The birth of eCommerce took place a few years back and the growth enjoyed by this particular child of the Internet has been nothing short of explosive. So much so, that there is now a ton of information readily available on the Internet on how to launch and maintain a successful eCommerce store. However this information is not limited to DIY articles, blogs and webinars; believe it or not, some of the most vital tips can come from an unexpected source – your competition.
Here are a few questions you can ask yourself and see if your competitors have the answers.
1. What does their store have that yours doesn’t?
‘44% of all consumers tend to abandon a cart if the checkout process is too long.’
Head over to your competitors eCommerce store and carefully study the design, layout, navigation, payment process, etc. What do they have in their design or layout that you should add to yours? Is their payment process simpler than yours? Do you offer as many payment options as they do? Find out the answer to all these questions and make changes accordingly.
2. How do they lure and engage their customers?
‘42% of consumers follow a retailer online on blogs and social media sites like Facebook, Twitter, Instagram, etc.’
This should be your first and foremost focus. Running an eCommerce store effectively is mostly about luring and engaging customers, just like a regular brick and mortar store. However, unlike a brick and mortar store, you have no salesmen or a physical presence to impress customers. Check out how your competitors are luring in their customers and keeping them engaged. Go through their store in minute detail, read their blogs, try to figure out their marketing strategies, study their social media pages, etc. Once you have it figured, see if you can improve your own marketing strategies based on your assessment.
3. What products and services do they offer their customers that you don’t?
‘DVDs, CDs and books are the most popular products for online shopping with 23% of online shoppers purchasing them from an eCommerce store.’
There is a reason customers prefer your competition over you. Figure out that reason. Study customer reviews, social media comments and complaints; everything you can lay your hands on. Make a list of products or services that are popular with these customers and see if you offer them too. This study will help you consolidate your own marketing strategies as well as give you ideas for new strategies to implement.
4. What freebies/promotions do they offer customers?
‘UK renowned mobile network provider Orange initiated a free coupon scheme in 2004 that allowed people to text the word “FILM” and receive two tickets for the price of one on Wednesdays, which was the least popular day at the cinema. They issued 300,000 tickets per week, which amounts to $25.2 million a year.’
Any eCommerce store worth its pages knows that customer love freebies and promotions. Gift vouchers on a purchase of more than $200, free shipping for products worth more than $80, gift cards or even a mention of their name and purchase on the store’s Facebook page; customers just can’t get enough of that. Study what freebie offers or promotions your competitors are offering and which ones customer love the most. Then figure out how you can do the same or preferably improve upon these promotions.
5. What schemes applied by your competition have failed?
‘Movie rental giant, Blockbuster initiated a “No Late Fee” scheme where customers did not have to pay extra charges in case of late return of DVDs. This led to many customers simply keeping the DVDs and not returning them at all.’
You aren’t perfect and neither are your competitors. Carefully study their marketing strategies as well as customers to figure out what they did wrong and how it affected their customer base. Make sure you avoid that and if you can manage it, go the extra mile and promote yourself by advertising that your services do not have such hassles. You will automatically attract a new following that is not satisfied by what your competitors have to offer.
6. Do your competitors offer something unique?
‘Google’s Panda algorithm update was developed specifically for the task of ensuring the quality of a website’s content was up to the mark. Thus, more user-specific content is likely to give your site a higher ranking.’
eCommerce success is often dependent on the uniqueness of your products and services. Figure out if your competitors are offering customers something unique and implement it in your own store. However, keep in mind that it’s always better to improve upon an existing idea for it to work more effectively. Do not simply copy the product or services, rather improve upon it and capture a greater share of the market base.
Keep in mind, your eCommerce store is not all that different from a traditional brick and mortar business. The best way to improve is to learn from others, especially your competitors. Remember what Bill Gates said, “Whether it’s Google or Apple or free software, we’ve got some fantastic competitors and it keeps us on our toes.”
Are you looking to build up your own eCommerce store or improve upon an existing one? You can get contact us for more information on how Konstant Infosolutions can help you develop or upgrade your eCommerce store and take it to new heights of success and popularity.
Manish Jain is the co-founder and Managing Director at Konstant Infosolutions. He is responsible for the overall operations of the company and has played a major role in bringing Konstant up from its humble beginnings and, with his immense energy and drive, transforming it into a globally trusted name in IT solutions.
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