We all have an idea as to why brick-and-mortar businesses succeed or fail. However, what about their online counterparts? Despite their accessibility and high demand in this day and age, they have a higher rate of failure when compared to physical stores. The reality is that while digital platforms present more opportunities for success, they also come with their fair share of challenges that can make it more than a little challenging to succeed, even with the growing number of online shoppers. And this includes eCommerce marketing.
But that’s not to say that you should resign yourself to the same fate that has befallen many others. It’s more than doable to succeed as an eCommerce business, regardless if you’re a first-timer or a seasoned entrepreneur. With that said, here are the reasons why online stores can achieve success or end up closing down.
Standing out as an eCommerce business isn’t easy. It’s a massive undertaking. In the increasingly crowded world the Internet has become, generating enough exposure to attract consumers and stay relevant across all digital channels can be tricky. The inability to elevate online visibility is one reason why many entrepreneurial online ventures are unable to sustain their operations and collapse. And if you don’t want to follow suit, you must step up your marketing efforts. Follow these strategies to ensure that you promote your brand effectively:
- Create quality content. Few marketing strategies effectively reel users as they keep them engaged in creating quality content. Beyond gaining more credibility with popular search engines and ranking high in the SERPs or search engine results pages, it also gives more value to your audience, improving your conversion rates as a result. It will also allow you to tap into a broader audience because people are more likely to share top-notch material than subpar pieces.
- Optimize your website. The online domain of a brand is critical to its success. After all, not only does it serve as the home of your business on the World Wide Web. But users often judge the reliability of a company through it. If it’s disorganized, hard to navigate, and isn’t pleasing to the eye, it will likely turn prospective consumers away rather than keep them engaged. Because of this, you must ensure that your website is optimized.
- Conduct keyword research. Keyword research is an integral component of any marketing strategy. And for a good reason – not only does it help you gain insight on where you and your competitors rank for specific search tags, but it can also tell you the phrases and terms that people use to search for the products, services, and other pertinent information to your industry. So never skimp on researching keywords.
Regardless of how strong your online presence is, you’ll fail to achieve a high conversion rate if you lack a CTA or call-to-action. As its name suggests, it guides the user to perform the desired action, make a purchase, sign up for a newsletter, or write down a review. If done correctly, you’ll be able to communicate what people expect, improving both the click-through rate and the conversions of a business.
Social media presence
These days, having a solid social media presence isn’t just a luxury but a necessity for any business, eCommerce included. Apart from helping an online enterprise build brand awareness, it’s also an excellent way to maintain engagement with existing and prospective customers. And many internet businesses that have failed lacked the kind of presence and support to attract and engage consumers. Don’t make the same mistake and remain active across all the relevant social media channels. It will go a long way in helping your eCommerce business grow and flourish.
The one factor that can make or break a sale is the price. If the cost of your goods is too high, your target customers will likely look for cheaper alternatives. On the other hand, if it’s too low, you’ll devalue your offerings, affecting your sales. Before you commit to specific prices, make sure you study the market and use repricing software.
No one can deny that starting an eCommerce business can be a potentially lucrative endeavor. However, that’s not to say that it’s easy. In reality, it’s much more complicated than people realize. However, if you carefully prepare and plan out your business, you’ll be able to keep it from struggling with its finances and, more importantly, generate the desired sales.