Whether you’re an E-Commerce novice or a seasoned vetran. It is important to understand the key factors make a successful online business. Below we list our top 5 key success factors to running a successful online store.
1. Clear Market Position
The level of competition amongst online businesses is fierce. New stores are opening every day and with barriers of entry being extremely low, it is important to establish a clear market position.
So how do you present a clear market position?
Your website is the best place to start, after all, it’s where you make your sales. It is important that you ensure your website clearly articulates the companies target market, brand message, products and pricing.
Social media posts and campaigns must present a clear and consistant brand message that aligns with your overall company image.
2. Superior Sales Service
Many consumers who continue to shop at retail stores and outlets choose to because of the higher level of personal interaction and customer service. Despite customer service satisfaction levels arguably declining over the past decade, it is important that your e-commerce website maintains superior sales service to compete with traditional retail stores.
The most successful E-Commerce stores are easily navigated and have product information that is readily accessible.
After sales service is key to E-Commerce growth according to Forbes. There are many online businesses that do not respond to customer concerns or their responses are very slow. Response time is crucial because three out of five customers never complete their purchase due to poor customer service. Therefore, retailers should try to address all after-sales issues in a prompt and efficient manner to build a loyal customer base.
3. Ability To Control Stock On Hand
Retailers that maintain adequate stock controls can monitor key selling items and ensure a sufficent supply of popular products to meet demand during key selling periods. By using an order fulfillement service such as Keepspace online business owners are able to see a live count of their stock which saves business owners time, energy and the hassle of digging through boxes of boxes stock to find out a company’s stock count.
4. Ability To Quickly Adopt New Technology
Due to the fast paced nature of the industry, operators must efficiently adopt and implement advances in technology to minimise disruptions for consumers and maximise sales revenue. Technologies such as Afterpay are great for giving consumers piece of mind and an easier method of purchase which may lead to an increase in sales. According to the Afterpay website “Afterpay is fully integrated with all your favourite shops. Shop as usual, then choose Afterpay as your payment method at checkout.” E-Commerce business owners should also think about what technologies consumers are using for example mobile phones. According to an August 2016 study by the Interactive Advertising Bureau Australia, more than a quarter (27%) of consumers polled made mobile purchases on a weekly basis, and 5% did so daily.
In addition, 45% of respondents said they purchased products via smartphone or tablet on a monthly basis. Therefore, it is important that your E-Commerce site is mobile friendly. So your store does not miss out on any potential sales from customers who feel your E-Commerce site is not legitimate.