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Top 5 Ways To Differentiate E-Commerce Store From The Competition

Top 5 Ways To Differentiate E-Commerce Store From The Competition

Maximize Festive Season Sales With Fynd Platform

Learn from the masters and cracks the code to festive season sales success with Fynd Platform's Festive Readiness Guide

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It is often said that if you can't differentiate your business from competitors, you won't make it. There are thousands of businesses selling the same product in the eCommerce business.

It is hard to keep the quality high and the price low, which gives you a chance to stand out from the crowd. In 2019, 14.1% of all retail sales worldwide were from eCommerce sites, which is expected to grow to 22% by 2024. Differentiating yourself is crucial if you want to reach those customers.

Adding your unique spin to what others have done can leave a lasting impression on your customers. Here are the top 5 ways to differentiate your eCommerce store from the competition.

1) Excellent customer service

80% of businesses believe they provide excellent customer service, yet only a tenth of customers agree. eCommerce companies must step up their customer service game to surpass customers' expectations and retain them.

They are required to provide the best possible experience or risk permanently losing clients to the competition. They should first develop a solid plan for eCommerce customer service to accomplish this.

Best practices to build an exceptional eCommerce customer service:

  • Don't make the customer wait for order status, returns and refunds; ensure issues get resolved in minimum time.
  • Your eCommerce website should provide consistent service on all devices – iPad, tablet, smartphones & desktop.
  • More than half of your customers prefer to solve their problems by themselves rather than contacting support. Self-service using chatbots, FAQs & creating a knowledge base is one of the best ways to do it
  • Use loyalty programs, rewards & work on developing a community to create a positive feeling & improve brand image.
  • Analyze Customer Satisfaction Score (CSAT) to measure customer satisfaction with product or service and work on improving it.

2) Competitive price point

If you run an ecommerce store, you should be aware that price is one of the most important things that will lead your customers to make a purchase. You can be selling the best products or services in the market, but if the price point is higher than your competitors, the customers would likely choose the competitor. How to define a competitive price point?

Calculate the backend cost: eCommerce businesses need to calculate the backend cost involved in acquiring, promoting and selling the product. Only then you can know what price point will be enough to win the customers and foster tremendous growth.

Assess the competition: You must monitor the pricing of competing products that may divert customers' attention away from your business. This knowledge will assist you in determining the market price for your product while keeping your profit and business objectives in mind.

3) Easy to navigate the site

Make your eCommerce website simple to use. Also, make it simple to navigate your website's pages for visitors to find and share your content. Navigation is a critically undervalued feature of any ecommerce website, as the links and menus must be simple to locate and navigate. Check your website periodically for website elements that you may have overlooked or that may no longer function properly, such as product details, forms, CTA buttons, and so on.

It would be best if you spent considerable time ensuring that your ecommerce website is accessible on all devices like smartphones, laptops, iPad. Nothing is more frustrating than knowing that you saw certain items in a particular category on your computer but not on your tablet & other devices.

4) Personalization

A whopping 74% of customers feel frustrated when eCommerce websites are not personalized. A personalized experience for the customer means recommending products, displaying content, and offering deals based on their actions, location, behaviors, purchase history, and other patterns.

Here are some crucial actionable strategies for personalizing eCommerce websites:

  • Encourage customers to create accounts by offering freebies, discount codes & an exclusive reward program
  • Segment email subscribers by analyzing demographic, behavioral data & psychographic data to create appropriate content and engage them.
  • Give customers a warm, personalized welcome based on their website interaction & purchase history.
  • Show a personalized offer to customers when they leave the eCommerce website based on browsing activity – either to sign up for a newsletter or completing a purchase.
  • Use retargeting ads with offers based on purchase history and incentives such as discount codes to give them a reason to shop with you again.

5) Email & SMS marketing campaigns

E-commerce websites use email & SMS marketing campaigns for promotions, announcements, reminders and other information about products. It is especially useful when you have a lot of traffic on your website but not enough time to get in touch with your visitors individually. Using email & SMS marketing campaigns allows eCommerce businesses to reach their customers no matter where they are or what they're doing at the moment.

eCommerce businesses need not purchase separate marketing tools as Fynd Platform offers inbuilt SMS and email marketing tools for promotional campaigns, which help your brand accelerate in the path of success. Along with other tools like SEO and data analytics, these marketing tools are an integral component of Fynd Platform subscription plans.

Differentiation is the name of the game in eCommerce. When the competition is fierce, it is essential to look out for ways to make your online store stand out. The more people can see what makes your site different, the more likely they will become customers.

We have provided you with the finest recommendations on differentiating your online store from the competition. These tips should help you create a more successful online store in the long run.

Connect with Fynd Platform if you want to create a fantastic eCommerce website in 30 minutes. To discover more about creating a one-of-a-kind eCommerce site that stands out in the competition, Schedule a demo now.

Maximize Festive Season Sales With Fynd Platform

Learn from the masters and cracks the code to festive season sales success with Fynd Platform's Festive Readiness Guide

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