Singapore is one of the biggest regional and global e-commerce hubs in Southeast Asia, which is unsurprising considering that more consumers are turning to online platforms as their preferred mode of shopping. This is because aside from the accessibility and convenience that e-commerce offers, it also has a wider range of product options to choose from.
While the sudden boom and prevalence of e-commerce are beneficial to the wanting consumers, the same cannot be said for entrepreneurs, but not for the reasons you might be thinking. Of course, this growing preference for e-commerce is a very opportune moment for entrepreneurs.
However, in hindsight, this also means that the competition will become steeper than ever. The reason for this is that knowledge of this growing trend means that more entrepreneurs will be encouraged to grow their businesses — businesses that could be in the same niche as you and vying for the same markets that you’re hoping to attract.
As might be expected, you could be discouraged because you’re going to have to compete with more e-commerce businesses compared to before. But you can also use this as a driving force that motivates you to surpass your current best, which you can do by turning your casual lookers into actual buyers. Here’s how:
Keep Up with the Industry Trends
All trends will come and go, but those that prove to become game-changers will stay. As a business owner, you have to learn how to gauge which trends can succeed and which ones are not worth looking into. If you can do this, you’ll always be one step ahead of your competition.
For instance, since the upper hand that physical shops have over e-commerce is their hands-on customer experience, you can check out what methods you can use to enhance your own. Most consumers might expect to see more than just 2D product photos on your website, so maybe dabbling into 360-degree visualizations or augmented reality shopping can be worth your while.
The new generation of online consumers is also drawn towards more sustainable businesses and those that are actually making moves to reduce their carbon footprint, so it might help start practicing social responsibility in your operations. But it won’t work if you were to only make promises that you can’t keep.
If you’re truly determined to join in on the sustainability movement, you will also have to be transparent in your governance. This should also be evident in the process of manufacturing your products as well as the packaging that they will come in.
Create Eye-catching and Irresistible Offers
All customers love a good deal, which is why promotional offers remain one of the greatest strategies to hook potential buyers. This can include promos like discounts, free shipping vouchers, flash sales, loyalty points, and coupons. But deals like these won’t always work on everyone; that’s why you have to be smart.
Irresistible deals catch your target audience’s eye for a reason: it’s available for a limited time only. If your promos are the same every time and aren’t offering anything new, then they won’t draw in customers because they know they aren’t losing out on a chance of a lifetime.
But if, for example, you were to offer unique credit card deals that come with cashback and freebies — something that they couldn’t possibly ignore — then you might have a bigger chance of generating a sale. Of course, your promos mustn’t compromise your profits, so you must take that into account.
Maximize Your Social Media Platforms
Lastly, the entire point of digital marketing is to create traction for your website to generate leads and potential sales. However, if you’re not using your online platforms like your social media accounts and website properly, all your efforts will be futile because all you’re doing is creating noise.
It’s not enough to receive paid and organic traffic through your website; you must take that traffic one step further and convert them into sales. And to do that, you must maximize the potential of your social media platforms by creating content that will build an emotional connection with your audience.
This can include interactive content like 360-degree videos and games that are engaging to your audience and provide relevant information that adds value to their lives. Through your content, you can help them visualize how they can use your products or how much they need those in their lives.
Managing a thriving e-commerce business in the digital age is about knowing where to meet your audience and how you can communicate with them. Having high-quality products is only the first step; if you are determined to make your mark in the world through your business, you must learn how to continuously grow and adapt to your market’s demands.