How to Run a Successful eCommerce Business
The way people buy products and services has changed dramatically in the last couple of years, thanks to technology. Most people today use the internet to research brands and decide whether they should trust them or not, and more and more switch partially or entirely to online shopping.
And with the pandemic everything that could, including shopping, has moved into the digital world, creating incredible opportunities for entrepreneurs who want to start an eCommerce business.
Build a Superb Online Store
Whether you are just starting a business, moving an existing one online, or trying to grow your eCommerce business, nothing is more important than the condition of your online store. Even though it’s virtual, your store should look beautiful, the buying experience should be impeccable, everything should be easy to find, payment should be secure, all the necessary information available, and putting things in the cart should go smoothly.
First, you should find an eCommerce platform to build an online store for your business. It’s important that you choose one that will make your job as easy as possible. For one, the store builder should be user-friendly, and the platform should enable ordering, paying, and hosting. Furthermore, it should allow you to automate day-to-day tasks. Aesthetics is also crucial and it should be easy to customize the website design so that your online store represents your brand perfectly and matches your business vision.
The fact of the matter is that the better your online store works, the fewer potential buyers will leave your website immediately or abandon the cart. Finally, choose a platform that will be able to accommodate your business as it grows, without compromising the performance, speed, and efficiency of the store, and the overall customer experience.
Choose the Right Shipping Method
Timely delivery is one of the keys to running a successful eCommerce business. Long and frequent delays prompt order cancellations, bad reviews, and unsatisfactory customer experience. All of this can harm your reputation, and consequently, your profit. Good buying experience on the other hand plays a huge role in customer retention.
There are several ways you can go about shipping your products to your customers. Simply put, you can either ship your products by yourself, or you can use a third party. Owning your own stock, however, can be very expensive, especially for small or new businesses. This is why it’s a great idea to use another way of shipping products. When considering third-party shipping options, platforms like Shiply can offer efficient solutions tailored to your eCommerce needs, ensuring timely deliveries and satisfied customers.
One option is to become an Amazon FBA business. This means that you sell your products, while Amazon will ship them. Using Fulfillment by Amazon gives you access to more customers and inspires trust. And not only will it make your work easier but it will also help you run a successful business, and eventually grow and scale it.
Dropshipping is another fulfillment method in which you don’t keep products in stock, but rather purchase it as needed from a wholesaler or manufacturer. You can use one or several dropshipping suppliers and tools. Some businesses also combine FBA and FBM methods.
Focus on Customer Retention
Acquiring new customers is important but successful eCommerce businesses also focus on retaining customers. Powerful tactics to increase customer retention are key for business growth, because returning buyers are loyal customers, and they translate to a good reputation, increased visibility, and, most importantly, increased profit.
There are many tactics you can use to build a strong, lasting, and meaningful relationship with your customers, including creating loyalty programs, offering gifts and discounts, providing quality content on your website and your social media, interacting with customers, asking for feedback on their experience, and staying in touch after they’re done with the purchase.
Take Advantage of Social Media
Most companies nowadays recognize the importance of social media for their success, whether they are eCommerce businesses or not. Major social networks, including Facebook, Instagram, TikTok, and Twitter, offer many features for businesses to boost sales and even enable shopping through their platforms.
However, this is not the most important benefit of social media for businesses. With more than half of the world’s population using one or more of these platforms constantly, they can provide you with a vast pool of potential buyers. Some of the tactics you can use to reach your ideal customers using social media, include:
- Providing high-quality content to increase engagement rate;
- Inspiring user-generated content;
- Interacting with followers;
- Using paid ads to target the right social media users;
- Collaborating with other brands and/or influencers;
- Cross-promote.
In a Nutshell
There are many successful eCommerce businesses out there, which can be intimidating if you are just starting your online store. However, with the right tools and tactics, you can increase your chances to run a profitable and scalable eCommerce business.
MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.
Campaign Creators
