With the rise in digital platforms over the last decade, it’s easy to see why eCommerce suppliers and distributors are now facing more competition than ever before. As of 2014, there were an estimated 12-24 million eCommerce stores in the world, with a little over 600,000 actually breaking $1,000 in yearly revenue. With that said, there are new businesses appearing every day, meaning that online stores have to stay constantly vigilant with their digital marketing campaigns and strategies if they wish to stay afloat.
However, how can you be expected to compete with such a vast industry, especially when the rate of success is so minimal? That’s what we’re here to discuss today, as we break down two of the key considerations necessary to stay afloat and affluent throughout 2018.
How can you possibly give your audience what they want if you don’t know what it is?
Many digital entrepreneurs go into business assuming they know what will appeal to their audience. Unfortunately, this is near impossible, as the digital market is changing alongside customer expectations on a daily basis.
This is where the usefulness of market research comes into play, as it allows you an insight into consumer behaviour across your industry. For those that are hoping to reap the benefits of this form of intelligence, there are a few options available to you.
One potential option is utilising a company specialised in Data Extraction combined with Competitive Analytics.
For those that are unaware, Data Extraction is the process of using a software-based system to crawl and copy information from a website. This allows you a valuable insight into the inner workings of your industry, giving you an up-to-date point of reference for how to update your strategies with the times.
Asking Your Audience
While studying market intelligence can be invaluable for keeping your finger on the pulse of your industry, if you’re looking to build and connect with an audience, it may be best to simply ask.
Depending on your circumstances, there are a few ways to go about this process.
For example, there are user engagement tools available online that connect seamlessly with your pre-existing website. One example of this is Survery monkey, a website tool that gives your clients the ability to voice their opinions through a streamlined, efficient widget.
Another possibility is sending out an email request for feedback, with the potential of a prize or gift for those that are willing to take part in voicing their opinions. However, when taking this approach, you must be very aware of the wording and aesthetics of your message. Ensuring that your request doesn’t come off as spammy or potentially hazardous is integral to maintaining the trust of your customer base.
Hopefully, this has given you a starting point for developing your online store for the new year. While this is not a comprehensive list, the two points discussed can have resounding benefits when attempting to differentiate your store from your competition.
For more information on developing your business, explore Industry Compete today!