The Internet of things (IoT) has revolutionized traditional business models, throwing the global marketplace into a spin. Virtually every business is moving online which has unlimited potential and a vast market. However, the physical retailer who leverages the advantage of facetime experience for customers remains the one big hurdle to the growth of e-commerce.
One way to compete with physical retailers is to create a user-friendly eCommerce website that provides a good customer experience. An interactive website will contain demo videos, technical information where needed, and any other relevant data that can assist an online customer make decisions.
The point is, eCommerce is the trend going forward, and businesses must innovate to grow with it. Here’s how to overcome eCommerce growing pains.
Countering the human factor
There is a sizeable percentage of customers, especially the older generation still attached to the physical shopping experience. They pose a challenge that companies going online must address if they are to succeed. One way to address this is to invest in serious technology to drive your eCommerce efficiently, conveniently, and with superior customer experience.
Investing in big data platforms that incorporate CRMs and mobile technology will give you a boost in efficiency. However, other benefits will include real-time analytics that you can use to align products with customers, learn customer behavior and preferences, receive feedback on products, and improve on transaction speed and monitoring.
Create a user-friendly website and one that gives the customer a feeling and the satisfaction of apparent physical shopping.
Your eCommerce website should go a step further and create a store-like look that allows customers to view different products and compare them as they would in a physical store. Remember to create a website that can be accessed easily on handheld devices such as smartphones.
Reorient your business model
The Internet offers unlimited potential for businesses to stretch their options to meet emerging trends. The digital sector has many products that are renewable after a specified duration.
If you have been shipping the product in a physical form, think about offering it online via subscription. This can work very well with software and apps that are easily downloadable online and activated remotely for the user after confirmation of payment.
Exploiting this business model is healthy for the bottom line as it cuts out logistics and shipping costs. It also allows for low operating costs that lead to affordable pricing of products and increased sales. Subscription is definitely a winning business model on the emerging eCommerce platform that can change the fortunes of many businesses.
Essay writing service UK provides professional essay writers for assignment assistance to students. The services include thesis, dissertation, term papers and essays. The services are repetitive in nature and students need them all through the year so a subscription service made a lot of sense. Once it was introduced, the sales almost doubled and it proves that online sales for both services and physical products are benefitted by subscription services.
Customers prefer this model as it guarantees the availability of products and services whenever they need it at their convenience. Assess your products to see which can work on subscription and align them accordingly.
Align products for online sales
Several businesses have thrived for long on the physical contact with customers to make sales. Among these are motor vehicle dealers and real estate agencies that expected customers to inspect the car or house physically, haggle over the price before buying. It will take a little innovation to move this business online and be surprised how efficient and lucrative it will turn out.
Once again, take the time to design a truly interactive website to display your products in a manner that replicates the physical inspection. Take as many photos of each car as you can and from every conceivable angle to give the customer a near-perfect viewing experience.
Customers will find this convenient shopping from the comfort of their home and if satisfied word about your website will go round through customer-to-customer indirect marketing.
Realtors can add the flair of a virtual video tour of the property they are selling that a customer can watch several times over without pressure from the salesperson. If well-executed, this will prove a more effective business model on eCommerce for real estate.
Increase digital marketing capacity
Poor digital marketing capacity will make or break an eCommerce business. Understand that everything is run on technology and, as such, endeavour to put in place the systems that can sustain your business.
Do not venture out when not fully prepared as this will harm your image in the end when your digital systems fail to cope. Look long into the future and lay strategies that will last.
Develop a strong digital marketing strategy and hire competent staff to direct your business online. You may also build partnerships with related businesses to help you grow in the field.
Marketing experts at Best Essay Writers UK suggests to not to focus on advertising campaigns and overlook the long-term needs of your budding online business. Design a business model that is always on and customers can access products or services with ease 24/7.
Understanding the eCommerce marketing law
One serious challenge for eCommerce on the global scene is the strict compliance laws different markets are legislating to control the conduct of online business. By its very nature, eCommerce is global, reaching across many nations with multiple laws that govern business, especially customer privacy.
Notable among these laws is the General Data Protection Law that was introduced in the European Union and has been localized by member countries.
Company CEOs must understand what customer data they can safely collect without breaking the law and this sometimes may not be compatible with home laws. Under GDR regulations, business data is perceived to extend to the owners as well.
To avoid costly litigation and injury to reputation, ensure you understand eCommerce laws applicable in countries you intend to do business in. Pay special attention to data security regulations and intellectual property laws as you venture out on the digital marketplace.
There will be challenges in every venture one takes on, and eCommerce is no different. E-commerce is a novel platform and businesses will overcome these challenges as they grow learning, innovating, and adapting to survive. This also the future of business and lagging behind could leave you out of the game completely. Arm yourself with relevant information and move with the internet trend in business.