Electronic commerce has fundamentally changed the way we sell goods and services. Not only does it save time and money spent on shopping and shopping trips, it also adds value. Who would want to pay more to buy it in a store if it is delivered to your home cheaper?
You need to create, deliver, and communicate value to your customers. Below are some ways.
Customer acquisition: Find ways to expand the cake instead of struggling to divide it. An average online retailer would send out a brochure with the purchase that lists the items being sold as well as a phone number. Next, look at your incentives. If you are offering to sell the same products at the same price over the phone, you need to hire people to answer the phones. The e-commerce model was built on a basic premise and that is to eliminate retail overheads, which does not add value to customers. The best thing to do is adopt a policy similar to Travelocity, which charges an additional fee to its customers who book by phone. The bottom line is that shady competitive practices are benefiting traditional channels as they are seeing their sales saved, despite their inefficient model. E-retailers should aim to take market share away from traditional channels, rather than fighting each other and resorting to measures that squander the cost advantage of e-commerce.
Customer loyaltyA measure of this that has become very popular with mega-corporations is called lifetime customer value. Basically, it calculates the profit you would get if the customer kept buying from you for their entire life. It is essential that e-commerce-based businesses undertake more loyalty-based programs, such as phasing out prices with every purchase or points that can be redeemed for gifts annually. The correlation between customer loyalty and success is undeniable.
Customer service: Executives and small businesses have changed the meaning of this phrase to suit their own definitions. Some think that just setting up a toll-free helpline will get the job done. The reason behind this is that small businesses are often preoccupied with sales on their mind. Most of the time you think about customer service, but it is essential that a complete procedure be developed to provide consistent and timely service to customers.
Operations should be monitored and random customer surveys should be conducted to verify efficiency.
Brand management: Again, this is where large corporations and retailers score above the average e-retailer. People buy to satisfy psychological needs. Take a look when people are shopping. How many people would consider how durable a shirt is, and how many would buy it because it is fashionable? The best advertisement is the one that has a souvenir value. The focus on sustained customer relationships is lacking in e-commerce and this is where traditional retail scores. So if you can build a brand and have a large number of customers, you can also reap the benefits. All it takes is deep thinking with a little creativity.
Content management: Articles that look like blatant advertisements are circulating in credible places on the Internet. This would jeopardize the entire trust-based selling as customers would understand the ulterior motives. Content management needs to find ways to constantly bring innovative information to the audience. To do this, they must closely monitor the behavior and use of the products by customers, as well as the keywords they use.
“Content is king” and content keywords are not placed attractively.
Global versus local: One reason e-commerce became fashionable was because you could have the world as a market. But if you have a local focus, you can have a much better streamlined supply chain and offer low-priced products, and you can also frequently survey for changing trends and patterns. A narrowly defined vision is essential to your organization. This is not true for all electronic retailers, but if you are competing on price or service, having a local focus will make you the smartest seller on the street.