How can sellers have big on the Ecommerce?
Ecommerce continues to grow, representing an increasing share of total retail sales. As more and larger online stores open, small sellers gets a platform to expand their business to thousands of consumers. Their major business contribution comes from the categories like lifestyle, fashion, electronic products while categories like handmade products and grocery have recently started emerging up. Ecommerce segment has relatively low barrier to entry and faces high competition. While this will not likely change anytime soon, seller should focus on the following things to improve their sales and beat their competitors.
1.Competition on Price
Online merchants often compete on price. Hundreds of sellers list identical products on marketplaces. All of these companies are vying to make a sale with nothing to differentiate their stores except price. This sort of price competition distress small retailers, which may not have the buying power to compete with mid-sized or large competitors.
2.Competition on Delivery
In addition to the price stress, free and early delivery is one advantageous service which the retailers should work upon. This provides a winning growth for small sellers and providing a good customer experience.
3.Competition against Manufacturers
Many small online stores buy products wholesale from manufacturers or distributors to sell at retail. Ecommerce’s low barrier to entry has encouraged many product manufacturers to start selling directly to consumers. In order to overcome this scenario, the small sellers should look for unique or private label products to sell.
Customer loyalty may be the most important area of focus for ecommerce businesses in the next couple of years. It is simply much more profitable to sell to loyal customers than it is to constantly seek out new ones. Small sellers should look into the loyal customers who personally come and seek assurance of quality products.
May it be online or offline advertising, local sellers should create a buzz about their products and offers. Social is important for traffic and as an alternative to search.If social starts to represent a significant Ecommerce channel, small merchants will have to learn to manage it and compete in it.
Content marketing is more than a buzz. It is becoming an important marketing strategy for both getting new customers and engaging loyal ones. The best ecommerce content marketers are creating amazing how-to videos, industry-leading trend articles, and posts that offer real value. Relatively large online stores may have entire teams devoted to creating compelling content.
Apart from all the above points affiliates will soon be phased out due to requirements set forth by states to force Ecommerce to pay state sales taxes. Ecommerce will put-up a big fight, but its mainly a PR move. The power of customer reviews is enormous, 88% of consumers now say that they trust online reviews as much as personal recommendations.Try and think beyond the obvious, find reviews that include media. Video reviews or a review with a product picture could work wonders.The benefit of this is that if some customers present you with negative or constructive feedback on your product this can help you improve your product without your rankings suffering.
Unable to compete on discounts, pricing, and delivery has always made it tough for the sellers over online marketplaces. However, among the many marketplaces available for sellers in India, though Ecommerce are surely a great help for budget-constraint but retailers still have a greater marketplaces and can perform better years after years.