Facing setbacks is part of any E-commerce business. There aren’t hard and fast rules written in some marketing bible to avoid business losses or a manual to withstand them, even if you prepare yourself to tackle such challenges. The market situation is dynamic, and it changes within the blink on an eye. The key is to keep revising and revisiting some principles and value-systems to find a security cushion in case of setbacks.
Here are 5 practical ways to revamp your e-commerce website and improve your conversion rates:
1. Re-configure Your Business Strategy
Make revisions and fix your already-existing business strategy. There are times when you might think it doesn’t need fixing; but, if the conversion rates are lower, it becomes a symptom of a bad strategy that needs saving. Sit with your team and pinpoint the mistakes that brought you to the level where you’re facing setbacks one after another and none of your plans are working anymore, which once you thought to be solid.
You will only able to move your juggernaut further, only if you know why the setback occurred. And how to know the main cause of the setback? By figuring out the core problem.
Evaluate where the problem started and why you couldn’t pinpoint it before it got too late. Nike can teach how to be flexible when things don’t work. Nike created a NikeID platform, allowing its avid followers to upload the user-generated designs that helped the company to align with cultural differences and understood what people think and want in different domains. This way, Nike escalated the strategy with a smooth transition of great ideas that brought something for everyone in its store. A ‘win-win’ situation!
2. Experience Sells More Than The Product
Advertisement business has a maxim- the consumer probably doesn’t need what you’re selling; but you can make him want it. The actual value of the product comes from the experience of it. The market is competition-driven and caters to the customers’ need in a variety of ways. You have to differentiate your product and brand by associating unique experience with it. Be it inspirational, motivating, happy or driven, you should always strive to evoke an emotion that will become a hallmark of your brand.
If you have the marketing persona and have created some mantras that work for your product, then your product differentiation idea should be there. You have to tell your audience why you are the difference and you value them and help them in their problems.
Start conducting a market research. It will tell you what people think about your product and whether you need to change your products or need to revamp your selling tactics.
3. Recruit Experts
Having different talents will help your company to grow and sustain its position in the long run. If you understand the value of your employees, then you know during the rough times, only your employees turn as the biggest assets as they help the company throughout the tough phases.
Most companies that face setbacks fail to understand this common yet most important terminology that can eventually save their sinking ship. Yes, talent doesn’t come cheap. Agreed. But if you keep saving money, instead of investing in the talent, then you might end up losing more than you saved.
4. Look for Growth Opportunities
Growth opportunities that expand the horizon of your accessibility should be grabbed at the earliest. The biggest example is Amazon. Amazon Prime is the best example. How Amazon.com adopted Drone delivery technique shows their ability to tap into the existing endless possibilities. Think critically and think hard before making any hasty decision. Partner with start-ups or other established ventures to fuel your sale’s funnel. Gather your team of experts and find the existing opportunities and prioritize them to increase business performance.
5. Show Gratitude and Goodwill
As much as it is clichéd, gratitude goes the longest way in engaging with the audiences and customers. Make your consumers feel good about themselves and show a genuine interest in their interactions with your brand. Be available and give prompt responses on all social media channels. Send presents to your top consumers as appreciation and you will soon earn the trust of a large proportion of your dwindling buyers enough so that they keep coming back, bringing more potential customers with them.
As your brand grows stronger, the harder it will be for your rivals to break the ice and take your place. It’s hard for anyone to take Amazon’s place. The company has invested for more than two decades and has critically examined various businesses to partner for huge growth. Follow the blueprints of existing models and you’ll see glorious results.