Getting into the big game with other online sellers is a significant upgrade for your business. The online world is cut-throat competitive, however. By the end of 2020, e-commerce sales were predicted to reach $4.2 trillion. This number is expected to touch $6.5 trillion by 2023.
Even though the statistics are attractive, success isn’t easy to achieve. To get to the finish line as a winner, you have to cross many hurdles along the way.
This blog identifies some of the biggest challenges that brands face with online shopping.
As e-commerce retailers, it’s your duty to verify all buyers thoroughly before granting them access to your store. There are frauds and bots in the thousands out there that can cost you a significant amount of revenue loss in COD shipment orders. You need to verify the contact information that new buyers provide while making an account on your website.
Look out for suspicious activities such as bulk orders that are worth an unusually high amount. Check for fake phone numbers and email IDs and match the address with the zip code provided to make sure it’s a valid address. Deliver a verification email link and urge them to verify before proceeding with their orders.
Omnichannel Customer Experience
There can be various touchpoints for your brand, such as ordering from your online store, calling customer support, contacting social media, or leaving a query elsewhere. This can divide the traffic that should ideally be coming to one ecommerce platform.
If you want to progress in the digital industry against tech-savvy competitors, work on building an omnichannel retail experience. If you don’t work on this now, you’ll be sidelined by the more popular brands that offer a seamless customer experience.
Outshining The Competition
That being said, it’s important to acknowledge that the e-commerce landscape teems with uncountable brands that have expanded and grown in the past few years. The competition is tougher than ever, and there’ll be more substitutes for the same products and services you offer than you can imagine.
The trick to bagging the trophy is to outshine the competition. Customers are looking for something different in the brand they end up choosing. Are you offering that unique selling point to your customers? It could be anything from more prompt customer services, generous discounts and sales, convenient exchange and return policies, or customer loyalty rewards.
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