The 3 Keys You’re Missing for eCommerce Success
No two online brands are the same; each will have an individual strategy to drive company growth and to assist the development of a smooth eCommerce offering.
Here Simon Hall at Overdose Digital, delves into the simple keys you might be missing which are keeping you from ecommerce success.
A key part of this is developing a successful eCommerce strategy, especially in this time of extraordinarily rapid change and innovation. With technology continuing to evolve at an unprecedented rate, agile competitors are taking advantage of the shift, adapting their business models to fit in with new trends.
In addition, the eCommerce space is full of an array of channels, due to the rapidly growing market. Social Media is a crucial element in the online world, with consumers targeting social media as a main purchasing platform. As can be seen with the decline of high-street shops, the convenience of purchasing via an app or online has become much more appealing. With this in mind, it is now more so then ever before important to develop a well thought out eCommerce strategy to stay ahead of the curve.
While it may be a challenge to develop the ‘perfect’ eCommerce strategy, it can also offer great opportunities. For example, a good eCommerce strategy can help deliver increased personalisation and a better customer journey.
Understanding common mistakes
However, in order to deliver on the promise eCommerce offers, businesses need to ensure they avoid common mistakes that are often made.
Firstly, treating eCommerce as purely technology issue is a common hurdle. ECommerce is a combination of technology, digital marketing, delivery and fulfillment and it should not be treated as a tick list, it should incorporate all strategic aspects of the business.
Another mistake is the reliance on one channel. All to frequently we see organisations thrive on one platform, for example PPC. Though important, businesses often forget the other elements that also contribute to a successful strategy, so it’s vital to not ‘put all your eggs in one basket’ and test new ways. Finally, skipping progress benchmarking is a common pitfall. You must be able to benchmark your performance against well thought out objectives.
Key steps to success
- Benchmark your performance
Where is your organisation now? What isn’t working so well and what is? Evaluating and benchmarking where your business is now in terms of eCommerce is key. This should include your website performance, delivery and customer service. Competitor analysis is also important as understanding what is working well for them and components that they are missing can help your plans.
- Set out your strategy and establish goals
Following on from the above assessment phase, you will now be able to begin setting out your eCommerce business strategy. This should include technology, digital marketing, customer experience, delivery and operations. It’s important to bear in mind that your main focus is to reshape your organisation’s architecture to establish company growth and to improve your eCommerce value, so have an open mind though remember to be pragmatic!
Developing a roadmap often works well as an initiative. This should include highlighting objectives throughout so you can demonstrate the value to the leadership team right from the get go. With this in mind, you can then access your growth potential and start to establish goals. By recognising where your strategy is performing well, you can plan ahead appropriately, taking into account retaining and acquiring customers as well as identifying future opportunities.
- Maintain the strategy going forward
The final step is to optimise. Companies should not make the mistake of not maintaining a strategy once it has been set in place. A good approach with a well thought out strategy, incorporating company growth will always need to be optimised because as previously mentioned, markets are forever changing and competitors do not stand still. Staying on top of trends and sustaining your success is a crucial step in an effective eCommerce strategy.
When harnessed correctly and with the right strategy, eCommerce has the power to transform your business. It has the potential to streamline processes and maintain your online presence to stand out ahead of competitors, as well as accelerate your business growth and revenue.