Advancements in modern technology have made access to the internet easier, which has led to a steady increase in the significance of the online world for building personal and business relations. It has significantly contributed to the rapid growth of the e-commerce industry, which is expected to account for 23 percent of all retail sales in 2023 and is on route to becoming a 7 trillion dollar industry by 2027.
With consumers relying more on the virtual marketplace for their transactions, it is essential for businesses looking to achieve growth to expand into this market. A good e-commerce platform will enable these organizations to reach a larger audience. Moreover, businesses looking to achieve this should duly consider these four factors, which can be the difference between having a successful E-commerce platform and one that fails to attract customers.
Find Your Niche Audience
Before you start your online store, it is important to understand what market your business and products are likely to attract. Here it will be crucial to research your competition and identify gaps in the market which your company can fill to have something that differentiates them from the others. Identifying your target audience and their preferences will give your business a better idea of who you are trying to sell to, what these customers are looking for, and how you can provide value to them to gain a loyal and consistent customer base.
Understanding your customers can help curate a brand identity that will attract loyal customers. If your business sells organic products, reaching out to one of the best non-woven tote bags supplier can help create an image of a company that prioritizes sustainability. If your business sells personal care products, you can advertise that your raw materials are 100 percent natural and sourced from small businesses. A successful company has a deep understanding of the general preferences of its target audience and understands how to capitalize on the shared interests of these groups to expand its market.
Find An E-Commerce Platform
Your e-commerce platform will be the foundation of your online store, and it is critical to choose the right one for the success of your business. Depending on the size and scale of your operation, you can opt for either a hosted or a self-hosted platform. For large companies with excess capital that allows them to afford sufficient technical expertise, opting for a self-hosted platform is optimal. These allow for greater control as companies are not dependent on the services of third-party organizations and afford the business with more flexibility and customizability on their online portal. On the other hand, they are expensive both to set up and manage.
Smaller businesses interested in expanding into the online market can go for hosted platforms as an affordable and easy-to-manage option. There are a variety of hosted e-commerce platforms available, each with its features, pricing, and limitations.
Irrespective of which platform you choose, it is essential to ensure that your e-commerce store is easy to navigate, visually compelling, and mobile-friendly. Surveys show that 39 percent of all shoppers will only interact with a website if it is fast enough, and a further 38 will only engage with a site if it looks attractive. Ensuring that your platform is easy to navigate and that your brand identity and product catalog are compelling is crucial to your company’s success and growth.
Find A Secure Payment Gateway
Your payment gateway is what allows your business to accept credit card payments. An e-commerce store requires a payment gateway that is fast, reliable, and secure. Customers will have to share sensitive information on this portal, so it is paramount that they feel safe while doing so. Concerns such as identity theft and misuse of personal and private information can be discouraging when using an online portal for customer transactions. A recognized payment gateway that supports multiple payment methods for its customers is a great way to build this trust. You want this process to be as seamless and transparent as possible. The last thing you want is a janky payment gateway that deters potential customers right when they are buying.
Another step to increase trust and transparency on your e-commerce website is to include reviews and comments. Seeing that other people have had past experiences with your business makes future customers feel more secure about the fact that they are interacting with a real business and not a scam.
Having a reliable and secure payment gateway and other trust signals on your e-commerce platform will help establish credibility for your business and is essential to turn curious onlookers into people buying your products.
Focus On The Customer’s Experience
Exceptional customer service is the most pivotal element to succeeding in the e-commerce industry. A survey showed that over ninety percent of customers were more likely to make repeat purchases if they had a good customer service experience. By contrast, over seventy percent of customers will stop doing business with a company after only two bad customer experiences.
A platform that offers a good customer experience looks like a website that is easy to navigate, where customer queries are promptly resolved, and where there is detailed information about the different products the consumer may consider buying. Alongside this, it is crucial to be transparent about the price of the products on your catalog, as one of the most discouraging factors that prevent final purchases is hidden shipping costs. When prices are presented transparently, consumers can spend more time deciding what product is within their budget versus when these charges are hidden until the final payment.
A hassle-free return policy is another great way of improving the customer experience. It is especially true where the price of the product is relatively high. Users of the website will feel more secure about purchases where they can return the product if it is not to their liking.
By having a fluid website or app, a team that quickly responds to customers’ issues and questions, and a transparent pricing policy with good return options, you can ensure you will develop a loyal and frequent customer base.
Conclusion
Starting an e-commerce business can be a lucrative and rewarding venture, but one that requires careful planning and consideration. It is the best way for small businesses to expand their markets outside their community. These businesses should consider how they will engage their target audience, which platform and gateway is best for their organization’s capacity, and how they can optimize the user experience to acquire dedicated customers. Focusing on these four factors can increase their prospect of achieving growth.
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