In this article, we are going to discuss the five main resources that businesses should focus on to begin their e-commerce journey. These resources are readily available and it is key to learn from analytics.
E-commerce may seem like a complex process but is as simple as traditional commerce and involves the same components such as consumer behaviour and interests, consumers’ economic factors, competitor pricing, etc.
If we break them down further, it can be divided into Product, Technology, Social Proof, Marketing and Delivery
Your product is everything. A product can be anything ranging from clothing to electronic devices or furniture. It is the most essential element of the whole e-commerce business. You can either build a product from scratch or source it from suppliers.
This is also the first step in the process of delivering a good quality product at the right price and right time. Being the most important pillar of the business, the product has to be well thought of as it will either make or break the entire process.
If your business involves sourcing from suppliers, the below points may help refine the process drastically:
• Performing authenticity checks on the Suppliers/Factories beforehand by vetting their documentation and certifications
• Working with trusted supply chain platforms that provide access to a wider range of suppliers to choose from
• Ensuring legal contracts are signed with suppliers on mutually agreed payment terms
Without the power of technology, the multibillion-dollar e-commerce industry would never have existed. Hence, the right technology has to be adopted to offer customers a robust, agile, and enriching experience.
Here are some of the most important features to incorporate into the e-commerce platform:
• Speed - No one likes a slow website and this is why the platform should be rapid, fast, and smooth with the help of the latest digital technologies on offer.
• Multiple Device Responsiveness - Mobile phones are the future and more than half of the customers prefer shopping on the go, making this feature important for online businesses
• Personalization - Every customer has to feel that the site is responsive to their interests and this level of personalization can help boost the business by a large number
Social proof is a powerful tool that drives consumers to buy products based on trust. It has proved to be extremely effective, especially among millennial consumers as they are more aware and conscious about the products they use. Leveraging social proof can increase trust in the e-commerce business, as it not only creates an identity but also reduces doubt and hesitation among possible customers.
Some social proofs that can be leveraged include:
• Images & Videos - A picture is worth a thousand words. Make use of product images and videos to create a better user experience by providing them with visual proof
• Product Reviews & Ratings - Customers are more likely to buy a product that has been used and reviewed by someone else. So, encourage users to leave reviews of products they have used
• Testimonials - Testimonials from people can increase the value proposition of the brand and the product creating a notable change in conversion
• Social Media Handles - Engaging with existing and potential customers is an integral part of an e-commerce business. Social media platforms like Instagram, Facebook, LinkedIn are the best ways to stay connected with your consumers.
Most businesses struggle when it comes to marketing their product. The best product with inadequate marketing strategies is bound to have unsatisfactory sales. Therefore, companies have to carefully chalk out their marketing strategies to ensure they achieve the desired outcomes.
Digital marketing and analytics tools, which are readily available, can be leveraged to achieve multi-channel branding. Creating one impactful campaign and reaching your target audiences across channels helps grow the customer base and enhance the user experience.
Unlike traditional marketing campaigns, digital marketing helps target the right set of audiences. For example, you will be able to target and reach out to people who like red dresses, from a city called Singapore, between the age of 25 to 30, and can speak English.
Digital marketing is a collective term for online methods such as the below that are implemented to achieve a certain goal:
• Content Marketing - Blogs, Articles
• Pay per click Campaigns such as Facebook Marketing
The ultimate goal is to ensure the product ordered by the customer reaches them, hassle-free. Hence, it is necessary to partner with a reliable delivery partner to help with this process. If products are being sent overseas, the delivery partner must ensure the quality of the product is retained and the delivery is completed on time. This will result in repeated orders and increased credibility of the platform and the product which in turn positively impacts revenue.
Look for logistics partners who can provide you with the below:
• Coverage and speed of delivery
• Ability to manage large, fragile and perishable goods
• Status tracking and proof of delivery
• Optimized cost and support returns
• Insurance for all packages
The e-commerce space is constantly changing and it is imperative to keep a track of these trends and make changes to the business accordingly. The integrity of the supply chain is often affected by middlemen facilitating the process. Every business should find a trusted supply chain partner who can support the business with procurement as this becomes the crucial part of the e-commerce journey.
Still confused? Got something to ask? Feel free to contact us to help you with more clarity on starting your e-commerce business.