Planning an E-Commerce Brand
Here are salient features to evangelize your potential customers into lasting ones; how to twist your e-commerce brand for the better!
It’s always the right time to shop with your e-commerce website or app – be it 2 AM or 2 PM. It allows you to buy or sell tangible goods, products or services online at the place of your convenience. E-Commerce is electronic marketing. Traditional businesses include – manufacturer unit, distributor, wholesaler, retailer, customer, advertisement.
Traditionally, many companies had a perfunctory online presence to supplement their in-store experience. People used to browse online to check the availability of items and relevant price comparisons. Now, these websites help in optimizing the search. Retailers didn’t want to sacrifice their in-store sales.
Why use E-Commerce?
- Low entry cost
- Reduces transaction costs
- Access to the global market
- Secure market share
Types of E-commerce
- Business-to-business (B2B) online transactions involve buyer and seller are two different entities, similar to manufacturers issuing goods to the retailer or wholesaler.
- Business to Consumer (B2C) involves businesses selling products online to consumers. It is the direct online trade between the company and the consumers.
- Business to Employee (B2E) involves an intra-business network where companies provide products or services to their employees. E-commerce website development companies use B2E networks to automate employee-related corporate processes.
- Consumer to consumer (C2C) involves many websites that offer – (1) free classifieds, (2) auctions, and (3) forums where individuals buy through online payment systems like PayPal.
How does E-commerce work?
- Ecommerce websites allow customers to find their product(s), add them to their ‘cart’ and securely enter their payment information to complete their purchase.
- Electronic businesses work on business models that facilitate online sales. Consumers use web browsers to connect to the home page of a merchant’s website on the internet.
- The consumer browses the catalogue of products featured on the site and selects items to purchase. The select items get a place in the electronic equivalent of a shopping cart.
- When the consumer is ready to complete the purchase of selected items, she provides a bill-to and ship-to address for purchase and delivery.
- When the merchant’s web server receives this information, it computes the total cost of the order – including tax, shipping, and handling charges – and then displays the total to the customer.
- The customer can now provide payment information, such as a credit card number, and then submit the order.
- Upon validation of the credit card number, the order completes at the Commerce Server site, the merchant’s site displays a receipt confirming the customer’s purchase.
- The Commerce Server site then forwards the order to a Processing Network for payment processing and fulfilment.
What are the pros and cons of E-commerce Websites?
Pros of E-commerce Websites
- No checkout queues
- Reduced prices
- Shop globally
- Easy access 24/7/365
- It caters to consumers of all demographics – age, profession, preferences
Cons of E-commerce Websites
- Unable to examine products personally
- It does not work without the internet
- There are chances of credit card number theft;
How can you convert your e-commerce website traffic?
A vital part of conversion is to offer customers exactly what they are looking for; It might sound deceptively easy, but most retailers get it wrong.
Companies use – (1) AI-enabled search tools, (2) virtual assistants, (3) advanced search, and (4) suggestions, (5) repeat purchase, (6) related search, (7) what goes best, (8) combo offers, (9) seasonal discounts and offers, (10) festive treats, (11) best in this price, (12) best seller, (13) dollar value discounts, (14) percentage discounts, (15) buy one – get one, gift, and (16) free shipping.
Moreover, engaging the voice of the customer can illuminate what works and what doesn’t for an e-commerce retailer’s site.
Also, the best way to resort and improve the overall customer experience is by predictive analytics. It helps companies understand how much inventory they require in the coming days. It also clarifies how the demand-supply gap comes up; and what the competitors bring up within a similar price range and category. AI enhances forecasting, and AI-driven demand forecasting improves accuracy.
Scaling an e-commerce business enables more precise inventory investment, leading to fewer markdowns and clearance. It prevents waste and enhances sustainability. Predictive analytics manages customer’s expectations on the product, pricing, availability, and delivery times. It personalizes the customer journey, listening to the voice of the customer, and putting predictive analytics to work will be the only way that any retailer can take. But if you offer the customer exactly what they want in a shopping experience designed just for them makes omnichannel promises a reality.
Factors to Consider When Creating an Ecommerce Site
- Website safety and security
- Optimization before and during eСommerce website development
- Website search and filtering functionality
- Registration and related issues
- Payment options
- Shipping rates
- CMS integration
- Mobile functionality
- A website design that matches the products you are selling
- Good shopping cart design
- Proper product showcase and descriptions
- Customer support and contacts – Add various chat options for those who don’t wish to talk on the phone;
- Social proof – Written reviews or product unboxing
- Good Marketing strategy
- Supporting Blogs and articles
Top E-Commerce Platforms of 2021
- Best Overall: BigCommerce
- Best for Startups: Squarespace
- Best for Small Business: Wix
- Best for Large Business: Magento
- Best for Ease of Use: GoDaddy
- Best for Dropshipping: Shopify
- Best for International Sales: Smoolis
- Best Affordable Option: Square Online
- Best for Brick and Mortar: Weebly
- Best for Online Only: 3dcart
Business niches for E-Commerce Sites
- Book My show
- Nykaa (and more)
Critical Factors to Consider While Investing In E-commerce Ventures
Customers leave E-commerce businesses in the dust – (1) If they don’t know how to use the site, (2) If the product value isn’t clear, and (3) Navigation is difficult;
Besides following the software development life cycle, businesses need to consider – (1) Branding, (2) SEO, (3) User Experience, (4) Transparency, and (5) Engagement;
Electronic commerce websites have brought customers to the center of everything. Companies (1) track their purchase history, (2) preferences, (3) site visits, (4) purchases, (5) relevant assortments, (6) the voice of customer data, and (7) predictive analytics to give brands the ability to be fully customer-centric, allowing the customer to dictate how they want to shop regardless of the channel. Also, rewarding them on their every purchase as percentage discounts, loyalty points – can be a great way to evangelize them. Branding is your purpose; SEO brings in traffic; Customers love a great user experience; Transparency builds trust. Boost overall engagement. Follow us for more relevant updates!
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