stay ahead of the curve. An innate understanding of the customer’s mindset/requirements is equally necessary. Choosing a seller-friendly eCommerce platform with a huge active user base is akin to winning half the battle. The rest can be won by adopting the aforementioned strategies and meeting the constantly changing needs and expectations of customers.