How to improve e-commerce performance without reducing prices

The e-commerce industry is predicted to rake in 4.5 trillion USD in revenue by 2021. The industry is expanding and evolving at a rapid pace, in keeping with the changing customer demands and technological innovation. Too often, however, online retailers try to lure customers by offering the lowest prices. While this tactic could increase sales quickly, it’s neither profitable nor sustainable in the long-run. There’s a greater need for differentiation and a deeper understanding of what customers expect to profitably improve e-commerce performance.

Based on our experience working in the retail and e-commerce industry, we’ve put together some best practices that have helped global brands and retailers achieve greater success without engaging in a price-matching war.

1. Provide a smooth omnichannel shopping experience. Today’s customers are mobile. They’re always connected, always on social media. It is an absolute necessity to connect with them on every device and platform they visit. Go beyond the conventional website or online storefront. Savvy brands and retailers focus on building relationships with customers by making it easy for shoppers to discover their products on social media, mobile, and other digital platforms. In fact, research has proven that social media presence can rake in 32% more sales on average than those with no presence.

2. Streamline and improve delivery and distribution. One of the biggest advantages of online shopping is convenience. Shipment, delivery, returns, and exchanges should reflect that. Sloppy logistics can cost you valuable customers. About 39% of shoppers can abandon a website following a bad delivery experience. Being clear about shipping charges early in the purchase path, prompt communication about the order status and a fast and smooth delivery experience can go a long way in mitigating cart abandonment and increasing return customers.

3. Create state-of-art mobile UX. The idea is to evolve and adapt to the changing lifestyle requirements of the customers. Today’s shoppers are always on the move and they most rely on mobile devices to As much as 60% shoppers browse online stores on their mobile before shopping. Tailoring mobile shopping apps to suit customer convenience can add a definitive edge to any e-commerce business.

4. Master Search Engine Optimization (SEO). Search engine optimization is a must if you want customers to find your products. Good SEO means ensuring your website pops on the first page of product search, keeps your website easily navigable, user-friendly and clutter-free. Keep to the basics, tone down sales pitches and improve the page-loading speed to provide your customers a seamless user experience.

5. Offer a desirable product assortment. A sure-shot path to e-commerce success is having a product assortment that is high in demand and low in competition. It gives you the ability to control prices and enjoy higher margins. Research and analysis can help you identify emerging trends and opportunities to differentiate your e-commerce business. Speak to us to know how Netscribes can help.