Business for the ecommerce industry is on the rise. As per Statista estimates, by 2021, there will expectedly be 2.14 billion worldwide digital purchasers, with ecommerce sales surpassing $4.5 trillion. This paints an overall positive picture, but several ecommerce platforms are struggling to attain success. Several factors can hurt the profitability of an ecommerce store, but entering a competitive and crowded niche is among the common problems in this field.
Even when you have an excellent product, the number of rivals can only make it tough for your business to distance itself from the competition. For this reason, discovering ways to separate it from rivals will prove important for making sure that your business can also get a chunk of this booming market. Here are some ways to help your business get started.
Make a Memorable USP
The best method to differentiate it from the competitors is to do it through products. For instance, thousands of stores may be selling baby clothes, but ideally, there is something different which would help differentiate your baby-clothing ecommerce platform. This is precisely where an excellent unique selling proposition will be very important. Research your rivals and consider in which way your item addresses significant customer pain paints that other products in the niche fail to. Even if it is basically an upgrade to some other existing product, this can act as a useful proposition if you emphasize how that product will better satisfy customer needs.
Special offers such as a kind return policy or free shipping can develop from your USP, but these are not part of that proposition itself. Although these are add-ons, which can play a role in marketing, your main focus has to be the thing that makes your offering different from others.
Be Involved In Some Meaningful Cause
More and more Americans wish to buy products or services from companies that support such a cause. As per Cone Communications’ 2017 study on CSR, 87% of customers are likelier to purchase from companies that publicly support issues, which customers care about. Embracing a philanthropic cause can offer useful separation for online stores.
Invest In an Appealing Website
For ecommerce businesses, a site serves the same purpose as a physical storefront does. It has to be attractive enough to lure potential customers and best display products. Only then, you can make an advantageous first impression on customers.
You could have amazing web content and offer amazing products, but when it is not appealing or tough to navigate, you could lose a big portion of customers. Although website design may appear to be an expensive investment, it is significant for your store’s sustainability.