To get an edge in your niche, you need to find ways to diversify your business. You want to find ways to outshine your competition to get an edge on them. E-commerce can be very lucrative with the right combination of audience and an appealing product. For example, if I’m targeting a group of elderly people age from 60-65 then I will want to focus on products appealing to them. I will want to focus on things like mobile phones for the elderly, bed rails, etc. Diversity is very important if you want to stand out compared to your competition and want to be able to earn some extra money. With that said, there is one major problem –
How do you stand out and diversify your e-commerce store? What can you do that’s different that your competition hasn’t been doing? Researching and finding this can be very hard so I’m here to provide you with what I’ve learned over the years. I’m here to provide you with a breakdown into what things matter and what you should be focusing on when diversifying your e-commerce store. Let’s get started and if you have any questions then you should leave them in the comment box below the content.
Target A New Audience
That’s right! Why don’t you shift around your audience to see if your products can apply to them too? Right now you are targeting a specific region hoping to increase sales and make a secure living. But, I know sometimes expanding your target audience can be great for your bottom-line. It is awesome because you never know what products will sell and you’ll have a better idea of the type of products you should be focusing on. For example, if you’ve been selling an eBook within the United States shifting to another region like Europe can be good for your bottom-line. You might see how selling the product within Europe provides higher conversion rates etc. To get started –
I would analyze the current areas you target then try the next audience which is doing high volume searches for the items your sell. To help you out even more, you can analyze some common keywords which have helped you select products in the past. See if an audience located in another area has been performing the same searches too.
A great way to expand your business and help people save on shipping. By doing drop shipping, you are cutting out extra shipping chargers for the buyer. This will allow you to grow your business and show your customers that you care about them. It’s a great way to help them save and ship gifts directly to friends and family. When setting something like this up, you need to ensure the following is in place –
First, you should have two different slots for billing and shipping. You need to ensure the person buying the item has a place to put in the correct billing address. After, you can give them another area for them to input where they want the products shipped to. Having drop-shipping is a great way to help save time and money too because you can hire a 3rd party company to handle product sales. For example, Amazon has been doing this for seller helping them make enormous money.
Try Different Marketing Methods
Don’t stick to the same old marketing methods because some might work out better for you. Some marketing channels might be able to drive more targeted traffic to your e-commerce store. For example, if you are only marketing through shopping comparison networks, then I would encourage you to try PPC, Facebook and even banner adverts to fuel extra sales. Even though these methods might be a bit more expensive, they are awesome to generate sales. You can use these additional marketing methods to sell high sale items so it balances out the cost to use these others channels. Before you get started with these new methods, I recommend you do some research online and see what methods are being used by your competition. By doing this, you can learn from them and their ad copies. You’ll even have a better idea into what type of keywords you should be targeting when setting up on these advertising networks.
I recommend setting a monthly budget and keeping a close eye so you don’t end up over spending. Start slow and then build up to other networks over time.
Invest in Your Brand
After you have built your e-commerce store, it will all come down to loyalty. It will all come down to your brand and identity to help you push through with sales. This is why from the beginning you should be focusing on building your brand and identity with your customers. They should know through your website, they’ll get the best products at the lowest prices. If they know this and feel it is true, they won’t even bother going anywhere else to find what they are looking for.
Your competition might not be spending time and money to build their brand so you should start doing it right now. You should focus more time at establishing why your different and why your brand will be able to offer them more. Many people are willing to pay extra money to know they are getting the good stuff without any headache involved. Going forward, spend some more time focusing on building your brand and focusing on building your identity.
If you’re not offering any type of deals, then I would suggest you start offering them now. This is especially important because you need to know that your competition is definitely offering their customers deals. You don’t want to be left behind because this will cause your business to become very stagnant. It will allow your competition to take your customers with no guarantee that they’ll come back to you. So, if you can offer free shipping or a discount to loyal customers, you can do very well. You’ll continue to grow your business and it will allow you to outshine your competition. Think what type of discount will be awesome to use with your customers. Try to understand their shopping patterns etc.
Allow Customers to Sell
This is another great concept that many e-commerce stores are now allowing. Amazon is a great example of how you can open up your doors to allow others to sell products on your store and you can make enormous money. Amazon is a great example of how all you need to do is allow customers to list products and you are in charge of collecting payments. You also are central in disputes making sure everything is done in a controlled environment. In the beginning, you can just start by allowing a few people to list items and sell them in your store. After, if you see the model working, you can start to open the doors for everyone. However, again the hardest part for you would be to ensure everything is done properly and everything is controlled. If you don’t control this, then you can have a lot of complains which will hurt your bottom-line.
Enhance Customer Service
E-commerce has changed a lot lately and you now have ways to increase your customer service. You have ways to improve the experience people have when they arrive on your website. But, you need to make use of what’s available to you. For example, live chat and VPN toll-free numbers are a great way to allow for people to get a hold of you. These are so affordable so you better incorporate them into your marketing and customer service. The easier it is for people to get a hold of you, the better for you because it will help increase your conversions. With that said, if you are using Shopify or even BigCommerce then all you need to do is install the easy application then your all setup. Keep track of the stats on how adding live chat changed your conversion rate. Look to see if it had a positive impact on your overall conversion rate. From what I have read, this simple tweak of adding live chat is a great way to increase conversions. There is enormous data to prove this in relation to e-commerce.
E-commerce is changing because there are so many new channels to market and applications you can use to improve user experience. You need to check out your competition is see what they are doing different and how you can implement what they are doing. Making a few small tweaks to the way you market your e-commerce store can dramatically improve your sales and customer retention. Start slow and test out what’s working and what’s not. Soon, you’ll have enough data to stick with the most effective strategies. Get started now and if you have any questions, leave them in the box below.