If you are a retail business owner looking to expand your reach, trust me, you are not alone.
The retail industry is a vital part of everyday life. Think of it: every day, people need to buy essentials like food, clothing, medication, and other stuff. Walking into the nearest store or shop to pick up what you need is a part of your everyday routine. This is where the necessity of retail businesses comes in. To be accessible at all times, many retail stores have turned to e-commerce so that they will be able to connect better with customers who may not be able to conveniently come down to the physical store.
WHAT IS E-COMMERCE?
Simply put, e-commerce (electronic commerce) is all about buying and selling products and services over the Internet. These transaction models include:
- Business-to-business (B2B)
- Business-to-consumer (B2C)
- Consumer-to-consumer (C2C)
- Consumer-to-business (C2B)
ADVANTAGES OF E-COMMERCE
E-commerce has explosively become popular over the past two decades. At first, it was major stores like Amazon that led the change. Eventually, smaller businesses began to embrace the global reach that e-commerce offers. Advantages of E-commerce include:
- 24/7 Availability:
Unlike physical stores which only open for several hours a day, e-commerce businesses are available round the clock. The internet never closes!
- Faster Browsing:
By ‘browsing’, I mean the sweep you would make in a physical store for a particular product. E-commerce means no more pushing through crowds to get through. With a search bar, a few scrolls, and taps, you have found what you are looking for, and know whether it is in stock.
- Global Reach:
Physical stores are limited to a particular location, but the internet knows no bounds. You could set up shop in China, while someone in Ghana shops on your website.
- Reduced Operational Cost:
Without the cost that comes with running a walk-in store, an e-commerce retail business can be lower maintenance. However, the cost of warehouse, shipping, delivery, and website optimization should also be factored in.
CHOOSING AN E-COMMERCE STRATEGY
An e-commerce strategy is a plan that helps your business sell on the Internet. Running an e-commerce retail business without e-commerce strategies in place will make it tough to grow, reach potential customers, and increase sales. A successful e-commerce retail business depends on your market reach (the actual or anticipated audience of your content, or ad campaign).
Let’s explore some carefully selected e-commerce marketing strategies for retail businesses you can use to grow your reach:
- Market segmentation:
Market segmentation means splitting your audience into groups based on their characteristics or preferences. This method will ensure that you tailor your marketing efforts to each group. By doing this, all of your ads and content will reach the right people.
- Social Media Marketing:
Although social media was not originally designed to help brands expand their market reach, it is now an essential tool that businesses use to reach their potential customers. Studies show that social media is where about 54% of people go to do their product research. People often search for users’ reviews, follow brand pages, and interact with posts before deciding to make a purchase. So, optimise your social media by posting consistently, engaging with comments, and showing off your brand’s personality.
- Website optimization:
Statistics show that 72% of people prefer a mobile-friendly website. A mobile-friendly website loads fast, has a design that is visually appealing, and is easy to navigate from a smartphone. If your website can be optimised to have these characteristics, it will attract more visitors and conversions.
- Social proof:
It has been proven that potential customers feel reassured seeing proof that your product is in demand and loved by your customers. Social proof includes testimonials, reviews, referrals, and influencer endorsements. When people see that others genuinely love your product, they are most likely to be converted from being a website visitor to a returning customer.
- Search Engine Optimization (SEO):
SEO is aimed at getting your e-commerce website to rank high among search results on a search engine. Very few people ever check the second page of search results, therefore getting ranked on the first page is sure to expand your reach
- Email Marketing:
Email marketing can be very effective when done right. The right way is to personalise your emails with the recipient’s name, send thoughtful follow-ups, and make sure that you are not bombarding customers with too many messages. Keep this in mind: a thank-you note after a purchase, or a reminder to checkout an abandoned cart can go a long way.
WHAT DOES IT MEAN FOR MY FINANCES?
If you are unsure of the financial cost your business will incur, we recommend that you speak with one of our financial advisors. We will assess your business’s financial health and recommend the best e-commerce strategies tailored to your specific business needs.
CONCLUSION
Our world has gone digital, and the best way for retail businesses to succeed in today’s market is to embrace technology in all aspects, especially e-commerce. E-commerce offers convenience for your customers and makes your business globally accessible to anyone with internet access.
Adopt e-commerce strategies today, to open up your business to millions of potential customers.
Speak to our financial advisor today and stay tuned for more insightful topics!