A number of new players are entering the ecommerce business space on a daily basis. Does it make the competition fierce? Or, is it taking away the business share of the existing online stores? The questions are worth exploring and the answers could reveal you some new business insights. It is a fact that more competitors are joining you, but at the same time more shoppers are also entering the internet world.
Check out the design and features of your competitor’s stores. How their shopping cart, check out and payment process works? How simple it is to navigate and search products? Do they have multiple payment solutions? All these questions will help you find the poor areas of your online store. You may need to improve your shopping cart solutions and payment gateways to make the buying process simple for your customers.
Rely on your analytics to find out what percentage of traffic you are getting from which sources, such as search engines and social media. If you discover a decline in your traffic, whereas your competitors are getting huge traffic, you need to improve your SEO and social media efforts. Find out what marketing strategies they are using to lure customers. Are they hosting a blog, or running a social media campaign? Or, they are using some engaging apps to reach the mobile user base.
Check their product portfolio and compare your products with theirs. Find out if they have something unique to offer that you don’t have in your store. Moreover, try to assess their customer response mechanism. You definitely have to have a better customer support to avoid any negative opinion to be posted on social media from your customers.
Promotional campaigns help draw the attention of the online shoppers. If you don’t have any discount deals for your customers, you need to think about it seriously. Your competitors might be taking away your business by devising some intelligent discount offers.
Yes, there could be some poor marketing strategies that your competitors might have relied upon. You need to learn about those failures. Sometimes, you learn a lot from other’s failure too. Avoid repeating those mistakes and plan your own strategy.
Remember, you are checking your competitors to develop your own strategy, but not to copy them. There is nothing like the ‘most successful model’ in the ecommerce. Maintaining your uniqueness and offering the best products and services could prove the key game changer. And of course, learning from your competitors could be your long-term business strategy to excel in the ecommerce industry.