Characteristics of Successful Ecommerce Businesses
Just as successful people have similar characteristics, so do successful ecommerce businesses. Many people who start an online business want to know what the key elements to creating a successful business are. We are going to explore some of those key elements of successful businesses in today’s ecommerce environment:
Create a Great Product
It may seem obvious, but the single most important factor for creating a successful ecommerce business is to start with a great idea and a great product. That product must address the needs of the customers in the current market conditions, in order to succeed. Firstly, businesses need to find out what their customers are seeking in order to satisfy their shoppers’ needs. After a quality product is created or found that people actually want or need, online businesses can then take advantage of the marketing opportunities available to them online.
Get the word out about your great new product by sending emails, tweets, Facebook posts, and more. Use social media to get people excited and feature personal recommendations on your website. You can even start a YouTube channel for your company and feature customers using your product. Making the effort to reach out to your customers personally will help your customers to feel like they are important to you. It’s also a great way to build customer loyalty.
Surpass the Competition with Innovation
Most businesses are familiar with the competitive process offline; however, in the ecommerce world, competition is on a completely different playing field. There are ecommerce giants such as Amazon.com that take over every industry. They are aggressive and far-reaching. How do you compete with a business like that? It is simple: offer something different. Create a niche for your online store that focuses on superior customer service, video demonstrations, specialized resources or customized products. Use your imagination to harness the power of online benefits to make your business stand out and succeed.
Heels.com and JustFab.com innovated their approaches creatively in order to grab market share from big players, such as Amazon.com.
Quirky.com offers creative crowdsourced ideas and addresses new customer needs.
Hire a Dedicated Team
Even the smallest ecommerce businesses need a dedicated team for maintenance, support, fulfillment, IT, etc… Many people think that ecommerce is simply a “set and forget” endeavor. On the contrary, online business requires upkeep just like any other business. Selecting the right people for your team can either make or break your business.
Forrester Research created the following graph, which shows the total number of employees that are dedicated to ecommerce based on different revenues:
Having great IT leadership is essential for successful online businesses. It is equally important to have an internal team and an external team that is dedicated to the success of your ecommerce business.
Graph via Forrester Research
Whether you operate a small, medium, or large business, you can compete against giant e-corporations. It is simply a matter of creatively leveraging the characteristics that set you apart. Take risks and be persistant. You’ll see that your business will succeed because of your passion for success.