The ecommerce wave has arrived and this business model is exploding all around the world. As more consumers embrace the convenience and ease of online shopping, this signals a time when any aspiring entrepreneur can start an ecommerce business. With a simple click of the mouse, or swipe of the phone, technology has created the opportunity for your business to enjoy the benefits of global consumerism.
Ecommerce is creating opportunities for small business owners who want their products and services to have an online presence. Just in the United States alone, ecommerce sales have increased from $160 million in 2010 to more than $300 million in 2014. It has been predicted that these sales will increase to over $500 billion in just a few years.
Staying One Step Ahead
All of this growth in the ecommerce market is a very good sign. This growth means that online merchants, as well as those who provide online services, should have expectations of seeing their sales increase. However, it should not be assumed that this speed and type of growth will go unnoticed by other entrepreneurs. The result? Competition, and depending on the niche, the competition can be especially fierce.
So, how can you stay slightly ahead of your competition? Your business will need to become extremely efficient. This is the key element to operating any type of business successfully, including an ecommerce business. When your business is efficient, there will be less waste and more profits. In a world where consumers expect exceptional customer service, a speedy checkout process, and simplicity when placing an order, if your business is not efficient, it may lose customers instead of keeping them loyal.
Look for ways you can save time and money in your business. For example, you may decide to use an online logo editor to put the finishing touches on your company’s logo instead of hiring and waiting for a graphic designer to complete the same task.
Check Out Your Checkout Process
Several studies have concluded that almost 70 percent of online shopping carts are abandoned during the checkout process. So, what does this mean for ecommerce businesses? Are these customers changing their minds at the last minute? Are customers becoming frustrated during the purchasing or checkout processes?
Do not chase your customers away by having a checkout system that is convoluted and difficult to navigate. Make sure every step is concise and clear. If any of the headers or footers are distracting for customers, replace them.
Ensure Your Customers Have Access to Help 24 Hours a Day
While ecommerce can help ease the shopping process for your customers, keep in mind that not every transaction will be processed without a few hiccups along the way. Customer support should be available for customers who need assistance, and for those who may have some questions about your company, services or products before making a purchasing decision. Always make sure that your company’s contact information can be easily found on every page of the website.
Ecommerce is still a relatively new business process. However, traditional business practices like efficiency will never go out of style.