Starting and maintaining an e-commerce business is a herculean task like no other. Getting those first orders out the door is easy compared to the monumental efforts required to keep the business up and running.
It is estimated that there are more than 24 million eCommerce sites across the entire globe, with more being added every day. As you can guess, it is a very competitive and profitable industry.
However, with just a few changes in your business design and architecture, e-commerce sites are said to attain a 35℅ increase in their conversion rates.
Here are a few tips on how you too can bring changes and improvements into your budding enterprise.
Product catalog structuring and content management.
Catalogs are the core of promoting your business. They highlight all the goods and services you offer to consumers and help buyers make a purchase decision. It is said that 84% of shoppers look at a brand's social and product content before purchasing with them. Product details should be clear, with enough visual details for users to decide on the purchase.
Having a well-designed and regularly updated product catalog helps the user to navigate the catalog and make quick purchase decisions.
Improving Search experience.
Bounce rate probability increases by 32% if your website search experience is poor which not just includes the search results but filters, sorts and our experience pieces on the search results page. Few organizations spend a lot on a type ahead which oftentimes is poorly implemented. Search has a big role to play in multilingual countries where synonyms must flow across language dictionaries.
Real-time stock management
Ecommerce can be a real pain if the actual Availability of the selling units is not kept up to date across channels. Users adding products to cart end up abandoning the cart during place order as the order won't get placed due to lack of stock, or in few cases the order is accepted just to be canceled later and amount refunded. Such experiences only created bad user experiences. To work around this problem few businesses allocate inventory/channel which only results in loss of sales as some unused stock is with a different channel.
Intelligent order sourcing and Allocation with fulfilment tracking.
A part of Order sourcing and allocation starts pretty early in the user journey. In older commerce engines all of this used to happen post order placement, which limited the visibility to the customers on the estimated delivery date, is their location serviceable etc. 23% of shoppers abandon carts due to later delivery or shipping dates, shippers with bad reputations or non serviceability of the destination due to incorrect warehouse location choice. Pincode Serviceability which is a part of Intelligent order sourcing and allocation, helps mitigate this issue. With its numerous permutations and combinations this can be extremely challenging but with our pincode serviceability solution this can easily become a cake walk.
Contextual personalization
44% of people become repeat customers after having a custom, personalized experience online.
Contextual Personalization refers to the combination of real-time and historical data to come to context-sensitive insights about customers. It's about improving a customer’s personalization experience by understanding and assessing the context of their visit.
Contextual personalization helps in understanding the customer's journey on your website. Starting from the search bar to the payment window, while also getting information about why, when, and how blondie customers browse the website. Understanding the customer is the most important aspect of gaining customer loyalty.
Omnichannel experience.
Customers should experience seamless interactions with your brand. This means never having to repeat information they've already given between departments or channels. Omnichannel is not just simultaneous channels, it is the integration of all available channels within your company. 68% of Millennials expect an effortless shopping experience from online brands. For optimal profits, providing the customers with a hassle-free interactive process with your brand via all available channels is imperative.
Contextual Monitoring and support
Traditional monitoring systems are inadequate in combating the threats or finding issues in the modern market. With the move away from monolith to micro services, it becomes even more difficult to retain context of a given request across services and solutions. Without this contextual information it becomes a black box for the support staff to find resolutions and support the user, adding to this pain would the Omni channel experience. Contextual monitoring systems help reduce issues in e-commerce websites by maintaining a proper repository of the patterns. This repository needs constant updates and is better maintained through a dedicated service.
Performance and Scalability
Performance and scalability testing refer to evaluating how the current model is handling the current strategy and understanding how much more traffic can you effectively handle. Scalability increases performance capabilities by including additional resources. Generally, people don't properly assess their scalability and instead decide to solve it by just including an additional server. However, you can greatly reduce costs by performing proper performance and scalability testing and consulting with a third party advisory to help improve your supposed limitations. This helps you in launching new features seamlessly, supporting big sales days or unprecedented surge in traffic without losing brand image
Capturing Customer Experience
Custer feedback helps you figure out your enterprise's strong points along with giving you an insight into what needs to be changed. Understanding Customer issues is akin to fortune-telling for an Enterprise.
They help you get a better understanding of your customers and give a predictive analysis of the needs and demands of the target population.
Returns and Refunds
80% of online shoppers are put off from purchasing if they feel like the returns policy is too inconvenient. If you don't have a clear cut return and refund policy for your customers, you might be dealing with more than just losses from returns and defective products. It is estimated that 95% of online shoppers will make another purchase with the same brand if they feel the return experience was convenient.
Time for you to formulate a new Business strategy:
If you don't have one, Cosmoneural will provide one for you.
Presenting Cosmoneural: We are a Boutique IT company, offering customized solutions and business advisory for optimal growth of your enterprise.
We believe that every situation requires a comprehensive roadmap guided by unique business goals to achieve optimal efficiency.
Some of our services include:
1. Cloud Advisory
2. Data and Analytics
3. Enterprise Architecture
4. Reliability and Resiliency
5. Performance review and Governance
6. Commerce Advisory
7. Omnichannel Advisory
Visit cosmoneural.com to learn more about our services.