You would definitely want to know why your competitor is able to do well and you are not able to, though both of you have the same kind of e-commerce stores. Well, here is an analysis of what the top-secret reasons could be the reason for this major discrepancy.
The eCommerce market itself has become extremely competitive and highly challenging. There is a plethora of choice thrown in front of the customers than before and this has a major effect on the sales that any online business venture could experience. There are numerous online marketing avenues that are available for the business owner too to push his products. Despite the availability of such channels, and despite getting the strategies right, why are some of the eCommerce stores failing?
It is mainly because the competitors are able to ask themselves a question…why should a given customer buy this specific product only from me but not from any other seller?
Consider all the products you have on board. Put this question, as to why your customers should buy the products from you. When you do not know the specific reason, then THAT is the major problem you have stumbled upon in your online venture.
There could be numerous reasons as to why a specific customer would not prefer to shop at your store and shop your competitor’s store.
He is offering better prices: The majority of the customers prefer to buy products from a place where they are being offered for a lesser price. The internet platform has thrown open numerous avenues for the shoppers and they can make a very quick comparison of prices between different online stores. After this comparison, they can make their purchase from a place where they are getting the product at a lesser price. Just in case, if there is not much of a gap between the prices that are offered, the customer may consider other factors that you do not have and then buy from your competitor.
More secure shopping: People would always love to go back to a place where they feel absolutely secure about their details. The same applies to online shopping too. Customers lookout for certain trust signs while shopping. There could be multiple checkout options out of which the customer may choose the one he feels more secure. You have provided a physical address and so he trusts you more. You also might have listed out the different physical locations of your store. The details provided in the About Us page would have built adequate trust in your business. When you make all such details accessible to the customer, there is every possibility that you will garner a good reputation. However, when there are no such indications present on your website, the customers may choose another online store to shop from.
Better customer service: Whether it is online or offline, customers come back if they are treated well while shopping. They come back when their concerns are addressed immediately. Whether it is responding through online chats or through social media or through email…if you respond immediately, they will feel as if they are being given top priority as a customer. So, you should be available in all channels of communication. If you are not using that mode of communication that your customer is using, you might lose out to your competitor.
Quicker loading website: If you are not experiencing good conversion rates, then you must contemplate definitely on the website speed. Quicker loading gives visitors/customers a good feeling when they are shopping. Websites that are able to give their visitors the fastest speed will definitely have a better conversion rate than those who are not. This experience is definitely going to bring them back to the website and shop more and more. Waiting for the entire web page to load somehow does not go down well with many shoppers.
Having better reviews: When customers are buying a specific product they will be on the lookout for feedback or reviews about that particular product. Having positive reviews about a given product will definitely help others too in making a decision. In case your website does not provide this option, they might shop from a place that has such a provision.
Easily found: Perhaps, your competitor’s SEO is working efficiently and yours is not. Top search results would translate into more traffic. The key remains in being found easily on the World Wide Web. When your advertising spends is used optimally, you will be able to strike the right chord.
Easier navigation and search option: No doubt, your website downloads fast; you are offering competitive pricing and a secure shopping environment but what if the navigation on the website is too confusing? What if the shopper is unable to find the item he wants to buy? And, there is no search toolbar on the entire website? These small things go on to count a lot and eventually end up losing potential customers.
Work towards having a better strategy in place than your competitor by ensuring that all the above-mentioned pointers are in the proper place. Within no time, you are bound to rock the show!