E-commerce companies and online retailers encounter new opportunities for growth every year. Unfortunately, some businesses simply lack the necessary skills, knowledge, or personnel to fully capitalize on the new opportunities they identify.
E-commerce businesses have a different set of rules and regulations to follow. Their industry exploded in 2019, giving way to more fierce business competition than ever before. The average conversion rate for e-commerce sites now stands at less than 3%, this is why driving relevant traffic to your site is crucial. Cybersecurity, competition, and order fulfillment have now become the biggest challenges facing online merchants.
Cybersecurity: stay secure in case of unforeseen incidents or cyberattacks
Today, a solid cybersecurity framework is vital for organizations focusing their attention on the e-commerce space. Downtime in operations and sales in the case of a cyberattack can be deadly for a small business. This is because every transaction is a marginal financial success that small businesses depend on.
Professionals advise that you arm yourself with the necessary infrastructure that will allow you to keep data safe and secure while helping employees at your company feel empowered to implement policies and tech that combats cyberattacks.
Competition: be unique and keep up with the current trends to beat the competition
The competition is especially intense in the e-commerce space and comes in many forms. A very clear company value proposition is key to keeping up with competitive pricing, products and services. Simply put, your goal is to showcase yourself in order to stand out and win over more customers.
Make sure your website looks professional and is correctly optimized for the best search result in today’s Google algorithm. A number of successful businesses increase their domain authority by offering a unique product or service that target a smaller demographic.
Order fulfillment: involve a third-party to provide your best service
Although companies all claim to strive for perfect order fulfillment every time, it’s a difficult thing to achieve. The most common challenges throughout the order fulfillment process are usually related to such steps as demand modeling, inventory management, supply chain optimization and logistics planning.
Consider outsourcing your order fulfillment to a third-party fulfillment company whenever possible. This is a good way to increase your efficiency and avoid being inundated with more orders than you are prepared to handle on your own.
The right market: find the perfect match for your e-commerce business
It’s high time you found your ideal customer. E-commerce professionals insist that finding the right market for your product should be your first step. One of the ways to find your perfect fit is to make some assumptions as to what your target market is and run Facebook ads that will be seen by your audience. When you make a sale, find out as much as you can about your buyers and what drives them to you. Once you have your product-market fit figured out, then you can move on to identifying the most efficient way to reach your ideal customers.
Customer experience: offer the best price and know your potential customers
Your customers expect to be treated better online than face to face. In a world where everything is happening online, it shouldn’t be a surprise that your customers also know more about your products, prices, and competition. This is where pricing and customer segmentation matter greatly. Consistent and profitable pricing is a requirement for an e-commerce business to succeed in today’s competitive landscape.
The e-commerce industry is transforming dynamically every year. As technology is redefining and shaping the world of online sales, it’s further moving towards personalization and creating new experiences for consumers. Choosing the right online solution for your business will get you half-way through to winning over more clients and increasing your sales. With SignNow, you can easily sign, share and manage documents in compliance with international data laws and industry-specific regulations. SignNow enables you to collect signatures from customers or business partners and close deals from any device within minutes.