With the market share of almost 2 percent and 7 percent population penetration, e-commerce industry is the future of sales and service. Every successful industry is keen on exploring the immense opportunity and increase their digital presence to capture the maximum share of the market. The success stories of Indian e-commerce is known to every individual, but often people forget to notice the failure of the industry.
Success is an outcome of careful planning and strategic execution of the business model. With a mad race in the e-commerce businesses that are looking forward to explore the opportunity and mark their presence on the online platform should incorporate a very comprehensive list of activates to assure success. The prime area of attention for an e-commerce industry are:
- E-Commerce is the new traditional marketing
- Understanding the need of time
- The right business model
- Delivering values not just product or service
- Targeting the appropriate customer segment
- Easy process
- Customer is always right
- Maintaining your reputation
- Evolve with the needs of time and customer
E-commerce is the new traditional marketing:
In the age of millennials, everyone is in a hurry, hurry to reach the height in the least span of time. E-Commerce is the solution to all their needs, saving their precious time. In this era people are getting more comfortable when a product or service is delivered at their doorstep at their suitable time than spending hours browsing on the street or store bearing the heat of traffic while commuting.
E-Commerce industry need to the adapt to their customer and instead of treating itself as an exclusive solution, it needs to accept the reality of time and invest its resources even more than traditional marketer to educate the people about the advantages and explain them their own needs of time. E-Commerce industry is now not just a hobby but a very competitive industry.
Understanding the need of time:
Before even starting the business, every company needs to introspect about the product or service they are planning to deliver. Ask yourself the difficult questions:
- Do customers need this?
- Are there better solutions already available in the market?
- What values are we giving to the customer?
- Are we entering late or early to the market?
It is a very tough decisions and all these parameters needs to be carefully understood and examined to assure that the idea is viable and growth is evident. The success can only be evaluated over the period of time, but if it delivers values and needs to the customers, success will follow.
The right business model:
You might have the next big idea, but a careless, unplanned and unexplored outcome in a business model can be the sole cause of your business failure. The idea needs to be tested over and over again. The structure should be well laid and the revenue should be carefully studied, after all it’s all about the profits one makes from the business. Generating revenue is not only the need for self but also for the business, a business in loss cannot function forever.
Delivering values not just product or service
Building an emotional connect with the audience and customer is very important. The logo, tagline, mission and vision of the business should be designed keeping in view the customer and employees of the company. When purchasing from you company the customer should feel associated with the company and a strong feeling of belief should lead the transaction. One of the important key factor affecting this is the employees of the company, a highly motivated employee force spread the message “the company cares for you”.
Customer not only buy your product or service but engage to build a strong long term connection. Get emotionally connected and make their every purchase a life changing experience for them.
Remember there are who are ready to offer them what you have, create a point of differentiation for a better customer satisfaction.
Targeting the appropriate customer segment:
Every product or service does not interest everyone, every individual has different needs. Every e-commerce industry needs to carefully evaluate their target segment. Every segment of the society is present online, you product or service might not be the need of all. The company resource should not be invested on the segment that are not potential target or even a close lead for the business. Every advertisement should capture specific audience and deliver the message bold and strong.
Careful and creative advertisement placement and highly targeted approach should be followed to gain the maximum of the available resource. Hitting blind targets might be successful a few time but not in the long run.
Always remember you are there for the customer satisfaction and happiness, you are not an interrogator. Keep the information flow simple and highly precise, customer need only what they want or what they are offered. The overall process that is right from the visit to final checkout should be systematic and easy to understand. One must not ask for irrelevant or highly personalised information. The traction process epically should be very quick and easy to use.
Customer is always right
In a customer driven industry, there is only one mantra “customer is always right”. Every customer complaint or suggestion should be of high priority. Every mistake that the company incur only adds to the vicious cycle of bad reputation.
At the end of the day customer satisfaction should be the priority of the company, even if in the process the company incurs a few loss but at the same time it should ensure that the goodwill of the company should not be taken for granted and exploited.
Do plan occasional surprise for your loyal customers and reach to the people who seek advice.
Maintaining your reputation
The trust in a company only prevails if the customer get regular positive response and feedback. The company should regularly engage on social media platform to understand what their customer feel about the services and products offered. While engaging on the social media the responses should be personified rather than leaving an impression that a corporate is interacting with the audience. Keep it as human as possible.
Customers’ queries should be adequately answered and a little humour with wittiness is always welcomed by the customer. The achievements of the company should be marketed with uttermost preciseness, and should look as the achievements of the customer rather than company boosting about itself also popular customer responses and companies special activities should be promoted on the social media.
Evolve with the needs of time and customer
The needs of the customers are endless, even they don’t know what they need unless they are offered. As a business one should keep evolving and testing new products and services that change the life of the customer or make their life easy. Also it is very important to address the immediate need of the customers and ensure the activities or process that are highly rejected by the customers are simplified as per customer needs.
Keep experimenting and keep adapting to the changing needs of the customer to be the next big success.
E-Commerce industry is ever evolving market, every day new strategies are deployed to gain the maximum market share. At BrandStory our research team are heavily invested for the cause and thoroughly analyse the market. Contact us for any assistance or market research. The opportunities are endless and so are the means.