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Top Five Strategic Issues In E-Commerce
E-commerce has fundamentally changed the way we sell goods and services. This not only saves time and money spent on shopping and traveling to shop, but also adds value. Who wants to pay more to buy it in the store when it’s cheaper to bring it home?
You must create, deliver and communicate value to your customers. Here are some ways.
Acquiring customers: Find ways to expand the pie, not fight to share it. The average online retailer would include a brochure with the purchase listing the items for sale and a phone number. Next, look at your incentives. If you offer to sell the same item at the same price over the phone, you need to hire people to make phone calls. The e-commerce model was built on one basic premise, which is to eliminate retail overheads that do not add value to customers. The best thing to do is to adopt a Travelocity-like policy of charging customers who book by phone a premium. The bottom line is that inefficient competitive practices benefit traditional channels as they see their sales decline despite their inefficient model. E-merchants must try to take market share away from traditional channels instead of fighting each other and adopting measures that erode the cost advantage of e-commerce.
Customer loyalty: A metric that has become very popular among megacorporations is called customer lifetime value. It basically calculates the profit you would get if the customer bought from you for life. It is important for an e-commerce-based company to implement more loyalty-based programs, such as gradually reducing prices with each purchase or points that can be redeemed for free gifts every year. The link between customer loyalty and success is undeniable.
User support: Managers and small businesses have changed the meaning of the phrase to fit their own definitions. Some think that just creating a toll-free helpline will do the job. This is because small businesses are often busy with sales. Most people rarely think about customer service, but it is important to develop the entire procedure in order to provide consistent and timely customer service.
Operations should be monitored and random surveys of customers should be conducted to verify effectiveness.
Brand Management: Again, this is where large companies and retailers top the average e-tailer score. People buy to satisfy psychological needs. Just look around as people shop. How many people would consider how durable a shirt is and how many would buy it because it’s fashionable? The best ad is one that has recall value. E-commerce lacks a focus on lasting customer relationships, and traditional retail results here. So if you can build a brand and have a lot of customers, you too can reap the benefits. All it takes is a deep thought with a little creativity.
Content management: Articles that look like blatant advertising are doing the rounds on the internet in trusted places. This would jeopardize all sales based on trust as customers would understand ulterior motives. Content management needs to find ways to consistently deliver groundbreaking information to audiences. To do this, they need to closely monitor customer behavior and product usage, as well as the keywords they use.
“Content is king” and content are not keywords placed in an attractive way.
Global versus local: The reason e-commerce came into vogue was so the world could be your market. But if you have a local focus, you can have a much more optimized supply chain and service products at low cost, and you can also conduct frequent surveys to identify changing trends and patterns. A narrowly defined vision is essential for your organization. This isn’t true for every e-tailer, but if you’re competing on price or service, focusing on local will make you the smartest seller on the street.
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