Three E-Commerce Tips for New Business Owners
Starting a new business can be intimidating and overwhelming. The hope of making it big motivates new business owners to try everything on the horizon. However, focusing on certain proven areas that yield better results is a much smarter strategy than a trial-and-error one.
In today’s world, e-commerce is the biggest boost your business can get. A sound e-commerce strategy can not only increase the profits of already established businesses, but it can also enable new businesses to grow rapidly. Here are a few tips that will give you a head start into the world of e-commerce:
Act like the leader you want to be
Offer Value Propositions
It goes without saying: the gap between promise and delivery is one of the major causes of customer loss. One way to ensure that your customers are satisfied is to make realistic, specific promises. You could also study your competitors to see what kind of promises they offer, and how they uphold them. Subsequently, it is imperative to align your operations to make sure the propositions are being delivered.
Using e-commerce is one method of offering deliverable propositions. For instance, you could create online platforms for customers to voice what they want and expect, and also highlight the assurances you have in place. In this way, modern innovation on the internet can go a long way in delivering upon your business promises.
It is also imperative to remember that consumers are flooded with content from businesses with every click. While the digital realm is the place to be, it is not an untapped arena. Thus, to stand out amidst this sort of competition, innovative ideas and formats are a necessity. It is worth spending on creative and insightful content which delivers on the propositions you have offered. Your brand message should be strategically focused on a pre-decided outcome to maximize efficiency.
Support one another in challenging situations
Harness the Power of Analytics
A comparatively recent development in e-commerce, data analytics have proven to be extremely effective for new businesses. As stated by Ohio university, “Businesses are harnessing the power of big data and powerful analytics to gain a competitive edge over their peers.”
If your business is still in its seed stage, you can use data analytics to understand market gaps and create products or services that will fill these gaps. Data-driven product and service development can become a solid foundation for your business and lead to long-lasting customer loyalty.
Operational analytics can help you increase the speed of your internal processes. These help put systems in place and establish protocol. Operational analytics can also identify problems before they occur to ensure your organization functions smoothly and maximizes productivity.
Finally, consumer analytics can help in terms of your marketing efforts, and build fruitful relationships with customers. By learning about what your consumer wants through analytics, you can cater to their needs and ensure that they stay loyal. Understanding purchase and consumption patterns are the best way to make sure your products and/or services are always useful to them.
Embrace the notion of individuality
Always be Prepared
E-commerce initiatives, and digital initiatives in general, rely on masses of data. Data is constantly being gathered, processed, and transferred, with various means of internal and external storage. Due to this, studies by Ontrack show that “despite better software solutions and hardware, data loss still occurs, and at some point in time, everybody will face its consequences.”
Data loss can harm the most established businesses, but new business owners need to be especially wary as this sort of scenario can completely cripple new businesses. Thus, it is essential for businesses to have both a business continuity plan and a disaster recovery plan in place. As stated by experts at Ontrack, a business continuity plan covers “all necessary steps and time frames to get resources, processes and functions up and running again” in the event of any data loss.
A disaster recovery plan, on the other hand, is a thorough recovery process in case of a disaster. Disaster recovery plans cover not only business emergencies but also natural disasters including blizzards and floods, as well as man-made disasters like terrorism.
The process of creating both these plans should include every important stakeholder in the business. Additionally, tests and trial drills are vital to ensure that the business continuity plans and disaster recovery plans work as intended. Often, you might be tempted to cut costs while formulating these plans — but remember, being cheap is not all always the best option and can result in extensive damage in the event of an emergency.
Creating effective and thorough security is the best way to safeguard your business in the long run. Ultimately, being prepared is the best way to minimize losses in case of any disaster.
As a new business owner, e-commerce and digitization should be on top of your priority list. It is vital to understand the essential tools for e-commerce today and apply them strategically for your business. While taking the first step into the world of e-commerce might be difficult, it sure is worth the effort.
Invest in your reputation
Author bio: Ainsley Lawrence is a writer who loves to talk about good health, balanced life, and better living through technology. She is frequently lost in a good book.