Significant Approaches for Competitive Advantages in E-Commerce
There is a forecast that there will be 24 million e-commerce platforms in 2021. That’s huge. The question is, how do I create my e-commerce platform and not just add to the number. Right now, less than a million e-commerce platforms sell up to $1000 per year. So, the competition is high, and it’s easy just to add to become another e-commerce platform.
It’s interesting to discover that an estimated 95% of all sales will be done through e-commerce in 2040. So, to position your e-commerce platform to make a difference, you need a strategy. It’s stated that 59% of millennia check Amazon first when they need to shop online. Won’t you want your e-commerce platform to be like that? If that’s your thought, here are few strategies to help:
One of the key strategies to grow your e-commerce business and gain a competitive edge is to verify your sellers or merchants’ quality of products they have to sell. This is to prevent scammers and to avoid your platform being tagged as a scam. There must be no difference between the goods online and those delivered to buyers.
If 59% of millennia check Amazon first before checking other platforms show there is a target audience that is well implemented. Any e-commerce platform that seeks to have a competitive edge must have a target audience willing and ready to make their product needs available.
Interestingly, 20% of e-commerce sales come from email marketing. That means if you want to have a competitive edge, pay attention to email marketing. Let it be well structured and worded.
Although there is a 64% abandon cart rate on e-commerce platforms, don’t be scared because email marketing has a 45% open rate and can generate some sales. Abandon cart is one significant issue you need to prepare for in an e-commerce platform.
The e-commerce website design should be easy to navigate and user-friendly by all standards. Any e-commerce website with a complicated design can’t retain customers if they manage to register.
Another competitive advantage is your human resources. This must be used to your advantage by hiring right and training your staff members adequately. They must also be adequately informed to reach out and interact with customers flawlessly.
Part of the plans for a competitive edge is to partner with a logistics company. This logistics company must have integrity and a vast distribution network in your target location.
There should be well-planned and integrated customer service to enhance a great customer experience. For customers, it’s all about the experience. Even price is categorized as part of the experience by the customer.
Lastly, suppose you genuinely seek to emerge with a competitive edge in e-commerce. In that case, you are advised to find and integrate excellent software that will enhance efficient and effective process flow. First with internal processes and then with the business operations. It would help if you found those integrated with your internal platforms for easy process flow.
While these may not be all the strategies you need to create a competitive advantage in the e-commerce business, these few strategies will help make a difference. Making the difference is all you need.