Security, Mobility, & More: How to Succeed with E-CommerceBusiness House
Operating a successful e-commerce business requires more than just offering a great, in-demand product or service. As e-commerce has grown 14.6% year over year, it’s more important than ever that your e-commerce business not only measures up to the competition, but also stands out. If you’re thinking of launching an online business or just looking to improve your existing online sales make sure you aren’t forgetting these crucial elements:
Although online shopping is booming, many customers are still wary about sharing their financial information and personal details online. In fact, fewer than 1-in-10 consumers say they are comfortable completing financial transactions online. Even if a consumer is interested in the product or service you offer through your website, they may not make a purchase if they don’t feel that their financial details are secure. To earn the trust of your potential customers, it’s important that your site employ a secure checkout to prevent customers’ information from being stolen or shared. 75% of shoppers said that when they see secure checkout logos on e-commerce sites they feel more trustworthy and therefore more likely to make a purchase.
Determining the perfect pricing for your product or service is a science, with e-commerce adding a host of price considerations. If you’re dealing with vendors you’ll have retail cost and MSRPs to take into consideration when setting a reasonable selling price. If your product is labor-based or handmade you have to take into account the cost of supplies, time, etc. spent to complete a task or finish a product. In the end your pricing has to be competitive, fair, and profitable so that you can continue to grow and rise above your competitors
Offering your product online could also present the opportunity for more product personalization than you can offer in-stores, for instance: monograms or engravings. This opportunity for personalization could lead you to charge price mark-up or extra charge on your product, if you think your target audience would be willing to pay a premium.
And don’t forget about shipping costs associated with online shopping. The price of shipping can be just as important to consumers as the price of your product, with 28% of consumers abandoning their purchase if presented with unexpected shipping costs. Finding a price that creates the right balance of profitability and customer satisfaction is crucial in the success of your e-commerce business.
Since 2016 began over 45% of traffic to online shops has come from smartphone users. If your customers are going mobile, you need to make sure that your site is too. In addition to optimizing your site for mobile devices, it may also benefit your brand to consider creating a mobile shopping app. With experts predicting that online shopping is slowly moving toward mobile only, your e-commerce business may already be falling behind.
Social Media Marketing
As a business owner you likely have some experience with social media marketing. It’s a powerful tool, even more so when it comes to e-commerce. In recent years, 60% of all e-commerce referrals have come from Facebook. You can’t make sales if customers don’t know about your site and social media is an efficient way to inform them. You can use social media posts and advertisements to introduce your site, promote specific products on sale, or highlight features that make shopping on your site easier – such as simple sight navigation tools. With 30% of Twitter users discussing holiday shopping before October, now is a perfect time to ramp up your social media presence to create potential holiday sales.
An e-commerce business is hardly a way to get rich overnight. Amassing a following of loyal buyers and turning a profit requires continuous effort and can often be a sizable investment of time and money. Even if the work is more than you expected and the returns are slow at first, the potential for growth is huge and you can turn to Business House for help every step of the way.