Challenges on E-Commerce
Targeting the precise customer – Online shopping is not the same as it used to be back in the day. Users research amazon to search for products along with google & social media. Data makes reviews of products, easily available online. Users are distracted with tech & social media. Marketers need to focus on exact TG, attract them efficiently, without killing their budget.
Converting window shoppers to payers – Driving quality traffic and generating leads is the ultimate key. Retailers must constantly optimize their efforts in converting leads from every prospect – app, website, email, social etc. Constantly offering them personalized experiences so as to never send them empty-handed. Hence, conversion optimization is a continuous process.
Retaining the customer – Retaining customers by procuring brand loyalty is extremely important for long-term growth. Retailers must implement the right tactics to get the most out of their customer base. Costs 5X more to acquire a new customer than retaining an existing one & the success rate of selling to an existing user is 70% compared to only ~15% success rate of selling to a new customer? Hence, customer loyalty is so important.
Choosing the right technologies, Right platforms – Retailers face growth challenges because of technological limitation. Also, some face challenges due to hiring wrong partners/agencies to manage their projects. Right CRM systems, email software, analytics engines are needed & a reliable marketing partner who cares about your data, your reputation & thinks your brand is theirs.
Fierce competition – E-commerce competition is like a war. In this digital age, competition in is steep & access to tools/products and innovations in marketing is unlimited. Eg: Amazon is a major competitor to everyone announcing its Great Indian sale every 3 months with extravagant campaigns on TV, Digital etc.
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