10 Success Factors Of An E-Commerce Business

E-commerce is the combination of technology and conventional business models gaining popularity by the day. While technical skills are important for a successful web presence, numerous other factors are also vital for having a profitable online store.

Here are 10 success factors that are essential for a prosperous e-commerce business:

Customer Acquisition

After setting up the online store, the first priority of the business owner is to bring more number of visitors on the website. A higher number of visitors increases the probability of customer engagement and adds to website popularity. Branding can be acutely valuable in the beginning of an e-commerce business. With good branding, one can attract new customers and create a distinctive perception.

Conversion Rate

Conversion rate the number of visitors on an e-commerce store, that successfully engage and buy products. It is the most decisive factor in determining the success rate of an online business. Higher conversion rate makes the business more robust and successful. Conversion rates are usually very low for an e-commerce website. In a day, only 2% – 3% of average visitors buy the products, making it a huge concern for the website owners. There are a number of reasons for a low conversion rate, like difficulty in finding the products, high shipping costs etc, and these issues can be sorted out by A/B testing and website analytical tools. e-commerce success factors

Unique Selling Proposition

Quality of a website and how it differentiates from others, matters a lot. It is that exclusive feature, that a customer can’t get on any other website. Are you a store that gives the best quality products or one that gives the best price. Deciding on your USP is an important exercise and this must reviewed on an ongoing basis.

Customer Experience

Success of an online store comes with a flawless, flexible and convenient website. One has to make it easy for it’s customers to browse around with fluid functioning. A user friendly store with good design and a high speed, holds the ability to bring up the conversion rate to 7%. Easy navigation, correct spellings, clear headers and a pleasing look reaffirms a rich consumer experience.

Easy Transactions

Easy transactions, guide the online store to reach near optimum results. Maximum number of customers abandon their cart because of a complicated transaction process, lowering the conversion rate. It is essential that any excessive step is removed from the process. Invoicera.  integrates with Magento (one of the most popular e-commerce platforms) and allows it’s users to automatically import new orders, send professional invoices, maximize ROI. Using such a tool helps in reducing processes and retaining more customers.

Online Marketing

Marketing of an online store is the most essential aspects of your e-commerce business. It generates awareness in people and encourages them to visit the store. There are numerous platforms on the internet, like facebook, twitter etc, that should be used aggressively. Other than that, investing in SEO, referral contests, and paid ad campaigns can also be helpful.

Customer Retention

Whether online or offline, to be successful, a business always needs a loyal customer base. A loyal customer, not only buys the products but also spreads good words in his network. To build a strong consumer base, one, should communicate with customers, respond to their queries and stay connected to them through newsletters.

Transparency

Partly driven through transparency, e-commerce grows from building trust among customers. An online business with 100% transparent processes and no hidden charges, establishes faith in the customers.

Site Management

Continuously updating the content of a website, is very important for a successful e-commerce business. It keeps the customers engaged and helps in getting search traffic.

Security

Securing the website, confirms a customer that all their account details are protected and safe. Besides, it also benefits the owner from hackers and other such issues.

There is no shortage of online stores on the web, making it exceedingly competitive to survive.  Commitment towards customers and an intelligent use of technology enables you to stay ahead of the curve and build a sustainable e-business.

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