5 hidden ways your E-commerce business could be leaving money on the table for competition
For an e-commerce consumer, all stores are at an equal virtual distance. This means that the buyer can easily choose to buy from any of the available ventures to get a deal. And largely, all e-commerce buyers tend to act alike.
In order to be successful, all successful e-commerce ventures need to master the art of ‘less-margin-and more-volume’ sales dynamics. Any business that doesn’t succeed at this goal, could be potentially leaving a large amount of money on the table.
In order to acquire and retain the crown of e-commerce success, you need to do these two things better than the competitors.
- Increase your number of sales
- Deliver the products at optimal delivery expenses
Whether you are a multi-million e-commerce venture or a successful eBay/Amazon seller, these two principles remain the same. Otherwise, you will be leaving a sizable chunk of your revenue on the table that your competition will indiscriminately lap-up.
Even if you have a superior product, there are ways you could lose out to competitors with more nuanced workflows and technologies. In this blog, we will discuss five different ways that you may not have previously considered to drive your e-commerce sales. We’ll also discuss utilizing tools such as the E-commerce CRM platform.
Sending relevant messages to perform better with the mobile audience
As per the criteria, almost 70% of the total present-day sales happen through mobile devices. This means one thing; Taking active steps to generate more sales through mobile is probably the best way to step-up your e-commerce bottom line.
At the same time, customer messaging is a double-edged sword.
Are you asking, how so?
If you send emails indiscriminately, there’s a high chance that your messages could get marked as spam by the service providers and users. This seriously affects your deliverability of messages to your consumer inboxes.
The way to tackle this solution would be to collect and segment your email lists through CRM software. By segmenting your customers based on their interests and tastes, you can start sending only the most relevant messages to each individual user.
This would help you get more referral traffic that is more likely to lead to actual sales.
Managing distribution time and closures
A frequently raised reason for order cancellation and returns is the late or overdue delivery. In turn, this reflects on the seller ratings, which in turn affects your future sales.
As you are already invested in product shipping and processing, this could already be losing your money.
In this situation, the distribution management platform could be used to streamline your product delivery and cut back on the product margins.
For this, the Kapture CRM helps you set-up an organized way of distributing your products. This helps you reduce your delivery times and reduce the cost of supply.
Leverage social media for more sales
Ideally, the customer should come to your website and buy your product. But unfortunately, this may not be always the case. In these cases, you may need to take your stores to your customers.
Most successful e-commerce enterprises, use Facebook and Twitter as channels for validation and showcasing their products. If you can get the high number of likes and conversations around a product, it could be turned into the intrigue surrounding your product. The intrigue could help you get more website visitors, which in turn leads to more sales.
For this, you need to first decidedly be present and engage with the audience. Instead of trying to exchange baton between different social channels, you can utilize an omnichannel platform.
This also allows you to set-up chat integrations and better communicate with the audience.
As per studies, almost 83% of online shoppers need support to complete a purchase. When you avail chat support to your online users, you are avoiding multiple revenues leaking aspects such as shopping cart abandonment and low page engagement etc…it will help you get more visitors based on your current web visibility.
Covering information across the board
No matter, if you are an independent seller or an E-commerce venture, the tracking and facilitating of shipping information is a permanent headache. Especially, when the shipping and delivery are handled by a partner or 3rd party.
And you may already know, it’s definitely not a good idea to ask the customer to go check-out the shipping information on a 3rd party website. With the e-commerce business requiring you to win repeat customers, you cannot afford to have this flaw in the system.
The consumers are expected to acquire and supplement shipping information across multiple web platforms.
you can start by integrating the 3rd party API into the CRM platform. This allows you to automate availing the latest shipping information in a single dashboard.
For example, almost all the leading shipping platforms provide API’s to integrate with your existing CRM systems.
By integrating the different API’s into an e-commerce CRM, you can streamline and avail the latest data on your central platform.
Collecting audience intelligence
Here’s a secret of the modern e-commerce business.
If you can understand your core audience, you can start tailoring your products to their requirements. If you can closely match their requirement, you can make products that suit their demands and henceforth more sales.
All successful modern e-commerce companies have succeeded in these dynamics. Thus, the modern e-commerce marketing is an exercise in understanding and leveraging the customer needs.
Through integrating CRM across your processes, you can collect customer data across multiple touchpoints. Within the cloud database, you can integrate your various data points.
Later, you can generate conclusive reports based on this data.
This helps you align your product pricing along with demands. You can also track the demand trends of your various e-commerce offerings.
The e-commerce industry revolves around speed and efficiency. In order to manage the high volume of transactions involved, you need an efficient system to manage all the transactions.
A Customized e-commerce platform could be an ideal tool to manage all these interactions. We are experienced in helping a business organize and optimize their operations.
2 thoughts on “5 hidden ways your E-commerce business could be leaving money on the table for competition”
ecommerce marketing strategies should focus on capturing people looking for products and actively using several outbound strategies to get people to want to find you. There’s a large number of different ecommerce marketing strategies out there, and in this post, Here you have shared most essential strategies to get more sales.
Hey, you write a magnificent article and its really helpful for us, I have some queries related to this topic. What does it means that speed and efficiency are core important for E-commerce?What do you think In e-commerce supply and demand are in equilibrium position? Is e-commerce and mobile commerce related to each other? E-commerce only related to social selling?