Electronic commerce (commonly known as E-commerce) simply refers to the buying and selling of goods and services via an online platform, over the internet. You may have seen some of your friends advertising handbags, clothes, and even footwear on their WhatsApp statuses. They probably are in a mini-importation business which is an example of an e-commerce business. Other examples of e-commerce businesses are Dropshipping and e-book publishing.
Amazon is a popular online store in the e-commerce business.
Models of an E-commerce Business
An e-commerce business can be modelled after two types, a B2B model, where the business sells only to other businesses, or a B2C model, where the business sells only to end-users/consumers.
RELATED: B2B or B2C - Which Business Model Should You Choose
Need Help starting your own e-commerce business? Call us on 07034243326 to get started!
What are the benefits/advantages of running an e-commerce business?
-
E-commerce eliminates distance as a barrier between the seller and the customer. Through e-commerce, sellers can easily reach customers that are even in a completely different region of the world.
-
E-commerce businesses typically have lower and fewer fixed costs than regular businesses. Thus e-commerce businesses tend to enjoy a higher margin (percentage) of profit on their sales.
-
E-commerce businesses don’t restrict the movement of the seller to a particular area. Because the business is done over the internet (online), the seller can freely move about other engagements and tour other areas where he can secure more business prospects.
-
Running an e-commerce business would create convenience on the part of the customers. The customers can conveniently place orders or buy your products from anywhere and at any time.
What best strategies can I employ for an e-commerce business?
This section of this article explains some of the best strategies that you should consider when running an e-commerce business and also explains why they work.
-
Engage an Influencer for a marketing campaign
This would help you accelerate your business by boosting your brand awareness and increasing your audience reach. An influencer is seen as an internet celebrity and as such their presence in your business is a way of promoting your products and services.
-
Try Selling on Marketplaces
Selling on marketplaces will increase your chances of being seen by prospective customers. Amazon and eBay are good marketplaces where you can sell your products.
-
Consider Upselling your products
Upselling is an attempt to increase your sales by indicating to offer your customers the same product but of a higher quantity/quality (which will add more value to their purchase) for a slightly higher price. We have discussed upselling in another article.
RELATED: Understanding Upselling and Cross-selling
-
Try advertising and promoting your products on social media
You can take to any social media platform and run a paid ad for your products and services. These ads would be expected to reach a large number of people out of which a reasonable percentage would like to patronize your business.
-
Look to email marketing
You can design attractive and interactive landing pages for your audience and politely request their emails. These emails would enable you to keep in touch with them and send them updates where necessary.
-
Personalize your customer interactions
This is part of proper customer service. You should interact with each customer uniquely, addressing them and keying into their lives. This would further create some level of intimacy between you and your customers.
-
Try rewarding loyal customers
This is a great way to show that you care about your regular customers. You should make these rewards fancy and attractive so that other customers would want to be rewarded for patronizing your business.
-
Redesign your store to make it customer-convenient
The placements/arrangements of certain items in your store/website may not be so convenient for the customers who are navigating and finding their way through. You can consider redesigning your store, making it more attractive and easier to navigate through.
RELATED: Top 8 Marketing Challenges Businesses Face in 2022
Conclusion
E-commerce businesses are strictly done through the internet and as such, their marketing strategies would also have to be implemented online. All the mentioned strategies can be completely employed in your business to grow your business sales.
At SmartSMSSolutions, we can assist you in selecting the best marketing strategies to adopt for your business. We can also help you implement them in your business. Register with us, give us a call on 07034243326 to enjoy these services that will take your business to new heights.