Staying Competitive in the eCommerce Industry Amidst Coronavirus
The eCommerce industry as a whole is known to be extremely competitive. In contrast with the traditional selling method, online sellers compete not just with other sellers in their immediate vicinity, but often with other sellers worldwide. Hence, staying competitive, especially amidst the current pandemic is a must.
Since several countries are in lockdown, a new normal has been introduced in various regions. Such an objective of reaching normalcy has led people to search for better and safer options, including their shopping experience.
The Booming eCommerce Landscape
At the onset of coronavirus, there was great uncertainty in the consumer industry. However, as people began their transition to the new normal, alternative options were rediscovered and eventually became more popular, especially in the eCommerce sector.
Cashless payment methods are being encouraged in order to stifle the spread of the coronavirus. With that, online payment methods have been emerging. In relation to cashless transactions, the eCommerce space has become more active. Apart from the logistic convenience, items purchased online may also be paid through various digital payment service providers. Therefore, lessening human interactions during the pandemic.
As an example, dropshipping authority, Oberlo, shared that in March 2020 alone, 42% of the US population purchased groceries online. Similarly, sales of virus protection related products jumped to over 800% because of COVID-19. This suggests that online sellers should be more active and competitive in the market, not just for increased profit, but also to help those in need of essential products.
Improving Your Online Business
With an increased demand for online goods today, in order to stay more competitive, here are some helpful tips to take into consideration.
Instill Brand Loyalty
If you have an eCommerce website that can be easily customized, writing a blog or creating social media content that is engaging and helpful to your customers will add value and build brand loyalty. Similarly, providing discounts and special offers will evoke a sense of gratitude and loyalty from your customers. Addressing reasonable and specific product requests will also elicit similar results.
The impact of customer loyalty should never be underestimated by entrepreneurs or online sellers. Many large companies are well-aware of the benefits of customer loyalty, which is why companies invest heavily in loyalty programs.
It has been reported that U.S. consumers hold 3.8 billion memberships in customer loyalty programs. If you want to take advantage of such demography, you can establish your own loyalty program with the use of softwares such as Capillary Loyalty+.
Perfect Your Repricing Strategy
“With Amazon capturing almost half of all US online sales, it’s no wonder the eCommerce giant has become one of the most competitive marketplaces to-date. Combine this with the new challenges faced by Amazon sellers due to the global COVID-19 pandemic, now more than ever is a crucial time to stay on top of your Amazon game. As an AI algorithmic repricer, we want to shed some light on how Amazon sellers can adapt to the new normal.” – Junel Suaybaguio, Content Manager Seller Snap
To attain new customers and retain current shoppers, you need a solid repricing strategy. Apart from the competition, the current market situation should also be considered. Therefore, utilizing an advanced repricing tool is recommended.
Solidify Customer Service
Customer service is not only limited to providing the essentials for your customers but especially in eCommerce, it can offer a quick and effective resolution. When it comes to addressing a concern, prompt reply to comments or queries is much appreciated by customers.
Reduce Cost
If you’re still expanding your online business and financing is a cause for concern, you could check some avenues in your business structure that will help reduce costs.
When it comes to customer service, there are reliable customer care softwares that some sellers use, instead of hiring an actual employee.
In regards to keyword research or SEO audit, Ubersuggest provides online sellers or marketers with free access to their tools. Similarly, for editing softwares, Canva also offers free use of its online platform for image editing.
Move with The Trend
If you want your online business to survive in today’s competitive and ever-evolving eCommerce industry, be open to changes. This will not only lead to the improvement of your product or services, but it will also lead to the growth of your business.
As for growing your eCommerce business, Payoneer provides millions of online sellers worldwide with a simple and cost-effective payments solution.
Looking to expand your business reach?