Gone are the days of mere brick-and-mortar structure. If you want to expand your business and be able to reach a wider customer base, the best means would be to turn to eCommerce. The UK has a lot of eCommerce platforms to choose from as well as supply chain management providers to help you launch your online business. Choosing the right ones can either make or break your enterprise.
However, these aren’t all that is needed. There are plenty of other factors that make up the success of an eCommerce business. There is no single approach that works with all, and the good thing is that there are so many already-successful online businesses ahead of yours in which characteristics and strategies you can learn from.
Successful eCommerce businesses certainly have several things in common, even if you compare the growing ones and the tycoons. One thing is for sure, once eCommerce businesses start to thoroughly understand their ins and outs, growth becomes inevitable. Take a look at these similarities successful eCommerce businesses have and some helpful tips for startups:
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They Differentiate Themselves from Others and Take Care of Their Brand
These online businesses know so well that establishing their unique selling point (USP) is what would set them apart from others and so, be more recognized by customers. There is no way they can sell everything to everyone, unless they are Amazon. So, what they do is pick a problem least dealt with or never at all and provide a solution to this problem.
The products or services they come up with answer the question as to why customers should choose them given many other businesses’ offers. A clear grasp of what they do and why they do it becomes their brand. Successful online businesses definitely know how to nail it with branding, starting by having a clear mission.
Branding Tip: Do not stray away from your brand, or you will ruin it. Stick to how you give first impressions to your customers. Expand whilst keeping in mind your business’ core identity. Customers will likely remember your business based on their assumptions about you. How they remember you will impact how they will review or if they will buy again from you.
They Know How to Make the Best Use of Technology
Ecommerce software program, SEO, and more—those who go big online just know how to maximize and properly use technology to their advantage. They build their websites and master the art of Search Engine Optimization (SEO), and do their best to bring higher traffic to their sites, leading to more prospects and customers. This means they maintain compelling and updated blogs whilst fixing any bugs.
Making their website more user-convenient is something they do not skimp on. How their website looks in desktop and mobile are different. They know so well that it is so easy to lose customers when they are kept running around in circles. Their mobile website has to be easier to navigate around, unlike their regular website. For startups looking to optimize their web and mobile presence, considering nearshore software development for startups can be a wise choice to ensure a seamless and user-friendly digital experience that attracts and retains customers effectively.
And whether a solo entrepreneur or not, successful online businesses know that having the best eCommerce accounting software program and a reliable accountant can greatly help with the cash flow as they make financial and tax management much easier.
They understand the importance of accounting, being the lifeblood of their business. Unless they are well-knowledgeable and confident about handling their eCommerce accounting software, they employ accountants to do that. They trust that experts are better able to deal with complicated matters, leaving them with more time to focus on the overall growth of their business.
SEO Tips: Google decides which websites go at the top of the organic search engine results, and it constantly updates its algorithm. It can be very hard to keep up with the updates when you skip regularly checking Google’s Search Quality Guidelines. Keep in mind that your website doesn’t violate the new guidelines so you don’t mess up with your rankings.
Be mindful of putting in ads or affiliate links too. Scattered affiliate content or links is also a great recipe for risking your Google ranking. Your business’ brand is your keyword too. Use keyword research tools to come up with relevant keywords so that you rank up your brand name.
They Secure the Best Supply Chain
When there are issues in the supply chain management, the customers will immediately feel it. Apparently, even when it is the supply chain partner’s fault that the merchandise gets damaged, incorrect, missing, or delayed, the customers will blame the eCommerce business.
Successful online stores know this so well, which is why they make sure to choose the best supply chain management provider. The more efficient their supply chain is, even exceeding their customers’ expectations, the higher their order rates, positive reviews, and customer repeats will be. Fortunately, there are a lot of supply chain providers in the UK that online businesses can choose from.
Choosing a Provider Tips: Generally, there are three metrics for a supply chain provider—order accuracy, on-time delivery, and cost savings. Your choice of a supply chain provider depends on the volume of your inventory, whether low, high, or high inventory volume and turn. Make sure to check the provider’s track record always.
They Know How to Set Their Prices Right
All eCommerce businesses feel the pressure of setting just the right prices for their customers. Making it too low and you risk your product being perceived as low-quality. Making it too high may lead to your business’s demise. There is always the quandary of prices amongst eCommerce business, which is another aspect accountants can provide valuable input for.
Flourishing eCommerce businesses, with the help of financial experts, know the balance lies in setting market-competitive prices. Accountants help them with cost control, which involves the process of knowing their customers much better and making pricing decisions based on a carefully studied business plan. They don’t give in to the temptation of simply increasing their sales volume; instead, they base the pricing on their financial records and forecasts.
Pricing Tips: It’s crucial to know the market first (e.g., what your customers look for, how much your competitors charge for their products, etc.). With the help of accountants, you can work out a value-based price or perform cost-plus pricing. Either way, accountants will make sure you aren’t getting behind the bottom line.
Ultimately, you can learn from Amazon, the most inspiring example as it started as a mere online bookseller but is now a tycoon in the online industry, selling everything you can imagine. Amazon has always been more focused on their customers’ satisfaction than their competition and makes improvements for the company based on that.
If you’re an eCommerce startup, you’d better start right by employing experienced business advisors. Business, financial, and tax advisors in Legend Financial provide the most comprehensive support to help you smoothly navigate the world of online business.