10 Success Factors for E-Commerce
We choose to understand the definition of success differently. Overall success is simplified to mean achievement of something desired.
However, success for a business does not come easy. Many businesses at the start-up stage or even after experiencing growth.
If you’re in the process of establishing an e-commerce site, then you will find this article very useful. I shall go through all key factors that you need to enjoy success in your business.
A business success should be all around and not focused on one side. I categorise the major players for success into 3; the store, the products and the customers.
Let us look at each individually;
The e-commerce store;
- Higher selectively
One of the biggest mistakes you can make for your ecommerce store is to hire the wrong people.
I know squeezing in your capital to pay for good services may be a bit straining but it is always the best option.
What it means to hire selectively is to consider all factors. Look at the educational qualifications, look at the aspirations and commitments to their job, the previous works experience and their social skills.
- Maintain good relationship with your suppliers and investors
For your business to be successful you will have to meet the investors needs. Investors want to invest more of their money into businesses that show the potential of success.
Suppliers also want to continue to work with a business that lives up to their end of the bargain.
Pay your suppliers on time and also make a good selection on who you let in as your supplier.
- Create top-notch technical systems and processes
You must make sure your e-commerce store has the best technological systems to facilitate any processes under it.
You want to make it easier for your customers to shop from one place without any technology hinges of lags.
The products or services;
- Regulate product pricing
To run a successful e-commerce store you must ensure that your prices are regulated.
You should be aware that customers know an estimate of what they should be spending on a particular product.
This however does not mean that you fit into the local pricing or the market pricing at that time. You are free to price your products higher or lower than other people in the market.
Note but customers use the pricing to estimate the value of the product. If you’re going to price your products higher you must ensure the price tag and the quality your customers are getting are equal.
- Focus on producing high-quality products
Esther Nitafan in her article on qualities of a great product lays down that a good product should meet the;
- Threshold qualities – this is the minimum your product should look like.
- Performance qualities – your product’s performance would be excellent and better than other people’s in the market.
- Delightfulness quality – you need to spark some sort of Joy in your customers for there to be motivated to buy your product.
- Set a product strategy
Having a product strategy will also determine the success of your e-commerce store.
Ask yourself how your product is differentiated from others within the market, the type of solution it offers to your customer, or the value it brings.
For the customers;
- Deploy good marketing strategies
To run a successful e-commerce store you’ll have to consider deploying the best marketing strategy to drive in more customers.
For online stores, a digital marketing strategy is the best. Use social media, optimize your website, reach out through email, reach out to influences for promotion, among others.
- Keep the engagement going
You will want a customer to come back and buy your services. Follow up on your customers asking them for reviews or questions and even extend to them discounts based on referrals.
Let your customers sign up for emails to get occasional updates on your products.
- Have good communication and maintain a positive attitude
Customers are turned off by online stores that fail in terms of customer service.
We, therefore, have to prioritize on making good communication and even after our customer expresses frustration take it on a positive attitude and talk to them kindly.
Remember that they are your best assets and you have to do everything to maintain that relationship.
- Be proactive with your customers
Finally for your e-commerce to be successful you have to be proactive with all your customers.
Customers are not going to follow up on the next sales or new products. You, therefore, have to take the first initiative and reach out to them.