4 Highly Effective Methods That Innovative Companies Use eCommerce Software
The eCommerce business is quite a challenge but one that is handsomely rewarding if you play your cards right. More and more people are buying online as evidenced by the increasing total retail e-commerce retail year after year.
According to Statista’s 2014-2024 retail e-commerce statistics and forecast, revenue in 2014 was $1.336 trillion. Before 2019 ends, experts predicted that figure will rise to $3.535 trillion. By the end of the forecast period, total retail eCommerce sales are expected to amount to over $6.5 trillion.
The eCommerce market certainly looks attractive, especially to individuals who want to become entrepreneurs and run their own business. It is a tricky path but with access to expert guidance as well as proper utilization and maximization of the right eCommerce platforms, success is within reach.
How does one maximize their eCommerce software to further boost their sales and drive bigger business growth?
Invest in the Right eCommerce Software
The failure rate of online businesses is around 90%. According to the data published by the Bureau of Labor Statistics on small businesses, around 20% of small businesses will die out by the first year. Meanwhile, 50% of them will fail by the end of their fifth year.
There are multiple factors that come into play that contribute to the failure of a small enterprise, online businesses included. Among those factors is the unwillingness of online entrepreneurs to invest properly to get their business going. Hence, you should do careful research and assessment to avoid common mistakes in choosing an eCommerce platform.
Enterprise eCommerce platforms are an essential tool in any online business endeavor. Thus it is imperative that you shop and take a look around, see a list of potential eCommerce systems, and get the help of eCommerce expert to help you identify your best option.
But don’t spend just for the sake of spending. Choose the best eCommerce platform for startups that your money can afford. Investing in the right eCommerce software is a start, a step that you don’t want to mess up.
It also helps that you pick a sales software that supports or capable to integrate with your chosen eCommerce platform.
Power Your eCommerce With AI
Your eCommerce software helps you centralize all your online store operations, information, and communication. It automates the majority of repetitive tasks, streamlining and improving many of your processes.
Unparalleled access to real-time business data, smooth communication with your team, and efficient order fulfillment are just a few of the many benefits an eCommerce platform brings to the picture. But what if you can improve all that by integrating AI technologies into your eCommerce?
Artificial intelligence is proving its value as a business tool in more ways than one. AI-powered chatbots engage customers in human-like conversations, automatically capturing their data while understanding what they want based on their conversations.
AI takes customers on a really positive shopping experience via smart product recommendations, offering them items that are relevant based on their search history, previous purchases, location, and more. AI can also generate descriptions for your products automatically, accelerating the posting of your products and the updating of your contacts.
With AI, time-consuming tasks are offloaded from your employees so they can concentrate on delivering the best experience to your shoppers and generating more sales.
Deliver Consistent Shopping Experience on Multiple Devices
In the United States alone, the number of online shoppers is expected to balloon from 209.6 million in 2016 to 230 million by 2021. The introduction of mobile shopping apps contributed to the increase in online shoppers. 82% of US online consumers use mobile devices to purchase stuff online, according to Statista.
When you do an eCommerce platforms comparison, make sure you pick the system that promises consistent and continuous shopping experience regardless of the platform your customer uses.
For instance, one customer takes a look at your store via his desktop. The next time he visits your online business, it’s through his mobile phone. He doesn’t have to restart his search as your eCommerce solution remembers his previous visit via a different device.
The software automatically generates smart product recommendations and shows him related items based on his prior visit. Such consistency and continuity of online shopping experience positively influence your customers’ purchasing decisions, empowering them to make the purchase or really consider it in the future. This can also help in reducing shopping cart abandonment.
Support Your Customers’ Preferred Payment Methods
Running an online business means you have to have the ability to accept payments online. The good news is that your eCommerce software is likely integrated with multiple online payment gateways and channels and supports several payment methods. This means you’re set to enjoy the numerous online payment service benefits whenever you sign up for an eCommerce platform.
Your eCommerce software likely supports popular online payment services such as PayPal, Stripe, Square, and more. In the United States, 42% of online shoppers prefer to pay with credit cards, according to Statista. Another 39% opt to check out via Paypal, which connects directly to the customer’s bank account and doesn’t require a credit card.
However, there are certain regions in the world where customers want to settle payments differently. In Asian countries such as Thailand and the Philippines, customers pay sellers via ATM/bank transfers or COD (Cash on Delivery). In Europe, mobile payments via e-wallets are becoming a thing.
In China, online shoppers prefer WeChat Pay over other payment platforms and channels. According to a 2019 Global Mobile Payment Stats & Trends article, WeChat Pay has over 1 billion users, making it the world’s largest mobile payment platform.
If you are catering or Intending to cater to customers from these and other regions, it is imperative that your eCommerce software supports the prevailing payment channels and options of choice in the area.
Visually Appealing Stores Make More Money
If you want your online business to succeed, you need to include powerful and compelling visuals in your eCommerce strategy. Today’s marketing models are a far cry from the text-dominated marketing methods that were leveraged heavily back when newspapers and magazines were the ultimate advertisement vehicles.
You need your store to not just be visible online, but where it does appear, it has to be visually loud and attractive. Remember, your target customers are built to process visual information 60,000 times faster than text-based data. On top of that, 90% of the information people retain are visually acquired.
“Visually appealing stores make more money” should be your mantra.
You can add multiple images per product page or send stunning online catalogs to your customers and leads. Integrating testimonial videos from your customers is also an effective way of leveraging visual to your eCommerce strategy. But manually adding images, videos, and other visual content can be time-consuming and labor-intensive.
The good news is there are many visual commerce platforms available in the market. These solutions make it easy for you to manage, curate, and publish all your visual content from a centralized dashboard. When used properly, visual commerce systems can improve customer engagement, reduce bounce rate, lower cart abandonment, and streamline the purchase process.
Not only do you improve your sales, but you also deliver a truly enjoyable experience for your customers, prompting them to come back for more.