The Top Ways to Beat Your B2C Ecommerce Competition
Thursday April 23, 2020,
7 min Read
Are you an ecommerce brand struggling with fierce industry competition?
Well, starting an online store seems to be exciting but running it successfully is really tricky. With the countless online stores, increasing supply rates, and engaging alternatives for the consumers, you surely need top ways to ace B2C ecommerce, beat the competition, and take your business to the next level of success.
As an online business, it is essential to maintain your market position and stay ahead of your competitors.
Here are the top ways to beat your competition:
1. Make technology and innovation your best friend
Change is the only constant in life and in businesses too. Same goes with the B2C ecommerce business as technological advancements have enabled people to purchase online, get personalized products and pricing and much more. Today, online businesses are faster than ever before and customers are placing orders at the button clicks, tracking their orders in real time, all thanks to technology and innovation.
With technology advancements in ecommerce system, many new business opportunities are also emerging and so is the competition. So, the gist is to innovate with products, services, and technology capabilities. For example, a basic product can be provided with added functionalities using augmented reality.
Don’t ever hesitate to try new things. Many business giants like Blackberry, Nokia were wiped from the smartphone market because they were not innovating or making any change in their offerings. So, in the dynamic world of B2C ecommerce, always remember that new entrants are disrupting the market every day. And it is necessary for you to use technology for your online business and innovate often.
2. Intelligent pricing
Pricing is one of the most complex exercises for your online business because it requires both types of strategy - try and learn method paired with an intuitive feel for the product and services. In the present era, it is very easy for customers to compare prices across different online stores and they often land up buying from the lowest priced store.
In fact, price factor has been the topmost factor that influence the consumer decision making process. It is vital for your business to strategize timely, accurate, and actionable insights while pricing the products. Well, intelligent pricing revolves around the psychology of customers. Before setting the prices, it is very important to know what competition is offering. The price you are setting for the offerings should have a competitive advantage and provide best value for money to the customers.
However, intelligent pricing is not always the lowest price. You can also provide attractive discount and promotion strategies to win more customers. An online marketing platform can help in setting the right prices for right customers within the ecommerce system. Set the prices for your different target audiences and offer them what they love to pay.
3. Reduce Shopping Cart Abandonment
Are you tired of losing on your potential sales? An average of 70% shoppers abandon the shopping cart and do not complete the purchase, which ultimately results in soaring sales.
Let’s understand what shopping cart abandonment is in B2C ecommerce.
Cart abandonment is when someone adds the products of their choice in their cart but does not proceed further to make payment and order confirmation. More these customers complete the payment, the more conversion rate of your business.
Facts you should know about shopping cart abandonment
- Over 70% of the shoppers abandon the cart during checkout process
- 23% people do not complete the checkout process if you force them to create new account on the website
- 29% people have security concerns on the website
- Over 67% visitors are lost if they face any complications on the website
- 12% people abandon the cart during checkout if there are no trust badges on the website
Top reasons for cart abandonment are account creation, unexpected or additional costs, complicated checkout
Shopping cart abandonment is a real pain for the ecommerce system and it affects small as well as large businesses. Improving the abandonment rate can drastically beat your competition in the online space.
So, the question is – How to boost sales with abandoned cart conversions.
- Customize your website theme and give an excellent experience to your customers
- Send reminder emails to convert the abandoned customers
- Provide easy and fast checkout options
- Increase trust with trust symbols like SSL certificates
- Invest in the right platform to help you automate your marketing and operational tasks
4. Reward your loyal customers
Loyalty is always the best driver to more business revenues. As it is rightly said that a loyal customer is 10 times more worth than the first-time customer. So, if there are 10 loyal customers and 1 new customer, the business revenue will remain the same. Also, there is a reduced probability of selling to new customers in comparison to the 60-70% chances of sales to existing customers.
The success of B2C ecommerce depends on the loyalty of their customer base as it ensures the repeat purchases. Maintaining loyalty seems to be an easy task but with everyday new entries in the online market, it is actually not an easy game. Here are some ways to re-engage customers and rewarding them for being loyal:
- Loyalty programs
- Reward points on every purchase
- Discount and promotion codes applicable for specific customers
- Free shipping only for existing customers
5. Leverage the power of social media
Today, social media has become altogether a new dimension in the life of people, whether it is buying a smartphone or a house. Moreover, it is not only about buying and selling products online, over 90% of the customers prefer to check online reviews before using the services of any website. They have increased trust from online reviews and take it as a personal recommendation.
So, customer feedback online can make or break your business.. When positive reviews can help you gain new customers and more business revenues. And the negative reviews lead to lost trust and potential sales. One of the most common ways is to encourage customers to share about your product and services online. An ecommerce platform with pre-integrated social media tools can help you lead the social media marketing and beat the competitors.
6. Create Content that converts
Today, when technology is replacing emotions, content plays the biggest role in converting customers. B2C ecommerce sites are based on the usage of content because this is what the customer sees on the website. Content is truly the king and making major changes in the conversion rates of business.
Try to create relevant and jargon-free content, interact more with customers, tell them about your beliefs, story of your product and services. The effective management of content on your website can acquire more leads and turn them into potential customers. Set your brand apart with trendy blogs, product descriptions, and provide a great value proposition to customers.
So, what is your strategy?
B2C ecommerce has a big opportunity to break through by implementing these strategies and create an exceptional customer experience. The online websites that catch the attention of consumers, convert the visitors, and make them repeat customers will surely win in this dynamic market.
Take up the challenge of beating your competitors with an online platform that can help you reach more customers, increase your conversion rates, manage content & pricing strategies, reduce shopping cart abandonment, and much more.