The success of Amazon, Alibaba, Zappos, and BeardBand has inspired hundreds of thousands of startups to enter the sphere. Now when you look at blogs, discussion forums, and communities, it seems every other individual wants to open an online shopping store.
If truth be told, there are more than 12 million eCommerce stores running worldwide, and that number continues to grow further. This definitely makes eCommerce a competitive and saturated market.
The highly-saturated e-commerce industry may seem like a dead-end to many startups, but on the other side, a saturated market truly shows a huge demand, which certainly means more business opportunities. If you successfully identify these opportunities, then you can surely gain a good market share. Let me show you how.
My town has a number of restaurants. There is a tough competition among them and they are surpassing people’s dining out needs. There is no overwhelming need for another restaurant. But still, I observe a new restaurant opening and flourishing. The question is, how are they doing that?
If you take a closer look, you’ll find out that the trick to success is simple: offer different and better. The same tactic can be used by e-commerce start-ups to thrive successfully. In fact, offering great value and fulfilling your customers’ needs can give you plenty of opportunities to get ahead of your competitors.
So, if you are planning to launch an eCommerce startup in the niche market that has a plenty of established competitors, you need to read these important tips to set yourself up for success. These tips and tricks will certainly help your eCommerce start-ups to successfully thrive in a saturated eCommerce market.
Follow the Latest Trends
Since E-commerce is a saturated industry, but believe me, it is so dynamic and is going through many advancements that rising start-ups can easily secure a better place for themselves by capitalizing on the latest trends. One of the hottest eCommerce trends is m-commerce or mobile commerce.
As people are massively using smartphones for online shopping. A research says that there were about 40% e-commerce transactions happened on mobile devices. In South Korea and Japan, more than half of online purchases are done on mobile devices. By focusing more on mobile shoppers, e-commerce startups can establish a better position for themselves in a competitive market.
Improving the online shopping experience is another area for upcoming startups to work upon to capture a market share. Since consumers are getting used to the latest technology and want a seamless shopping experience from every online store they want to make a purchase.
They want the latest and easiest options to pay for their orders and expect more automation in the purchasing process. By working on these areas, you can definitely attract prospects to your online store.
Set Your Online Store Apart
Customers want better options. It doesn’t matter how saturated your target market is with already established brands. If you are offering them something valuable and unique, they will surely come to your store.
But keep in mind that being different isn’t easy as it sounds. It requires tons of creativity and determination. You need to determine what makes you different from your competitors. Better products, excellent customer service, amazing discounts, more product range, improved quality etc. When you successfully figure it out what sets you apart from your competitors, you will easily make it your unique selling proposition and focus on it to get users’ attention.
Creating a USP is important for every eCommerce startup as it can give you an opportunity to capture an overpopulated market with your unique and better quality products. As you can’t sell sameness.
Apart from creating a unique USP, building a professionally looking and user-friendly eCommerce website for your startup is equally important. You can take help from eCommerce website developers and make your eCommerce store stand out visually.
Add Immense Value
Do you know how established eCommerce businesses capture a market that doesn’t need them? They offer immense value. But how do you offer the value? The answer is by finding out customers’ pain points related to that particular product.
When you put yourself in the customers’ shoes, you will certainly come up with a trick to improve user’s experience. Adding value to your offerings by understanding customers’ problems can help fresh eCommerce start-ups to survive in this industry. Take some value-added initiatives and you are all set for a successful business.
Search Engine Optimization – Do It Right
Apart from offering excellent customer service, it is also important to make a better place for yourself in the competitive market. You should rank higher on SERPs as the customer will come to your eCommerce website after finding your website in search results.
Therefore, it is really important to pay careful attention towards SEO of your eCommerce store. Search for the most popular search terms for your targeted market, and then create your website content according to these keywords in order to rank higher on Google.
When you combine your SEO campaign with social media and content marketing, this will help you connect your target audience and get better engagement for your brand. This will definitely help you stand out above the rest.
Choosing the Right E-commerce Platform
Choosing the right eCommerce platform for your online store is an important decision for most aspiring business owners. In reality, the best eCommerce platform is the one that perfectly fits your business needs.
However, choosing a customizable eCommerce platform helps you easily thrive in this competitive market as it will give you the ability to provide seamless shopping cart experience which will help you attract a wider audience. If your eCommerce platform is SEO-ready, it will easier for you to increase your Google rankings.
It is also very important that the eCommerce platform you are planning to choose for your business is mobile friendly, SEO ready, customizable, allows social media integration and other important marketing and customer support features.
Besides saturation, the eCommerce market still offers the abundance of opportunities for upcoming start-ups. With a rising online shopping trend and continually increasing growth rate, the chances of achieving success for an eCommerce startup is not that difficult. With the right technique and right business approach, your online store can do wonders. Good luck!