How to Beat Competitive Ecommerce Market Challenges in 2024

Being the owner of an E-commerce web store, you face the competition from millions of merchants all over the world. This isn’t any brick and mortar store where you compete with the merchants in the vicinity of your area. Internet connects the world and your business is connected to the Internet. It spontaneously drives you in the race of E-commerce market.

It’s time to kick out the thoughts which interpret E-commerce business as an effortless and straightforward deed. Takes much more efforts than brick and mortar stores to set up, advertise, increase sales and have a hefty turnover. As per an old saying “Practice makes man perfect”, practice and experience in the E-commerce field will make you win over these challenges.

Records state that a good number of e-stores shut down in the first year of their launch. This is because they couldn’t survive market challenges. We do not want your store added to these records and hence the blog to overcome the challenges of E-commerce Market.

Top 8 Tips to Beat Competitive Ecommerce Market Challenges

Mobile-friendly Site/App for Maximum Outreach

You are definitely having a desktop site for your E-commerce store. As still shopping percentage from desktop sites are as high as 72%. But do you know? The millennials make most of your customer range. 53% of them would like to have the shopping app on their smartphone which offers a personalized experience. To have the entire cake, you got to have a mobile-friendly site or a dedicated mobile application whichever is convenient to your budget. This step is surely going to help you reach the devices of people of all age groups across the world.

Conquer cross-border Economy by Shipping to as many Countries as possible

With the above step, you increase your outreach. But when the customer searches for the product he/she is looking for, selects the product, adds to cart and at the end discovers that you do not ship to the respective customer’s country. Imagine the frustration level of the customer and the reputation of your site devastated to ground zero. To make sure this scenario does not recreate with your E-commerce store, gradually increase the “Ship to” countries and make the most of your e-store potential.

High visitor rate, but low conversion rate? Build a Brand

Google Analytics is a common tracker to know your visitor rate and conversion rate. You are definitely going to experience a vast difference among these rates. It is likely that you are not owning Amazon, Myntra or Jabong which are big brand names in the E-commerce market. E-shoppers are more attracted and rather convinced to buy from a brand store. A brand not only adds value but ensures the quality of the product you sell. Resort to paid advertisements and other branding strategies to build the brand for your e-store.

Presence on Social Media to overcome Anonymity

Step up your brand game by crafting compelling profiles on Facebook and Instagram. Rally support from friends and family to boost your e-business’s visibility. With their help and strategic sponsored ads, you’ll quickly become a household name in just a few months. Consider hiring a pro to maintain your social media presence for maximum impact

Make your store more Secure to Gain Trust

Following the above-mentioned steps, your battle is half won. To win the other half, concentrate on “Security”. Shoppers have entered the funnel but to get them out, your e-store must have secured provision for checkout. Because the shoppers are going to share confidential information like personal details and credit card information.

To gain the trust of the shoppers, make sure your site has SSL certificate and the most trusted payment gateway. Reports reflect that sites with PayPal at checkout have 70% higher conversion compare to sites without PayPal.

Recommended: How to Configure Magento based E-commerce Store to SSL?

For better performance, all your Channels must be Well-connected

Here the channel is representation for manufacturing, supply, customer attraction, customer retention, order delivery and after sales support/service. You might be having dedicated Magento professionals or software to look after these channels. But these cannot perform in isolation.

All should be well-connected with each other for the smooth running of your e-store. Visualize a scenario where an order is placed on your store but the shipping department isn’t acknowledged and the order is never dispatched to the buyer. Henceforth, make sure there is a smooth pass way between all the channels and keep checking for any hurdles periodically.

Refresh Marketing Strategies by Examining Site Analytics

Make most of the analytics tools to keep your store at public attention. Inspect users’ behavior and plan your next marketing strategy accordingly. Do the calculations and provide attractive offers to your shoppers. “Shop for $500 and above to get Free Shipping”, “Get Flat 50% off on selected merchandise” or “Shop for $1000 and above to receive a Gift Voucher worth $500”. Such statements are more than enough to grab a shopper’s attention. Preach them through your marketing channels and sit back to see your sales bloom!

Minimize Shopping Cart Abandon Rate

This is the most annoying challenge faced by every merchant in the E-commerce market. Shoppers add products to cart and leave to shop for next time or don’t turn back at all! It is difficult to predict the exact reason of every shopper abandoning the shopping cart.

You cannot recover or convert all the abandoned shopping cart to orders but can give a best possible try to reach the maximum number. Set periodic reminders to customers that their shopping cart is waiting for them to make a purchase! Or you can add a 5% discount coupon to pursue customers for finishing the order.

Recommended: How to beat Shopping Cart Abandonment?

Conclusion

Challenges are here to come and overcome. Do not lose hope and work hard. Your E-commerce store is certainly beating the challenges and building a durable position in the E-commerce market. Simply follow the steps and you are good to go!

If you need any help for your eCommerce business, contact Mconnect Ecommerce consultants anytime to get right consultant and solution.