The recent Covid-19 pandemic has only compelled almost all businesses to go online with their products and services. With the e-commerce industry growing at a significant pace, there are several problems in ecommerce business that needs to be tackled. This is vital to survive and succeed in today’s fast growing competition.
- Ecommerce has exploded in recent times. This means, more fierce competition is being faced by companies.
- For ecommerce websites, average conversion rates are just around 3%. Hence, it becomes vital to target and drive relevant traffic to visit your site.
- The top three challenges faced currently are order fulfillment, competition and cyber-security.
You need to follow different rules & regulations to operate legally your ecommerce business. Hence, cybersecurity becomes all the more vital for your business longevity and function.
Commonly faced eCommerce Challenges
1. Competition:
It becomes essential to keep up with increasing competitive services, products and pricing structures. You need to set clear value proposition to ensure your consumers do not get distracted by growing competition. With the ecommerce space getting saturated, it has become difficult to stand out from other competitors. With proper strategies implemented, you can attract new customers and retain existing ones.
2. Cybersecurity:
There should be in place appropriate and the latest cybersecurity tools and practices. You need to focus on procedures and policies to develop a powerful cybersecurity framework for your organization. Cyberattacks will only mean more downtime in sales and operations that will be harmful for your organizational existence.
3. Customer experience:
Online business problems may arise due to dissatisfied customers. You need to identify different ways and means to offer your new and loyal customers with an amazing shopping experience. Customer segmentation and pricing is considered to be some of the most overlooked aspects. Customers these days are quite smart and expect better treatment. Hence, you need to handle correctly the pricing structure, customer segmentation and analytics. To achieve sure success in your ecommerce venture, profitable pricing and consistency is essential.
4. Order fulfillment:
There may arise times when you may be bombarded with more customer orders than what you can handle alone. To be better prepared to meet such circumstances, you should outsource order fulfillment to another 3rd party fulfillment company. This helps improve efficiency and ensures satisfied customers.
5. Visibility:
One of the major problems in ecommerce business suffered by most newly launched ecommerce companies is not getting proper visibility. If people cannot find your site, then how can you expect your business to get sales and achieve success! Visibility can make or break your business. Taking help of the SEO professionals will ensure that your company gets displayed on Google Search Results’ first page for relevant keywords used. You need to implement on-page seo practices, conduct keyword research and develop high authority links for your site. When done correctly, your business is sure to witness increase in organic leads and higher search visibility.
6. Quality site traffic & visitor conversion:
The other main online business problems faced is designing, developing and operating an ecommerce site. However, it is much tougher to convert quality traffic. With average global conversion rates being just around 3%, competition is very high. Hence, you need to develop a virus-free, trustworthy, user-friendly, clean and modern website. It should have all relevant information about your business, what services/products you are offering and your contact details. You also need to understand your target audience’ specific needs. Accordingly design a website that helps resonate with the type of audience you plan to attract.
Discussing with the industry professionals will allow you to know the different eCommerce Challenges faced and how to overcome them effectively.
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