The E-commerce industry in India and all over the world is thriving and flourishing with each passing day because of the sudden and drastic transition of consumers to the online platform and the digital world. The growth rate of e-commerce development in India is so high that many retail businessmen are losing out on their revenues.
The most important part of an e-commerce business is a perfectly built website that is created by taking into consideration the best possible e-commerce website development structures and policies.
These days, big e-commerce companies are continuing to grow rapidly because they can make huge investments in their businesses. They are capable of proper marketing, providing the best services to their target audience, and many other important things that can mark their presence in the market and enhance their goodwill.
Reasons for Big E-Commerce Company’s Rapid Growth
Ability to Make Huge Investments
Huge companies can make huge investments in their companies. They can easily set up better services as compared to small firms for consumers because of the large budgets that they are given.
They can use the best of the resources and provide all the services and products that their target audience requires very speedily because of the advanced technology that they can use because they don’t need to worry about the budget.
Giving Maximum Importance to Customer Experience
Big firms and business owners often give preference to their clients and target audience. They tend to fulfill all the needs and requirements of their consumers and are even ready to mold their product and services according to them if a majority of the audience is ready to do the same.
They can do all this because they have numerous employees, special teams catering to customer support and consumer experience, large fundings, etc. But, at the same time, small firms cannot provide their customers with the same level of satisfaction due to tight budgets, limited employees, and limited resources.
Goodwill and Brand Name
Huge companies already have goodwill in the market. In the case of almost all the big companies, they are known by their name in the market and also as a brand because of being very famous in the market. So, consumers tend to trust them more and thus, choose them over the other small firms in the marketplace.
Advanced Technologies and Better Infrastructure
Big e-commerce companies can employ better technologies and advanced infrastructure in their companies and factories because they can afford these expensive technologies and can thus, transition along with the digital transformation.
On the other hand, small e-commerce companies cannot afford such expensive advanced technologies and good infrastructure for their business because of the tight budgets that they have because of being in their initial stage.
Top Strategies to Grow an E-Commerce Business
Identify the Target Audience
If a company needs to grow, then there has to be clarity about the target audience, according to whom they have built their products or services. This helps in easily solving the problems and fulfilling the requirements of the consumers who are facing the same issues as their ideal audience.
Various consumer personas should be generated by considering all the important factors like age, interests, issues, income, background, etc. These personas can easily lead the company while curating content, social media posts, running marketing campaigns, etc.
Offer Complementary Products or Discounts
If a consumer has opened a particular company’s site to buy a particular product then the company can easily lure them to purchase complementary products along with the item he/she originally wanted to buy.
Almost all online stores tend to give an option to its user to purchase the whole look while purchasing something particular.
For example, if you are selling a t-shirt, you can send other required things along with it like jeans, belt, wrist-watch, etc, and give an option which is commonly known as “Shop-the-Look” to your consumers.
Promoting Upselling and Cross-selling
A company can do upselling by making a person purchase a better and expensive version of the same product that belongs to the same or some other brand by providing them with a comparison of the products and letting him/her know about the qualities and features of the other product.
Cross-selling is done by e-commerce companies by promoting the related products with the product that their customer originally wants to buy. By displaying related products, the sale value can be increased quite easily.
Amazon uses this strategy on every product page that its application displays to its consumers and the company revealed that this way, they have increased their revenue by more than 30%.
Working with Social Media Influencers
An e-commerce company or brand can easily increase its exposure and get popular among its audience by asking famous social media influencers to promote their website, mobile application, or a particular product on their social media handles.
These influencers know how to curate content to attract an audience and help various companies to drive their sales.
Technology and digital transformation have brought the world closer hence, allowing people to shop from anywhere in the world online from their mobile applications and websites.
These days, people do not think much before purchasing something from outside India from the brand’s online platform because everything is safe and common these days.
All e-commerce businesses should offer international shipping for their consumers all over the world.
Also, if the brand is not willing to do this on its own end then, the company should be upfront and transparent about the delivery charges for the place that the consumer is wanting a particular product to get delivered.
Encouraging Repeat Business
Businesses tend to indulge in repeat business by offering various discounts and coupons to their consumer after his/her first purchase from their company or brand. The brand does this to retain its old consumer because it costs almost seven times more to gain or attract a new customer.
The company tends to lure and attract their consumers to come back to their brand’s portal and shop more by giving them a special offer, discount, or some coupon with their first purchase. Some companies also execute and offer a loyalty program, offer birthday gifts, and sometimes even run personalized campaigns to advertise products of that particular consumer’s interest.
Offer Fantastic Consumer Support
These days, a company can win over its consumers’ trust levels by providing them with incredible consumer support and services. Companies are ready to invest in special staff to look after their consumers’ concerns and problems that they might have with the product that they have purchased from their brand.
A brand can offer consumer support in various ways according to its consumers’ requirements. They can be available to their consumers by releasing a helpline no. for their brand or portal, by providing a support email-id, offline store support, etc. to help out its consumers and hence, provide them with an excellent consumer experience.
Common Mistakes Done by an E-Commerce Company
Misunderstanding its Product and Audience
If a company is not understanding its product and target audience properly and is not doing enough research on its requirements and needs then it might not be able to flourish enough.
Most of the time brands to this error when they wrongly price their products or services without doing any market research. Sometimes, they even choose the wrong target audience or might misunderstand their ideal consumers’ requirements and need.
Mostly, small e-commerce companies tend to forget this aspect and believe that if they have built something then some audience will definitely reach them but, it does not work like this in the e-commerce market.
Improper Product Pages
When it comes to an e-commerce company or brand’s online portal, then the product pages play an important role in making a user purchase their product or service.
If the information and data that the product page of a particular service or product is insufficient or irrelevant then the consumer might get frustrated and do not buy the product.
Brands should also indulge in social proof which means testimonials and consumer reviews about the company’s products or services in the form of social media posts, feedback videos, numerous comments, etc.
On the company’s web portal or social media handle. Sometimes, companies even fail to display proper pictures of their product or service on their website which leads to mistrust between the buyer and the company.
Inefficient or Non-Availability of Customer Support
Some companies fail to provide efficient consumer support to their users and thus, it leads to frustration in a user’s mind when his/her issues are not resolved by the company.
Sometimes, even after having a helpline no. and a support email-id, the company fails to address its customer’s issues and therefore, end up losing a customer.
E-commerce brands need to understand the importance of a good consumer support system and also, investing in the same to provide a good consumer experience to their customers.