The global eCommerce market size is growing at a quite faster pace. Not only in its market volume, eCommerce is showing a rise in terms of sales and revenues too.
“eCommerce share of global retail sales from 2018 to 2021 is expected to rise from 11.9% to 17.5% respectively”- Amasty blog
Although, the growth is huge in this sector and many retailers are opting to dive into eCommerce market to harvest its benefits. Though more than 90% of all online business start-ups end in failure within the first 120 days of start.
And, there are several reasons for this failure such as
– Lack of traffic
– Improper positioning
– Did not understand the competition
– Early scaling or scaling in a complete haste etc.
Therefore, whenever you opt to start your WordPress web development, it becomes vital for you to follow a strategy. Simply hiring a WordPress developer and having a powerful CMS is not enough for you to succeed.
Apart from this, you need to have a pathway that can lead you to the desired destination. Let’s have a brief of the steps that every WordPress startup can consider to end up profitable.
(1) Analyzing Target Market
It is paramount to know who your target consumers are, what they require, and what provokes them to purchase online. Knowing these three aspects of your target market shall definitely help you to market yourself in an impactful manner.
Some merchants often ignore this strategy to target a particular niche for their products in the lieu of grabbing more customers.
Unfortunately, it is the worst idea to do an online business.
Every consumer is different and so do their needs. Therefore, your products can satisfy the needs of a specific consumer group rather than servinig all. Targeting a niche shall allow you to make your business grow at a faster pace. You can consider the following factors while segmenting your target market:
- And, Psychographic
Most of the marketers use the above-mentioned factors while targeting the potential consumer for their online retail.
(2) Marketing Strategies
Building up marketing strategies is a meaningful thing in eCommerce that spell growth for you. Once you have figured out your potential buyers, you can easily make your marketing strategies to capture their interest.
Also, there is never a one-size-fits-all marketing strategy that will deliver you the best of results. But once you are familiar with your target audience, you can easily determine the digital mediums to deliver the exact services that they desire. You can run marketing campaigns via emails, social media platforms, and more.
(3) Product Pricing
It is also a considerable aspect that you will not be alone who will sell a particular product online. For e.g., if you deal in the apparel industry, there will be immense competition in the digital commerce that is already doing well.
So, you need to take your step wisely and first look out for your competition’s strategies i.e. how they are positioning themselves in the niche? Then you need to make of list of
– What is unique in your product?
– How is it more efficient and beneficial for others?
– Level of ease that your product is providing etc.
After scrutinizing these things related to your products, you can put a price tag on them. Putting a random price tag may lead to heavy costs for your online business. Therefore, you need to be predictive but practical also in your approach when it comes to product pricing.
(4) Social Media Approach
Social media commerce has also become a vital part of eCommerce. With the technical advancements and increase in the usage of social media platforms, people are prone to be easily accessible there.
Many marketers (whether startups or existed giants) have their social media presence that is constantly being used for:
– launching new products
– analyzing the customers’ response
– selling the products
– enhanced the consumer base
– spread word of mouth
– and more.
Thus, having an adequate listing of your business on social media platform can generate you revenues in a short as well as long term.
(5) Retaining Customers
Your task is not complete once a customer has purchased from your online store. You need to provide them with after purchase services so that they can turn into your loyal customers and purchase from you again. You can offer them the following:
– any cashback on their first purchase
– complimentary gift
– any discount coupon for the next purchase etc.
All of these will help you to grab your customer’s attention and force them to retun to your store in a positive manner.
Every above-mentioned step adds on to an impactful and fruitful eCommerce journey. Implementing these for your eCommerce startup may help you to achieve your desired business goals.