It is estimated that more than 20 million eCommerce websites are currently doing business on the internet. At the same time, the number of online buyers currently sits at around 20 billion. To say that eCommerce is an oversaturated market is an understatement. While the internet is vast enough to support the creation of eCommerce sites, there is evidence supporting the idea that it may not be enough to maintain them. Indeed, there are many things to consider before venturing into eCommerce.
The Odds Are Not Tremendously Great
Perhaps if you have a crypto fundraising platform, you’ll generate all the currency you need to develop your brand past the fledgling phase. But unfortunately, the cold fact is that between 80 and 90 percent of eCommerce ventures fail. There are many reasons, including poor online marketing and lack of online search visibility.
The odds are not so different from those of traditional brick-and-mortar ventures, which also see a monstrous attrition rate. Only about 25 percent last for longer than ten years.
You Can Merge Your Website into Social Media
Social media is a major contributor to the eCommerce industry. It plays a strategic role in driving online sales. For instance, when brands or products go viral online, there can be great immediate and long-term benefits, including a spike in sales and increased brand recognition. Social media also leads to direct consumer interactions through promotions and targeted ads.
The bond between brands and customers becomes stronger with social media. Social accounts double as customer support and direct communication channels, which helps grow stronger brand affinity and customer relationships.
Effective Marketing Is Crucial
Generating an effective marketing strategy is how you introduce your wares and products to the marketplace. Until they know how you are and what you do, you don’t exist. There are loads of ways to use marketing to increase online sales, including:
- Invest in SEO
- Sell on marketplaces
- Run an influencer marketing campaign
Effectively, eCommerce marketing uses promotional tactics to drive traffic to your online store, converting that traffic into paying customers and retaining those customers post-purchase. A holistic eCommerce marketing strategy is made up of moth marketing tactics on and off a business’s website.
Written Content Is Highly Effective
A company’s website represents its space in the world. Here is where the bulk of the messages it wants to get out to the world will be found. The website goes beyond product descriptions, which are necessary and should be done creatively and with clarity. With today’s consumers, a business is known as much for what it stands for as for what it produces. To that end, a mission statement is an effective way of telling potential customers what your values are, with the hope that they align.
Social media is another place where language can be used to engage with customers. Everything from silly posts to deal reminders to contests can be posted to social media anytime, day or night. When posting, it’s always important for a brand to retain its core values.
There are pitfalls and opportunities in eCommerce, just as in other business ventures. The more you educate yourself about business, the marketplace, your product, the competition, and your customers, the more control you’ll have over your destiny. It takes a lot for an eCommerce business to succeed, but those that do share the commonalities of winners: they engage consistently with the marketplace, invest in SEO and marketing, and treat their customers with dignity and respect.