Six Success Factors to Grow Your Online Business
Ecommerce has gradually taken over the world of retail through its convenient methods. The era of brick and mortar market giants has gradually come to an end as we bid adios to a long time retail brands due to bankruptcy and closure.
Iconic companies like Toys 'R'Us, with six decades in business, is forced to close its outlets in the United States and opt for liquidation. But does that mean business itself is wrapping up in the industry?
Of course not!
The times have changed, and the 'digital revolution' has taken over the space vacated by traditional businesses. It is safe to say that the digital world is an exciting place to be due to the exciting innovations and uncharted possibilities it holds.
It is significant to note that most brick and mortar stores, too, have been forced to catch up and develop a digital presence. But then, establishing a robust online presence is a calculated balance between art and science. The primary goal of all businesses existing in the online sphere is to attain coveted estate on the top search engine rankings.
There is no doubt in the fact that finding success online is a strict code to crack, but at the end of the day, a little determination and much passion can take you to the sky and beyond.
What makes ecommerce challenging?
There are a million and one reasons why online businesses are razed to the ground. Every industry has its challenges, but some rules are generally applicable to a vast majority of ecommerce ventures.
Statistically speaking, eighty percent of ecommerce businesses fail due to three common reasons:
- The website is hard to navigate.
- The product value is misunderstood.
- The business is hard to reach.
One cannot deny the fact that the average consumer today has very high expectations from online brands. The elements of customization and quick efficiency have led to a seismic shift in consumer priorities. They seek experiences instead of being focused on product value. This is a philosophy that must be tied to the corners of every online business in existence.
We understand that it could be hard for a new online business to establish a firm footing without prior experience field. Whether you are a brick and mortar store coming online or an ecommerce business seeking growth, here is a list of the top x success factors that you must implement as an online business. We hope that this article tells you all you need and more!
Amplify the user experience.
Imagine you were opening a café a few blocks away from a central attraction in the city. You take your time to develop a site plan and interior. You will send our fliers and find the best stores for crockery and cutlery to satisfy the visitors, won't you?
In a similar context, the website for your online business is the storefront. It is the gateway to your business, and it is also responsible for the first impressions. This is why prioritizing user-experience is the best thing you can do for your online business.
From stimulating content to attractive visuals, you must keep in mind that your potential client should feel at ease while they navigate through your product categories and listings.
Invest in quality Search Engine Optimization.
Many consumers today search (read: Google) products before placing any orders. They read reviews and look at the listing position on a page. This means that you must get a position on the top searches for your product niche. But how is that possible in a field where competition is fierce enough to be sliced with a knife?
The simple answer is: invest in quality SEO.
Let's assume that you are a leather boutique that is ranked on the first page of search results. A customer searches for 'best online leather jacket store', and they find you.
This is how search engine optimization works. It spins your website into a project admired by Google and other search engines.
Boost the rates of engagement on social media.
Reasonable rates of engagement on social media platforms help you stand apart from the crowd. When people feel connected to your brand, they create a buzz around you and your products.
From basic queries about product value to participation in user-generated content campaigns, each interaction helps you create a positive image on the target audience.
Remember, your presence gains authority only when you invest your time and effort into building a good reputation for yourself.
Develop a loyalty program.
Loyalty is the key to growth. Whether it is the emotive attraction of a touch brand story or the anticipation of winning a gift for points, customer loyalty is a cornerstone for online success. You can implement scoreboards and birthday incentives for your loyal customers to keep them hooked to your brand, a tiny token of appreciation here, and then will help you achieve the growth you desire.
Collaborate with known faces.
There are not enough words to describe the benefits of bringing social media influencers on board. Not only does it help your online presence gain momentum, but it also saves you from the tedious process of trial and error. Since influencers have in-depth knowledge and understanding of what sells to their audience, they can guide you in the right direction through subtle endorsements.
Do your research.
The essential tip that we have saved for last is; research. Don't restrict your research to a few Google searches. Dive deep into the competitor analysis, industry statistics, and whatnot until you have saved a few tricks up your sleeve.
Running a business is inherently risky, especially when you try in the online space. Not only is the market quickly moving in the direction of saturation, but the unique selling points have also gone over the top. The only way for you to succeed as an online business is through determination and passion.
Remember that you cannot revive a dead duck, but you can always do your research and make duck soup!