Retail CIO Outlook Weekly Brief
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The massive customer base prefers to go online for shopping; therefore the e-commerce sector is going to witness an upward trajectory for the years to come. The profound potential by these platforms is paving the way for fierce competition amid the existing and new e-retailers. E-commerce entrepreneurs are finding innovative ways to reach masses using the latest technology and revising the strategies in an attempt to remain in the competition. Let’s have a look at a few crucial areas to become a successful e-commerce entrepreneur.
• Target Audience: A business needs to understand its target audience to strategize how to reach them. The diverse demographics prefer diverse marketing styles, which imply that it’s easy for some of the audience to lose interest in some of the marketing strategy. Organizations need to understand the pain points of their customers which will help them in connecting the benefits of their products and services to their customer’s pain points.
• Social Media Presence: Social media is highly impactful on the millennial as far as e-commerce is concerned. The idea behind having a profound social media presence is to be visible to all your prospects. Social media helps to bring the product in the limelight and generate a required hype for that product so that the customers gather interest in a particular product even before purchasing it. Social media is a decisive influencing factor in consumer’s buying decision. Therefore, organizations must create compelling content for their buyers, positive customer reviews, and feedbacks to boost e-commerce platform.
• Customer Experience: Customer Experience plays a significant role in the e-commerce segment. The major disadvantage of this platform is that its customer cannot touch, feel or see the product before its arrival. But if the customers are provided with appropriate pricing, free shipping, and excellent web design for easy navigation will help in enhancing customer experience.
• Seamless transaction and Checkout Process: Mishandling of your customer transaction could be a significant disadvantage for your e-commerce business. From a security perspective, companies are reluctant to provide their personal information to online firms. Many big firms have fallen victims to cyber threats, and hence consumers fear of providing confidential financial details. Another area to lay emphasis is to make seamless checkout process. Lengthy and confusing checkout processes demotivates customers to buy the product. A minimal number of steps lead to an effective checkout process.
• Stay on top of SEO: A flurry of businesses is entering this increasingly crowded place, and hence e-commerce platforms have to strive hard to remain at the top. Since there are alternatives for shopping sites, therefore to stay ahead in the competition, companies must remain on the top of SEO to rank higher in the search engine results. This strategy will help in maximizing the company’s profitability. The higher the search engine ranking, the higher the customer will able to find that particular brand. SEO is considered as one of the most cost-effective ways of attracting traffic to the website.
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