The rise of eCommerce has revolutionised the way we shop, with online stores and marketplaces becoming increasingly popular. However, as the owner of an eCommerce business, you are likely to face a range of challenges on a daily basis. From attracting new customers and increasing sales, to managing inventory and ensuring a smooth checkout process for your customers, there’s a lot to think about.
The thing is, you will need to do some planning, and put in creative thoughts, in order to overcome even the biggest obstacles. Whether you are looking to start your own eCommerce business from scratch, or buying a business online, you may find our pointers below to be beneficial.
At digital agency I Concept, we partner businesses in developing your brand, strategising and optimising your digital marketing and advice on social media management, and also plan and design your platform through eCommerce development. Read on for our advice on the different aspects of running a dynamic eCommerce business, all that will help you succeed in the digital world.
Finding the right niche
Here’s one big challenge that new-to-market eCommerce businesses face.
Entrepreneurs risk their financial security and ditch standard jobs to pursue their dreams. The goal for many is to turn their hobbies into careers. And frankly, there is nothing wrong with that. You should do what you love and make a living from it.
However, it doesn’t always work that way. A niche that aligns with your interests may not always be a profitable one. And that’s the first roadblock most eCommerce retailers face at the start.
And the problem doesn’t end here. The struggle has just begun. The next step is exploring a niche worth targeting. And that’s not an easy thing to do either.
You have to analyse the demand, competition, market trends and volatility of consumer preferences. So research is the key. And you would be doing a lot of it to find a suitable niche to target.
Consider consulting in a branding agency like I Concept to help carve out a niche for your business and brand. There’s also a grant where you can get assistance on strategic branding.
Developing an effective marketing strategy
One of the most important yet demanding aspects of running an eCommerce business is developing an effective marketing strategy. With so many different channels and tactics to choose from, it can be difficult to know where to start.
There are a number of different channels you can use to market your eCommerce business, including paid advertising, social media management, email direct marketing and content marketing. It’s crucial to experiment with various channels and tactics to find what works best for your business. Bear in mind that your marketing strategy should be tailored to your business goals, target audience, and budget.
A good place to start is by creating a buyer persona, which is a fictional character that represents your ideal customer. For instance, your buyer persona may be a female in her mid-thirties who lives in a big city and makes around $50,000 a year. This helps you to define your target audience and create marketing strategies based on their preference, habits and needs.
With a good persona in hand, you can then study the different avenues, and to decide which marketing channels to focus your digital marketing on.
Managing shipping and order fulfilment
Managing shipping and order fulfilment can be a complex and time-consuming process, particularly if you are selling products to customers all over the world. There are a number of things you need to consider, such as:
- Shipping costs
- Delivery times
- Product packaging
- Returns policy
One way to make this process easier is to work with a fulfilment centre. A fulfilment company is a third-party logistics provider that can pick, pack and ship your products for you, which can save you a lot of time and hassle.
Another option is to use a dropshipping service, which is a type of order fulfilment where the supplier ships products directly to the customer on your behalf. This can be a good business model if you don’t have the resources to manage shipping or if you want to test out an eCommerce business idea before investing in inventory. These solutions can also take a lot of the pressure off you and free up your time, so you can focus on other aspects of your business.
Ensuring a smooth checkout process
A key part of running a successful eCommerce business is ensuring a smooth checkout process. If it is too complicated or confusing, customers are likely to abandon their carts and go elsewhere.
Fortunately, there are a number of things you can do to ensure a smooth checkout process, including:
- Offering a variety of secure payment methods
- Providing clear and concise instructions
- Eliminating unnecessary steps
- Keeping the order forms clear and minimal
- Offering reliable customer support in case anything goes wrong
It is also important to make sure your checkout process is secure. This means using a secure server and encrypting all customer information.
I Concept’s eCommerce development team does a pretty neat job in this aspect. We understand your needs, and develop a comprehensive and secure eCommerce website that will serve your business well.
Managing inventory
If you sell physical products, then you will need to manage your inventory levels carefully. If you run out of stock of a popular product, this could lead to lost sales and unhappy customers. On the other hand, if you have too much supply of a product that isn’t selling well, this could tie up your capital and lead to storage problems.
You can use many different inventory management systems to keep track of what you have and need. These systems can help you track your inventory levels, reorder products when necessary, and generate reports so you can see which products are selling well and which ones aren’t.
It’s vital to strike a balance and keep a close eye on your inventory levels so you can make sure you have enough to meet customer demand.
Attracting new customers
One of the biggest challenges faced by eCommerce businesses is attracting new customers. With so many companies competing for attention online, it can be difficult to make your eCommerce store stand out from the crowd.
There are different ways to get people’s attention, such as investing in Search Engine Optimisation (SEO) and paid advertising or developing efficient social media management, digital marketing and content marketing strategies.
It’s essential to experiment with different marketing channels and tactics to find out what works best for your business. It’s also a good idea to offer incentives to encourage customers to shop with you, such as free shipping, discounts and loyalty programmes.
Get your eCommerce business in the right direction with I Concept
Running an eCommerce business can be challenging, but it doesn’t have to be overwhelming. With a bit of planning and creative thinking, you too can overcome even the most difficult obstacles.
Set your eCommerce business in the right direction with the help of creative agency Singapore I Concept. The digital agency has the knowledge and experience to help with the different aspects to guide your eCommerce business sailing on the right path.
Thinking of creating your own eCommerce platform but lacking the know-how? Our eCommerce development team will be able to sit you down, listen to your needs, then design and programme a functional eCommerce website to get you selling. You can also access up to 50% funding from the Productivity Solutions Grant to aid you in the eCommerce development phase.
As for digital marketing (including content marketing and social media management), I Concept, your choice digital agency will also be able to guide your business in reaching out to your desired customers and the wider audiences. There is also up to 50% grant available for small and medium-sized businesses based in Singapore for digital marketing solutions and services.
Whatever your eCommerce business needs are, there is definitely a solution to help with it. Get in touch with I Concept Singapore to learn how your digital business can be taken to greater heights.
