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FACTORS DETERMINING THE SUCCESS OF E-COMMERCE BUSINESS
E-commerce can be defined as a combination of new technology and traditional business models that allow the online stores to sell out the physical goods without the need of storefront.
When we look at the concept of E-commerce, it looks very easy on the outer surface but when it comes to executing, it’s very difficult.
There is a lot of competition in the industry with little margins of profit and a high rate of failure for the new ventures.
If you are also planning to run an E-commerce website, then this article will be very helpful for you as we are going to discuss about the factors which determine the success of any E-commerce business.
In order to make any business successful, proper planning and a lot of hard work is required and it’s the same with online business.
Below are given some key factors that must be considered to make your E-commerce business successful:
Identify your Customers
The first step to make your business successful is to have a clear idea who is your target customer.
Ask yourself few questions, where do your target customers spend their time in looking for the products or services you are offering.
What keywords do your target customers type when they search the product or service you offering with Google?
Make sure your website is listed Top #10 in Google with SEO or Adwords, this is because when customers are searching with Google, chances they are buying the product or services are very high, and it will triple up your sales.
Increase Conversion Rate
Conversion rate is the percentage rate where visitors who visit your website and proceed in making purchase in your website.
Let’s say, only two to three percent of visitors, who visit your website, finally buy something which means, that’s a huge percentage of visitors browse the website without purchasing anything.
If your website having low conversion rate, you might need to spend some time to increase your conversion rate.
There are many factors why your website is having low conversion rate:
Having difficulty to find the desired product
Having difficulty to get sufficient information about the products
Don’t want to pay the cost of shipping
Don’t want to fill all the personal information
Facing technical errors when processing or checking out
Having issue with payment processing
Product price is higher than what your competitor is selling
Website not mobile friendly
Some of our clients may think this is not important, but it definitely decreases your conversion rate if you do not fix all this.
Let the Customers Know Why Your Products are Better than Others
If you clearly stated all the benefits of using your product, you may have higher chances to convince the customers to buy your products.
If you think your products are better than your competitor, you may do a comparison chart showing the differences in price, quality, availability and timely delivery to help your customers understand the differences between your product and the competitor’s product.
When you run any advertisement campaign, make sure you stated the top benefit of using your product to attract customers to find out more information from your website.
Update your Website Constantly
To be successful in online E-commerce business, you need to consistently update your website on a regular basis.
When you are doing this consistently, your customers will know that you are serious in your business and there’s a team behind is putting effort in maintaining the business.
Ensure that Your Customers have Good User Experience
Is your website user friendly? Have you tried browsing your website as if you are your customers?
Is your website structure providing a good user experience? Can customers find for the right product within a click?
If your website is hosting in a cheap server, it will affect the website loading speed.
Most of the time, customers not willing to wait more than 3 seconds for the website to be loaded.
Earlier days, the customers had to pay the shipping charges for nearly all the products that are bought online, but now-a-days, many websites provide their customers with free shipping.
The words ‘Free Shipping” attracts many customers so it’s a great way to lure people and enhance your business.
Provide Customers Support
It is very essential to provide customer support to the visitors, so they can get answers of their queries quickly and don’t just leave the website after being confused.
The response should be fast and reliable as well. Beside Feedback form, you may consider in providing live chat in your website.
Live chat enables you to answer your customer query instantly.
Make the Customers Visit your Website Again
In order to make sure your customers will keep coming back, you need to provide the best service with quality products.
Customers who have purchase from your website, chances they will return and buy again are much higher compare to new customers.
During special holiday season, you can email some voucher code to existing customers for them to enjoy more discounts if they proceed buying from your website.