As more and more millennials keep turning towards online marketing, a fresh new crop of startups based on the e-commerce niche, have found a vast amount of growth potential. However, since e-commerce is such a relatively new sphere which had previously been monopolised by online giants like Amazon and Walmart, there hasn’t yet been any set rules of success by which can be exploited by these fledgling businesses.
All of that changes today as in this piece we are going to lay down 3 fundamental rules which lays the foundation for any e-commerce business that is looking to carve out its own special niche in the modern internet. Now do remember a lot of these points are going to be broad and not very detail oriented since we want our audience to be able to implement them in all sorts of e-commerce startups regardless of their nature. So it doesn’t matter if you are a drop-shipper or a full-fledged e-commerce portal, these 3 points are going to determine how successful your e-commerce business is going to be online.
- Understanding Your Audience
With so many e-commerce portals springing up around the Internet every day, it becomes vital for any new business to differentiate itself from the countless other services that are already there in the Internet. Now this is where most e-commerce startups go terribly wrong as they assume that the only way to attract attention and increase their customer base is to provide lucrative discounts. However, that business strategy is unsustainable for the long term and while it provides an initial exponential boost in increasing market reach, end of the day these coupons and discounts end up hurting retention rates for most businesses.
Instead what e-commerce businesses should concentrate on is their traffic flow. By making a statistical analysis of their visitors – which affiliate or social media funnel are they coming from, how much time are they spending on the website and which key items are flying off the virtual shelves; startups can paint an accurate picture of their demographic as well as explore the various niche likes and dislikes of their audience. This is vital as it helps to tailor the experience on the website to suit the specific choices of their audience that not only creates a sustainable e-commerce model but also increases sales and retention rates.
- Choosing the Right Courier
Courier services are the backbone of any e-commerce site and because they are often the only human interaction that a portal has with their customers. This is why it becomes vitally important that any new e-commerce startup takes steps to integrate themselves with a courier service whose business ideals are in the same vein as their own.
Also with many e-commerce services looking to opt for a hyperlocal model, it gets more important to offer same day delivery services than other more traditional e-commerce portals that generally have a much wider operating window. Now the key features to consider when choosing a delivery partner is reliability, delivery time frames and scalability – both in terms of money as well as growth. Something like same day delivery service works great if you are looking to expand your e-commerce services anywhere in the UK and there are several other specialized delivery services like this that you would be able to find with just a little research!
- Utilising the Correct Internet Marketing Tools
A lot of today’s millennial shoppers depend on niche social media influencers who have set themselves up as trusted online reviewers for a particular category or range of products. Now this is hugely different from traditional influencer marketing as instead of working with a huge celebrity, the e-commerce portal works with influencers who while smaller in follower counts have a more direct reach with the community. This type of marketing has found much success in recent times when compared to traditional internet marketing tactics such as social media blasts or creating email funnels.
Because the e-commerce industry is in such a volatile state right now, there aren’t a lot of hard fast and rules to follow for all the new up and coming startups and e-commerce portals. However, keeping these 3 golden rules in mind, will hold you in good stead no matter what niche you choose to concentrate your online shopping portal on!