How To Win Against Competitors In ECommerce Business?
How To

How To Win Against Giant Competitors In ECommerce Business?

ECommerce trends can offer your business the required edge.

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When the competition is fierce, every other e-commerce business is trying to get a foothold on No. 1 position in Google page, it becomes difficult for a business to rank the top-charts every time. In order to combat this fierce competition, many businesses come up with marketing strategies that can entice the readers and convert them into their final customers. With flocks of readers ready to be the customers for businesses, now the question arises how would you show them your game?

Like Amazon, Flipkart and eBay are ruling the charts---you may also be wishing to get ahead of them and in fact be the best of all. 

Also, with the increasing trend of smartphone users, anybody can do online shopping from anywhere with just a few clicks. Your customers may look out for a specific product online and you wish to make people know about your offerings. What will be the ideal way to do that? Well, in this competitive industry, where everybody wants to grab the hold of the market share, it’s the common strategy now to use complete digital marketing solutions for driving the maximum traffic on your website. Having proper SEO, engagement in social media channels, PR, web pages with rich content, Pay Per Click advertising are some of the major tools to be preferred while getting good traffic navigated on your website. 

E Commerce

As per the Mary Meeker’s 2014 Internet Trends report which states that more than 30% of the total mobile users are smartphone users. All of us know that e-commerce industry is growing fast but do you know that m-commerce is even growing at the fastest speed? If your business fails to provide mobile-friendly shopping experience, then definitely you’re missing on the opportunity. 

As an eCommerce entrepreneur, you should be familiar with making your business a very strong phenomenon that it can maintain its online reputation in the eyes of all existing customers as well as the new ones. It’s very important. Phew! But have you asked yourself some questions to assess whether you’re operating your online store in an enchanting manner? Let’s find out:

  • Is your price justified for the product or brand you’re offering?
  • Are you giving sufficient discounts or coupon code to your customers?
  • Are you maintaining the high- quality products in the same way available in physical stores and malls?
  • Is your e-commerce business accessible anywhere in the world and meeting the standards of all types of culturally-oriented people?
  • Is your e-commerce store capable of making first- time impression and delivering exactly what is seen online?
  • Is your e-commerce store SSL encrypted, generating trust in your customers?
  • Are you making the best use of mobile commerce? 
  • Is your m-store optimized with responsive design with easy-to-use navigation menus, solid mobile features and easy checkout and payment?

When it comes to growing sales, most of the salespeople are so eccentric in gaining new clients and customers that they fail to effectively address the needs and concerns of those they already have.

There’s a common myth that it’s cheaper to keep existing customers than attain new ones. That doesn’t mean that in the race of acquiring new customers, you tend to lose the existing ones. Because the recognition of your business in the eyes of existing customer speaks much more than new ones.

According to the Econsultancy report, there was a rise in investment in acquiring new customers from 31% to 34% yet a decline in retaining customers down from 24% to 18%. This is a thought provoking issue to be addressed about.

Don’t get stuck on the old myth that if you have a great product or service, the customer retention will follow. If you fail in lacking to concentrate on the existing ones, you will gradually lose them. So, it’s better to retain them for your own good that maintains your recognition in the online marketplace.

Think About it!

As per the research study: 

From Bain and Company: You can increase your company’s profitability by 75% only if, there is a 5% increase in customer retention.

BY Gartner Group: The statistics show that 80% of your company’s future revenue generates from your 20% of existing customers.

From Marketing Metrics states that it’s very much easier(i.e. more than 50% easier) sell to existing customers than to pitch your brand to new customers.

By Bain and Company states that wooing new customers will cost your company 6-7 times more than retaining  existing ones!

Existing Customer adds a Good Source to your Database---Don’t forget them: Count Ways to Retain Them

1. Retain your VIP Customers

Gauge the signals of your customer’s impending departure. Identify their key elements such as purchase patterns, product use, and service calls. Seize the signals and make strategic actions to prevent them to leave. Assess your past 6 months of sales, make a list of your VIP customers and follow up with them to find out why they were not purchasing. Find out ways to retain them in business. If you follow this 80/20 rule, this investment is likely to pay you off well!

2. Target customers with special offers

Gauge your customers' past purchase history to know what kind of offer will appeal the most to them which increases your relevancy and keeps your brand in your customer’s mind. Use your CRM software to know about interested prospects who showed interest in your product, but haven’t purchased anything from you. Find out the ways to convert their interest into a real purchase by offering them special discounts or some additional value to your product. Create a list of all open sales activities and measure that with a list of all contacts that are subscribed to your newsletter. The result you will get is a list of contacts that are interested in your product but have not initiated any sale from you.

3. Give recognition to your most profitable customers by offering them rewards

  • Identify the customers responsible for generating most of your business revenues. 
  • Collect their information from your CRM software and follow them up to make them aware of the rewards and incentives in order to make them feel special and further increase their loyalty. 
  • This is one of the cross-selling technique you can count on as this will make most of your customers to continue purchasing from you.

