With the advent of New Year, you must be thinking of reinventing your online business strategies. The total share of ecommerce or online business is all set to increase by 11.6% in 2018.
However, like any other business any online business also faces challenges which do come with solutions that have been listed below.
The market is already full of numerous products of all categories. To establish a foothold in this challenging online market, you have to make your mark. This can be done with personalization of your products. Think of innovative ways like sending regular email communication and giving genuine discounts to your customers which other online platforms might not be offering. This way, you will be able to establish a genuine relation with your customers. Work on technology aspect also and make your online presence distinct and unique to the core.
2. Lack of computer skills
Most online business fails because the business creator is not well versed in latest computer skills. Ranging from issues as designing or website to page optimization there are a range of issues that need to be tackled. If you find that you are lagging behind on any of these aspects take help from concerned professionals so that you may be able to establish a firm foothold in the market.
3. Customer Friendly Checkout process
Many times, a customer leaves the online platform since the payment checkout process is very complicated. You should present a range of checkout options for the customer so that they do not find the process cumbersome and always head to your online portal, whenever any purchase has to be done.
4. Single online and offline payment system
Many times it is seen that online business have separate mechanism to deal with online and offline payments. This creates some confusion for the account management. Opt for accounting software that offers you a solution in form of combining of online and offline payment integration. This way you will be able to keep a hold of different categories of payments that you might receive.
5. Privacy and Security Concerns
Like any other business in the market, the online business also has its distinct concerns. Online businesses are more prone to frauds and cyber crimes. To deal with this scenario, you should opt for a robust online security mechanism so that your business dealings are safe and secure.
6. Customer Loyalty
Customer loyalty is a big concern in online business since you are not directly dealing with your buyers. They know you only through your website. Therefore take steps to establish a contact with your customers through regular emails in which you highlight your products and thank them for their support. It will go a long way in strengthening the bond you have with your customers.
7. Have a return policy
Many times online businesses fail as the owner is not able to establish a comprehensive dissatisfaction policy for the users. Have a clearly defined return policy and you will be able to establish trust with your customers.
8. Expanding to new regions
Though it might seem that any online business has wider reach throughout the world but in reality it is a challenge. The marketing policies, payment options and shipping to far away locations are a challenge to which you need to find a solution before thinking of expansion. You can tailor your products to meet all these needs and get in touch with concerned authorities who will offer you the solutions.
9. Giving your customers options
The online business might seem similar to all others prevailing in the market and this sometimes restricts the growth. To avoid this scenario, you can offer customized options like pick up from store, return in store to the users so that they feel connected.
10. Lethargy over time
As market innovates and new options come up, it does feel that your online business is lagging behind. To overcome this scenario, you will have to innovate and excel all the time changing as per the need of the market.