5Es of jewellery ecommerce – Steps to a successful online business
Ecommerce become an inevitable channel for any Entrepreneur to overlook. But it‘s not just as easy as we think to setup a successful ecommerce business. Mostly the success of a project is based on the execution of an idea on the right way. Rough diamond will become good saleable diamond only if the facets are proper. “Focus on Facets” is vital to get the right magnitude of success from Ideation to Implementation. Starting an ecommerce business has become much easier but making it a profitable is a huge challenge and intakes a lot of ingredients to get it. Being an entrepreneur, you must decide at the very beginning, “the Facets” and stay focused. Let’s see the five focus facets for a successful ecommerce business
“Improve your core offerings”. Look at your product, process, and price and optimize everything to the best possible. Don’t benchmark with competition. Literally there is no competition out there. Also don’t compromise on the fast delivery and better quality product at greater price. These fundamentals are not going to change ever and customers will rate you high on it.
“Make a customer, not a sale”. Customers are new to ecommerce and Jewellery is highly touch and feel category. So first let them get a feel of it, in online. Only the visit is impulse but the purchase is an evolved decision. Average number of visits to conversion is 4 or more. So be patient. Ensure your website is mobile friendly and take customers to the right product within 3-4 clicks. Have a right balance of “Browse & search”. Concentrate on geo-merchandising.
“Customers are more informed than ever before”. So be transparent about what you are offering for the money which he/she pays. Without that customer can’t understand the “Value for money” which he/she got. As per study, customers’ affinity and trust is high towards the brand which educates them. Customer reviews are the online sales staffs.
“It’s buyers’ market”. You are here to offer what buyer wants. So empower them to customize and personalize their product selection according to their wish. This can be in size options, karat of gold, diamond quality, metal options and stone options and so on. Make Tie-up with the best Payment gateway solution provider who offers multiple banks and payment options.
“Achieve permanent recognition”. Mostly in ecommerce, you won’t make money in the first transaction. So concentrate on “Lifetime Customer Value”. Establishment is the final and recurring step of all your efforts. In other words, this is the reward from the customer.
Enjoy your Ecommerce Entrepreneurship!
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