Standing out in the E-Commerce marketplace

Long before COVID-19, selling products both online and off, was a great way for many persons to start their entrepreneurship journey, make extra money and sell their handmade wares to like-minded individuals whether in their specific locale or through the internet.

Post COVID-19, sales businesses have increased exponentially as many individuals seek to secure their financial future and provide employment for themselves amidst massive layoffs, job reduction and reduced income. 

One space that has seen exponential growth is e-commerce.  In an article published in Forbes Magazine (April 20, 2020), the following statistics were shared:

-          U.S. retailers’ online year-over-year (YoY) revenue growth is up 68% as of mid-April

-          There has been a 129% year-over-year growth in the US & Canadian e-commerce orders as of April 21 and 146% growth in all online retail orders

-          Online conversion rates increased 8.8% in February, reflecting a level of shopping urgency typically seen during Cyber Mondays.

What does this mean? The e-commerce space is crowded with myriad products being sold by both large and small corporations.  Chances are the product you are selling is being sold by a larger counterpart at a lower price with a better delivery time line than yours.  It also means competing messages, overwhelmingly better offers and a greater emphasis on customer satisfaction. How therefore does your small business standout in the e-commerce marketplace?  

The following are some suggestions:

1.        Striking images – Imagery is important in providing as close as possible a picture of the item being purchased.  Striking imagery set on a complementary background with sharp colours in the e-commerce space brings the product to life.  It is also important to show the product at different angles as well as possibly using a live model to show product functionality. 

2.       Selling trending products – According to the website, www.cloudways.com, among the top trending products being sold online in 2020 are; Shapewear, Health & Beauty Products, Skincare, Smart Watches and Hobbies & Crafts.  While many entrepreneurs may opt to sell their own creations, ensure that whatever you choose to sell, you sell products that are in demand, easy to source and supply and definitely trending consumer products.  This will guarantee a return on your investment providing that the right sales and marketing campaign is in place to push the product to the targeted clientele.

3.       Easy payment process – The payment methods used in your e-commerce store strongly determines your profitability.  Accept as many methods as possible to make it easy for customers to pay.  One of the biggest turnoffs for customers is to go through the shopping process only to be stopped at payment --- you lose the sale but more importantly, you may lose a customer, possibly permanently.

4.       Offering incentives – Because the e-commerce space is so crowded, it is important to offer incentives that will cause repeat customer patronage and referrals.  Incentives such as free shipping on a certain amount or full purchase, a free gift with purchase, gift cards or inclusion in the customer loyalty programme can go a long way.

5.       Offer handmade products or other innovations – Handmade products have been identified as one of 2020’s most popular products on e-commerce platforms.  If you are an artist who creates unique products such as small household item, jewellery, customizable products, vintage or personal care items such as hair or skin care products, you are perfectly positioned for profitability.

6.      Share product stories with content – Product stories are a great way to capture the attention of potential customers.  Content that shares a little bit about the product’s origin, the manufacturer, materials used etc., can influence the customer’s buying decision.

7.       Maximise on customer reviews – Once a customer is satisfied with the purchase and the purchasing process, encourage them to leave a positive review on your platform and then maximise on it.  Use positive reviews as part of your marketing campaign; share that content on your online platforms including the e-commerce site and social media.

8.      Give a complete customer experience – Recognize that especially because your business operates online, a complete customer experience is necessary.  Provide easy access to customer service, handle customer complaints quickly and resolutely and provide valuable follow-up.