Growing your sales, brand recognition, and reputation will undoubtedly be your e-commerce brand’s primary goals. Yet, you will need more than a great product to run a successful online store.
If you want to attract many customers and retain their loyalty throughout the years, you must understand where you are going right or wrong. Strengthen your company’s finances in 2020 by learning about the five factors that can impact your e-commerce sales.
1. Online Reviews
Online reviews could affect your e-commerce store in a variety of ways. Most consumers will often look at previous customers’ impartial reviews before they decide to place an order on your website. If they discover many negative comments, you can guarantee they’ll click away from your brand and buy from a competitor.
Also, if you depend on the likes of Amazon for product sales, you cannot afford to attract many negative reviews from customers. If your order defect rate (ODR) surpasses 1%, Amazon will either suspend or remove your account. If so, you’ll need to appeal to reinstate Amazon account.
2. Pricing
Most consumers are looking for the highest quality item at the cheapest price. It doesn’t matter if they’re buying a TV, clothing, or toys, they’ll do their homework to discover the best product at a competitive rate. For an e-commerce brand to significantly grow its revenue, it must benchmark its pricing across various rivals, which will ensure they are offering their customers a competitive price while enjoying a great annual return.
3. The Return Policy
Many e-commerce customers lose out on loyal customers due to a poor or confusing return policy. If you’re transparent with your customers about returns, they’ll be more likely to buy from your brand and it will be easier to process a refund.
If your e-commerce brand doesn’t accept returns, you must clearly state this fact at the checkout, which will ensure there are no nasty surprises after they have received their order. If, however, you can provide customers with a high-quality product, they’ll be less likely to send it back to your brand.
4. Loyalty Programs
E-commerce businesses that want to generate significant sales must focus on building loyalty. Loyalty programs can encourage repeat custom and generate substantial sales. By rewarding your customers for every purchase they make, they’ll be more likely to return to build up points that they can spend on a future order from your store. A good loyalty program could set your business apart from its rivals.
5. The User Experience
According to Forrester Research, a frictionless, well-conceived user experience could boost customer conversion rates by up to 400%. Yet, many e-commerce sites fail to make small or major changes to their website, despite the fact it could increase their revenue.
E-commerce stores can improve the user experience by:
- Simplifying navigation
- Boosting the loading speed
- Introducing a responsive web design
- Adding fresh and interesting content
- Creating an easy checkout experience
- Featuring high-quality product images
If you follow the above advice, it won’t be long until you attract new and repeat customers to your e-commerce store, which can help your company to hit its financial targets.