4. Personalize your follow-up

  1. Don’t take your customers as a number from your CRM software but see them as a person. 
  2. Try making necessary fields when you register a contact, use personal notes and other pieces of information that permits you to personalize your outreach. With this information, don’t you think you can adapt to your follow-up strategies accordingly?  Do you know the personalization tactic have the capability of making the most of your ROI? As per the survey report of company marketers primarily from the U.K 74% of companies prefer following variables which increase the impact on their ROI
  • purchase history
  • user preference such as explicit interests
  • behavior on your web properties
  • interactions with your brand history(such as message open, clicks)
  • browser history(such as referrer, search term and ad viewed).

38% of companies use 

  • purchase history
  • user preference such as explicit interests
  • behavior on your web properties
  • interactions with your brand history(such as message open, clicks)
  • browser history(such as referrer, search term and ad viewed).
  • Personal data(including name, gender, location)
  • Social graph data
  • Behavior on your mobile apps
  • Third-party demographics data(such as Acorn, Mosaic etc.)

5. Schedule time with your customers

Use the scheduling features from your CRM software for scheduling follow-up calls or emails or make a team to do all that. This will help you to keep track of your appointments and follow-up your customers.

Keys to Retain your New Customers--Important Features to beat Competition

E Commerce

1. Make your customer service strong

As per American express, customers would like to resolve the following issues through Telephone (90%); Face to face (75%); Company website or email (67%); Online chat (47%); Text message (22%) and Social networking site (22%).

Do you know new customers can abandon your products if their questions or concerns are not addressed quickly? As per Forrester research, 45% of U.S customers have done the same. In order to avoid this, never underestimate the impact of customer care. As per McKinsey,  70% of buying experiences are based on how the customer feels when they are being treated. It takes 12 positive customer experiences to make up one negative. So, be nice, helpful, polite, and competent and you will see customers will automatically come. Trust me, you will be astonished by how great the power of word of mouth marketing is.

2.  Networking through Social media activity

Let your new customers know what you're going to do by posting a marvelous content. Publish posts regularly, engage them by asking questions in a gentle way through 24*7 chat or feedback forum, choose the best channels like Facebook, Twitter, and Pinterest to drive more traffic to your online store. Post images with graphics that build more than 50% engagement. You can even create virtual events like Facebook live talk shows and Webinars. Conferences with experts can also boost confidence in new customers to avail of your product or service.

3.  Promos

Engage your target audience through promo codes which gives them discounts or some free offer while availing your product or service. 

4. Deal with shopping cart abandonment

Try to know what makes your customer leave the shopping cart. The reason could be:

  • You must be offering the same product which your competitors offer, customers will select on the basis of price.
  • High shipping and delivery charges
  • If you ask for too much information while registration.
  • Doubts like 'Will it fit me? or "Can I return the product and obtain the refund?"
  • Your website is too slow

Give them assistance through 24*7 chat feature at the right time and stop them from abandoning your website.

5. Offer multiple payment options

Give flexibility to your customers by offering them multiple payment options like all banks credit card and debit card, internet banking option, Paypal, and Cash on Delivery.  It will make you win at least some of your customers.

6. Make your employees a Product Expert so that all the questions of your customers will be easily resolved.

7. Build an App for your customer so that within clicks they can easily pick products from your store and make payments. You can build your own Amazon like mobile app for an eCommerce & retail business.

8. Deliver what you promise: Maintain quality specifications and deliver the product in exact day and time, the way you tell to your customers. This will increase the loyalty and retain most of your customers.

9. Affiliate and Customer referrals: When your customers are happy, they will sincerely give you positive feedback and automatically tell their friends and relatives. If they don't do so, that means you need to improve. Take a step ahead and share the survey results with your customers like Domino's pizza did when they revamped their menu. You can also run friend incentive programs which are powerful tools.

10. Build Frequently Asked Questions: Write about everything that any ordinary customer could have in their mind as a question about your services and products. Answer all the queries so there shouldn’t be any scope for your customer to deviate.

11. Put success stories: Share customer experiences about usage and repeat purchase. 

12. Track through Google Analytics: Know who is visiting your website. This way you can learn the scope of converting your visitors to your original customers.

At last, keeping your customers happy is far more than continuing to receiving their money, it also gives you the motive to work on your betterment and that will make them happy to send more money.

It's a win-win approach. Don't forget it!

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Space-O Technologies
Written By
Space-O Technologies

Founded back in 2010, Space-O Technologies is a leading mobile app development company with the development centers in India, Russia, Canada, and USA. Since inception, the company has successfully developed over 3500 mobile apps for enterprises, startups, and businesses worldwide.

From ideation to development, the company covers the entire app development cycle, irrespective of the type and complexity of your project. Believing in ‘Get Shit Done’ culture and following Design-led Engineering, our team of mobile app developers deliver global app solution and product engineering services to different industries worldwide.

With the expertise across all the domains like On-demand, Transportation, Photo & Video, Health & Fitness, Social Networking, Food & Drink, and Travel & Tourism, the company is well-known for delivering all types of customized iPhone and Android mobile app solution.

So far, we have worked with leading brands like Nike, Saint-Gobain, Ferrari and McAfree, and help startups like Glovo, Bevy, and Foodiini to touch new heights through mobile-based solution. Now, Space-O is on the mission to enable over 40000 human lives to achieve their business goals through mobile-based services and solutions by the end of 2020. 

Schedule your free consultation with our expert to streamline your business process and services through mobility solution. Let's Connect!


 

 

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