How To Knock Out An E-Commerce LaunchPhoto Courtesy if Bhout
The e-commerce industry is expected to grow by over 67% by 2028, according to Statista. Yet, successfully running an e-commerce business requires more than a website and a product. That’s one reason why roughly 90% of e-commerce brands fail within the first 120 days of launching, according to Small Biz Trends.
In the world of e-commerce, launching a new online store is not an easy feat – the competition is tough, the stakes are high, and only the best-prepared can expect to triumph. To ensure your e-commerce launch packs a powerful punch, you need do conduct extensive research, plan meticulously, and deliver with precision.
Market Research
“In e-commerce, understanding your market is crucial if you want to last longer than a few months. Before you even think of launching, conduct thorough research to identify your target audience, understand their needs, and analyze your competition. Doing this recon takes time, sometimes years, but it will help you find a niche where your products can stand out,” says Mauro Frota, founder of BHOUT, an AI-powered boxing bag that combines gaming and home fitness.
From conducting keyword research, analyzing your competitors, knowing which trends will be marketable, having a robust social media marketing plan, to having a system in place for gathering customer feedback – qualitative and quantitative data is required for every step of the process.
Product Selection
In e-commerce, your strength lies in selecting the right products for your niche and sourcing them effectively.
“Don’t take the easy way out by selling subpar-quality products if you want to stay in this business for the long term. Instead, develop a product that resonates with your target audience and is better than your competition,” advises Frota.
Test the products thoroughly and gain customer feedback through focus groups and trials, and ensure there is a definite need for it in the market.
Building A Robust Platform
An e-commerce website that is set up for success is key. “Invest in a robust, user-friendly platform that can handle traffic surges and secure customer data. Ensure your site is mobile-responsive, as a significant portion of online shopping is done via smartphones. Your website should be equipped to protect against crashes and security breaches,” advises Frota.
Half of all website traffic comes from mobile devices, making it more critical than ever before to have a mobile-responsive site.
Flexibility And User Experience
The user-experience, site load times, optimized design, and a quick checkout process with the least amount of clicks is the only way to go.
A seamless user experience is critical. “Your website should look good and be easy to navigate. The checkout process should be smooth, minimizing cart abandonment and making it as easy as possible for your customers to find, order, and receive the products they want,” says Frota.
Effective Marketing Strategies
“Your product might be the best in the world, but it won’t sell if nobody has heard about it,” says Frota. “Develop a marketing strategy that makes a strong impact. Combine search engine optimization (SEO), content marketing, social media, public relations campaigns, and email marketing to attract and retain customers,” says Frota.
Market research can take many forms including conducting surveys, focus groups, or studying competitor’s websites and store locations.
Customer Service And Support
“Provide excellent customer support, be responsive to inquiries, and handle issues swiftly and professionally. Positive customer experiences can lead to loyalty and word-of-mouth referrals, giving you the upper hand against competitors,” says Frota.
Logistics And Fulfillment
Maintaining balance and readiness with inventory levels is key in e-commerce, focusing on efficient logistics and fulfillment can make or break sales. “Your shipping and delivery processes must be reliable and efficient. Offering various shipping options and transparent tracking can significantly enhance customer satisfaction,” says Frota.
Launch And Monitor
With everything in place, you’ll be ready to launch. “It can take years to get to the point of launching your e-commerce brand,” says Frota. “Once that happens, you’re far from finished. Monitor your site’s performance, track customer feedback, and continuously optimize your strategies, and adapt and evolve based on the insights you gain.”
Building A Legacy
Ultimately, the goal of your e-commerce launch is not just to make an immediate impact but to build a lasting legacy. “Continuously innovate, update your product lines, and stay ahead of market trends. Don’t just build a product – build a brand that resonates with people on a personal level. Your brand should aim to leave a lasting impression in the minds of your customers,” advises Frota.
Knocking out a successful e-commerce launch demands strategy, preparation, and the ability to adapt.
https://www.forbes.com/sites/jiawertz/2024/01/20/how-to-knock-out-an-e-commerce-launch/
