People were getting attracted to buying things online just like a moth to the flame. And soon it actually became a big thing, like a revolution in itself. Online marketspace has given birth to many new companies and obviously, new products.
The innovation is at the pinnacle and it’s barely skeptical that this multi-dollar industry will see a downfall from now on. There was a time when online shopping was merely an alternative to getting desired products at better convenience and reasonable price but now it has perhaps become a part of people’s lifestyle, thanks to mobile phones for that!
In the year 2017, as much as 71% of shoppers believed that they get better deals online and about 80% of the online population has made purchases on the internet.
It’s estimated that by the year 2019, there will be as much as 224 million online shoppers in the U.S. These whopping statistics are quite accountable for the fact that many companies are moving online and even those who operate offline are now trying their hands on online sales.
Sales, whether online or offline in the field, never comes easy. Quite a daunting task that it is, it’s putting several digital companies into risk. Yes, the growing and spreading competition in every segment on online sale can be one reason attribute to it but sure, there are many more things to that.
Let’s have a look at some of the major sales problem that the e-commerce industry is facing in making their products sell online. To make a repair in your sales strategy, its first important to identify and rectify the loopholes.
The most common and heart-wrecking fact about falling sales rate is the customer’s check-out drop off. This means that they have looked at your product, liked it, decided to buy it, and transferred it into their shopping carts but bam!
They didn’t complete the checkout. The best way to get an insight about it is to think from a customer’s perspective. Well, sure you might have already tried doing that but let’s look at it more technically. What can be the possible reason why you, as a customer would not purchase anything from an online site?
1) Lack Of Research
It’s better to get it straight at one go, research is the most vital part of your sales process. Having some data and statistics at your disposal will definitely help you in making better decisions. You should know what percent of the population is interested in your product, what people think about your product, how do they prefer to buy it, what is the most used method of online shopping, do they use desktop version more or the mobile version more often, who is your target audience and so on. Relying solely on research data may not sound as a full-proof plan but it will definitely be more fruitful than just making wide guesses. Have a skilled research team of your own and do some work by yourself.
2) Personalized Promotions
Customers want to be sure that the product he is buying is at the best price. If he’s given any kind of discount and better yet, a personalized discount coupon, he will somewhere have an intent that he is getting the product at a lower cost than the actual cost. If he doesn’t get any promotional discount at his product than he will think that there must be some other site which will offer at least some discount on it. Make a smart use of your customer data and try to give a personalized discount to them. 33% customers drop their carts just because they don’t get any discounts at the checkouts. You can even introduce loyalty programs to make up to them.
3) Faster Delivery
It was found that as much as 79% of the customers would go for the drone delivery services if they were assured the delivery within an hour. Now, we are not suggesting you get yourself a drone delivery system but the point here is that they are more incline towards sellers that are providing faster delivery. You can have a look at your supply chain and make it more time effective as instant gratification is a human need.
4) Fraudulence is holding you back
It can be, for an instance that your sales are going just fine but there is a big fraud going on in the market, making your net revenue drop down. The fraudulence has risen from 1.32% to 1.47% in a year and it’s definitely not a good sign. You should keep a strict check on all the possible causes of the fraud by the customer. Increasing and improving your existing services, and training your staff can be some of the things to be taken care of.
“Make a customer, not a sale.” – Katherine Barchetti
5) Product description
It’s the most common yet unattended mistake that online seller makes. The product description isn’t correct, small values are played with and worst of all, the description provided is manipulated. This specifically leads to a fail sale when the customer is buying something like a bag, furniture, containers, and other products which are dimension specific. One false product can cause a crushed customer relationship and bad mouth publicity. It’s necessary to provide specifications about every angle and material. Also, do not fall in the sweet trap of giving away the same description for every product of that segment. It will lead to two things; one, your customer will not be able to trust you with the information that you have provided since it looks the same for everything and second, your product will never be able to sell itself. The unique feature of that product will go missing this way and the customer will never be convinced to buy it explicitly.
6) Unfriendly Navigation
About 80% of the shopping takes place through mobile and your website has a lot to do about it. Majority of your customers are using their smartphones and everything’s already become smaller for them. First things first, get a mobile-friendly version of your website and make sure that the menu bars and other tabs are not teeny-tiny dots which are impossible to locate. It will make the customer experience bad and trust us, it’s all that matters in the online sales.
7) Not Following Up
Now that you have done everything that you could do at your power to increase sales, it’s not like your work is done. No matter if the customer has made the sale or not, you should NEVER forget to follow up with them. Do it via mail or text message or through any social media. Your customer is likely to shop again if you keep updating them with the latest offers for them. Naturally, it shouldn’t mean that you flood their inboxes with spam mail but try to keep a balanced interaction with your customers.
8) Uneasy payments
Your customer would more probably be standing in a mall’s long checkout queue if he had to wait that long to get the product purchased. Complex check-out process can be really repelling and can get on your customer’s nerve. Try to keep simple payment option and as much of them as you possibly can. Easy payments are really loved by online shoppers.
9) Develop a strategy
Needless to say, developing strategy is really important for anything to work out. However obvious it may sound, some business gets so involved in focusing on their product that they forget to make a bullet-proof strategy and most importantly, stick to it. Make a strategy of getting your sales done and then make sub-strategies for every possible downfall you are certain to encounter at any stage.
Also, sticking to your planned structure will let you have a vague but fair idea about the possibility of making any move. Apart from keeping an eye on all of these ‘little’ things, you must also be completely aware of your competition in the market.
At times, your sales aren’t as good as your figured them to be not because you have lacked somewhere but because your competitive company did something really good which you never saw coming. Keeping track of everything around will further inspire and motive you to think more creatively and consider extraneous factors more than you usually do.