KNOW WHY YOU MUST REVISE YOUR ECOMMERCE STRATEGY NOW!
In the midst of a rapidly evolving eCommerce landscape, realtors are smart enough to opt for the eCommerce market in order to reach the end-users. The traditional stores are no longer limited to brick and mortar shops. They have evolved to eCommerce platforms allowing realtors to expand their businesses. As a result, customers can easily shop from a nickel to a car from anywhere at any time. But once the long-awaited dream of expanding the business to most of the part of the world comes true, now what’s next?
You have given the much-needed push to your business, from bricks to the e-commerce market as a new entrant. But we believe that there is more to add. Even if your business is running successfully across the e-commerce market, you still need a strong eCommerce Strategy in order to make your business keep running successful and more profitable.
The eCommerce landscape is striving to live better by day and night. According to the report of Global Ecommerce 2020, the year 2020 earlier promised an increase in global sales by 19%. But with the global pandemic, the forecast believes that the e-commerce market will decelerate to a growth rate of 16.5% only.
As a result, the e-commerce marketplace is facing enlargement and development as now every business owner is shifting to the eCommerce market. This would bring challenges for the existing business to gain new customers as well as keep the old customers to revisit to them.
What does it mean?
The e-commerce marketplace is a pool. In order to survive, you must know everything about swimming before anyone else pushes you away and lets you drown. As a matter of fact, every marketer should know when the revisions have to be made to keep surviving.
In comparison to traditional and modern ways, the major traffic gets attracted to loyalty, brand reputation, and customer’s trust. Firstly, the eCommerce market requires a strong marketing strategy as most of the customers precept the brand as per what you show.
Generally, the information and customer testimonials would give a better perception of your brand. So even a minor error in marketing, it would lead to a serious loss. According to the Edelman Trust Barometer Special Report, 2019, the statistics have shown that 81% of buyers emphasize the brand name and reputation while making a purchase. Hence, brand trust is a crucial aspect.
Why do you need it?
E-commerce strategies play an essential role in order to keep up with the market. The e-commerce strategies majorly revolve around online marketing. The key to the e-commerce marketplace is to promote the goods and services in order to brand success. Hence, you need to revise your eCommerce strategies as per the trends and requirements of the market.
While you step into revising your e-commerce strategies, you might have to figure out answers to diverse questions like:
- Does your e-commerce strategy is capable enough to work well in the change?
- Who are your prospective customers?
- What changes need to be done?
The list of questions like this goes on and on as per the circumstances. In order to understand the answers to these questions, you have to be attentive towards certain vital signs. Paying attention to these vital signs will briefly indicate to you, what you need to revise in your eCommerce strategy to cope up with the market.
To give you a head start, we have penned down a brief list about when and why you need to revise your eCommerce strategies.
1. Conversion Rates are Low
When your conversion rates are low, it is a sign you need to revise your eCommerce strategies. The majority of visitors will not return to your brand for several reasons such as no brand recognition, poor shipping or carrier integration, etc.
However, your eCommerce strategies would need a revision as marketing plays a vital part in order to brand recognition.
While you revise the eCommerce strategies, you have to make sure that you understand your customer’s needs. For instance, if you have poor shipping integration, the customer won’t come back to your product if that remains the same. The reason behind low conversion rates can also be navigation. Therefore, revising strategies in order to keep up the conversion rate would be an ideal solution.
2. Targeting went wrong!
Have you ever experienced a situation where your products are of high-quality but you may not have got as much audience as you expected? Or you were not able to reach your customer. It is quite a common issue for realtors these days and it arises due to several reasons. For instance, you possess the right market as well as done great on social media promotions. But while doing that, you forget about SEO or failed in product mapping. These can be a few reasons behind the failure of targeting.
Since cases like this, your strategies might have achieved the major aspect but it didn’t pay much attention to the basic aspect. As a result, your targeting went wrong. Revising your eCommerce strategies while paying close attention to every basic aspect would bring out results.
3.Loss of Potential Customers base
With the ongoing pandemic, the major offline marketplace has shifted to the eCommerce market. The enlarging eCommerce marketplace comes with some modifications and variations. In this case, if any of your competitors come up with some modified deal, you might lose the prospective customer base.
You might have a question regarding customer loyalty. As per marketing expert various surveys, 13% or fewer customers would claim loyalty towards the same brand. Just not a better deal would be the reason for losing a potential customer base, there are other numerous reasons too. The reasons might be a poor-quality product or poor service, after-sales services, etc. These reasons play an essential role in brand reputation.
You might find several other reasons for losing your customers. Hence, you need to revise your eCommerce strategies as soon as possible in order to keep your customer stick to your brand.
4.Feedback Management
Feedbacks or Customer Testimonials or reviews are just not only related to brand reputation but also play a vital aspect in search engines too. Major prospective customers before making a way to online purchase, they trust on active customer’s testimonials. With a mindset of knowing the reality of the goods and services, they look for real people’s experiences. As a result, your strategies should make sure that you have enough testimonials or reviews available.
If your feedback management is poor, you have to make sure to revise your eCommerce strategies for a better management system. While you revise your strategies, you have to make sure that you take both positive and negative reviews into consideration in order to know what and where your strategies need revision.
Nowadays, the majority of prospective customers use eCommerce marketplace websites like Amazon, Walmart, eBay etc to make a purchase. This indicates that if you are new or old in the eCommerce marketplace, you have great potential to gain massive customers and receive results. Your potential targeted audience is online, you just have to make sure that your eCommerce strategies work in a way to reach them. If not, ensure that revisions made in your eCommerce strategies would work through your brand loyalty, product quality, and marketing efforts.