In the eCommerce domain, the odds are always heavily stacked against small time retailers. In 2015 small eCommerce retailers were all at seas trying to compete with bigger players, and in 2016, the struggle is expected to intensify. Shrinking buying power, mounting pressure to offer free shipping and increasing competition against manufacturers who have started selling directly to consumers will make the going all the more tough for small eCommerce players. A big challenge for small eCommerce companies in 2016 is to stay afloat in adverse market conditions. In this blog we will be talking about the possible ways to checkmate these threats.
If you have a large customer base, you can weather the storm easily. If you don’t, you need to look for ways to grow them fast. And the easiest way to make this happen in 2016 is by forging a strategic partnership with another company on an even ground. For instance, a jewellery eCommerce store can partner with an apparel eCommerce store and double their potential customer base including social media followers and email subscribers.
Build Traffic Sources
As they say, you need to put your eggs in different baskets, cultivating an array of traffic sources can help small e-commerce sites get a better footing. If one source dries there would a good mix of others to prop your business up. Look for those hidden forums where your target customers are discussing their interests and make your presence felt. It takes a lot to zero in on such obscure forums sites but it’s worth the trouble, because big companies ignore them for immediate sources that are usually paid.
If you hinge your tactics on this one factor, you win hands down. This entails predicting what may be in vogue down the line, much before the large companies are able too. If you make yourself good at this, you can build a loyal followers of first-adopters. However you need to invest your time, and have the right strategy to find the best merchandise.
Build Customer Loyalty
Having a loyal band of customers is worth its weight in gold. Small eCommerce stores don’t have them because they don’t have the resources to build customer loyalty. That doesn’t mean you need to give up your efforts to develop customer loyalty. In 2016, you need to work on a strategy to keep your customers happy. You need to reinvent them quickly to retain shoppers.
Jump the Bandwagon
How about building your brand by partnering with large e-commerce sites? Many small eCommerce companies have managed to do this and so can you. All you need is the right product and perfect marketing tactics. However, don’t jump in blindly. Wait for the opportunity and seize it when it comes. Take small, but measured steps and you’ll reap the benefits soon enough.
In 2016, you need to think and act a bit different to keep big players away from eating into your profits. SmartCoders can help you come up with some path breaking solutions.