The online retail market is expanding fast worldwide. If we take a closer look at e-commerce ranking by country 2020, analysts from eMarketer forecast that the Philippines, Malaysia, Spain, and six other countries will see more than 20% growth in sales this year. As for the overall e-commerce industry analysis, North America is taking second place according to the scope of potential sales in 2020.
It’s not a secret that the online retail market in the USA is saturated. Besides the giants like Amazon, it includes dozens and dozens of small retailers who strive to conquer the heights of e-commerce. The main question is how to remain competitive in a saturated online retail market. The following tips will help to work out a successful business development strategy.
Competitive Pricing Attracts Customers
This probably sounds like a cliché. However, no one should underestimate the power of an affordable price. Even in a modern business world, where customers look for purpose-driven marketing campaigns, the price still matters.
Why is it so important for e-commerce? Compare online sales vs retail sales. There are many differences in terms of communication and service. What is important is that to visit another shop, a customer needs to make one click only. It means that he can learn the pricing of other sellers easier than ever before.
You don’t have to sacrifice much. The main motto is to stay competitive. If you can, reduce the cost a bit more.
Don’t Be Greedy: Help Customers to Try Your Products
If you are new on the market, customers don’t know you. It means that they aren’t acquainted with the offer. Therefore, the logical question arises: how will they know that your products are worth buying?
Marketing is a useful tool to promote your product or service. Yet, it can’t make consumers try and experience the benefits of the product. Here is where businesses should distribute samples. It may be costly, but eventually, the ROI will impress you. If the product is worthy indeed, customers will start to buy it.
Outstanding Service Is a Great Competitive Advantage
Regarding the industry, sellers have a lot to offer. This is one of the primary reasons for shifted consumers’ preferences. Clients perceive brands not only as of the source of products and services. They look for meaningful relationships and outstanding service.
With the growth of e-commerce, customers pay more and more attention to delivery. They look for a fast, and preferably free shipping. Another important aspect is timing. As the study by Oracle Retail states, about 13% of respondents say they would never deal with the seller again if the delivery is late.
Unparalleled Customer Service Helps to Win the Hearts of Consumers
Any retail company strives to build a rapport with its target audience. This helps to get to know them better. Why is it important? You can market the product the way customers expect it to be. There is one thing any client looks for is outstanding customer service. This is relevant no matter you deal in Retractable Banner Printing or groceries.
What does it mean? You are always there for them whenever a client needs you. Besides this, the company’s representative is competent and polite. People must be sure that whenever they have a problem, it will be solved – fast and easy.
Choose a Distinct Niche
Is it hard to satisfy a huge audience? Probably, yes. Even if they have something in common, all of them are individuals with distinctive preferences. When you just launch a retail business, it’s better to target a narrow audience rather than generalize it. The same applies to a product.
Competing in a distinct niche is easier for beginners. You can focus on upgrading a product and service. Moreover, it’s much easier to reach potential customers. This is relevant even in CEO marketing. For example, long-tail phrases that come with less traffic are easier to rank for.
Unique Offer Is Key to Stand Out in a Saturated Market
Uniqueness and exclusiveness are what everyone desired. In a highly competitive business world, especially in retail, it can significantly boost your sales. Why so? Customers don’t look for an array of identical products. They want innovations that will make their life easier. Knowing this, businesses must promote their unique features. This is the true power of a brand. It’s what you can use to your advantage to outperform competitors.
The unique offer is a working strategy, even if you enter a market with high competition. For example, well-known tech-giant Apple is among impressive retail examples. Microsoft and other tech companies have already been there when Apple showed up. Nonetheless, Steve Jobs and his team managed to create products that replaced the existing. What is more, their functions were better.
It’s quite hard to reach a target audience on a global level. Sometimes, even the scope of a country requires too much effort and resources. A beginner merely can’t afford it. Moreover, it implies higher risks, which means the chances of a failure increase.
As online business statistics from the National Retail Federation states, online purchases make up 10% of all sales across all industries. It means that regarding the field, your e-commerce shop won’t stay without customers. Start from your local market. Optimize the offer, marketing campaign, etc. Later on, you can scope up and conquer greater markets.
Online retail is an amazing opportunity to gain revenue and a significant challenge to market a product at the same time. Businesses have to understand that success and steady flow of income is cumulative notions.
Please, share your thoughts on successful online marketing strategies in comments. How should a retailer promote the product to withhold competition?
The author is an entrepreneur. He owns several brick-and-mortar shops, as well as sells the products online in fortunavisual.com. He operates in retail for about 10 years. Half of this time, he dedicated to promoting the brand and products online.