Did you know that retail e-commerce sales are projected to exceed USD 600 billion in 2019? In the United States alone, retail e-commerce is expected to generate $100 billion by 2019. These stats clearly indicate that online businesses aren’t going anywhere. With the help of SBA loans, you can secure the working capital you need to put up your own eCommerce business.
Despite the fact that the overall success of the e-commerce industry, not every online business is profitable. Both small and large companies face their own share of challenges. Here are five of the most common struggles e-commerce businesses face.
Establishing a Relationship with Ideal Customers
Just because you sell online doesn’t mean you don’t need to establish a relationship with your customers. You still need to engage both your prospects and current customers. For example, most online men’s shoe retailers make use of email marketing to reach their leads. So when sending out newsletters and emails, be sure to provide quality and necessary information that can benefit them.
Finding Products to Sell
Shopify and other online shopping cart platforms made it easier for anyone to launch an online store within days. On the other hand, Amazon has become the largest e-commerce store in today’s market. They make it possible for sellers all over the world to reach a global market of paying customers. However, with Amazon, eBay, and other large online retailers selling a wide variety of products, small e-commerce business owners have difficulty finding unique products to market.
Generating Highly Targeted Traffic
Digital marketing trends are constantly evolving. If you want to generate highly targeted traffic to your e-commerce business, you must implement various marketing strategies. An effective marketing strategy utilizes display ads, mobile shopping engines, email, social media, SEO, retargeting, and PPC ads that drive traffic and generate leads.
Attracting the Right Customers
The way people shop online has changed throughout the years. Instead of making an immediate purchase, many now take their time to compare prices, brands, and sellers. They also ask for recommendations from friends on social media and read product reviews before making a purchase. Furthermore, the way shoppers communicate online and consume content has changed. Therefore, it’s essential to get to know your audience and devise strategies to attract them to your business.
Converting Site Visitors into Paying Customers
If you want to turn leads into paying customers, you need to drive quality traffic and nurture them. But, unfortunately, the traffic coming through your website doesn’t automatically convert into customers and sales. As a result, retailers are often faced with the dilemma of converting both website visitors, email leads, and social media leads into paying customers.
Hiring the Right Employees
As much as you want to do everything yourself, you simply cannot. Successful business owners don’t try to handle everything at once. Instead, they hire the right people to help them achieve their goals and visions. Hiring the right employees is the key to the faster growth of your online business.
However, you need to do your part to attract strong applicants. You can do so by increasing brand awareness within the online community. Attending eCommerce conferences, networking, or hosting an event is one of the ways to get your name out there and increase your company’s credibility.
Finding Retailers and Manufacturers
A majority of online sellers buy their goods from suppliers and manufacturers. The problem with this setup is that many suppliers and manufacturers also sell the same products to customers at a lower price. To prevent this from happening, your contract should state that your supplier is prohibited from selling directly to customers. Additionally, be sure to choose a manufacturer that’s less likely to sell directly to customers.
Creating a Catchy and Optimized Product Description
Your product descriptions should contain detailed information about the products you’re offering. However, the challenge is to write a detailed and straightforward description that catches your audience’s attention. Every word should be well thought of, and be sure to avoid using careless content. Write product descriptions with your target market in mind. It’s a good idea to hire an experienced content writer to create engaging and catchy descriptions.
S Corp vs. C Corp
Many small business owners are confused when faced with the decision between an S Corp vs C Corp. Both of these types of corporations are very similar. Both have advantages and disadvantages, but it may come down to what kind of tax structure works best for your business.
Business Loans Lansing – Small Business Loans For You
Suppose you want to generate leads, attract more customers, and establish a lasting relationship with them. In that case, you must invest in digital marketing. Unfortunately, hiring an excellent digital marketing team can cost a fortune. However, there are startup loans that can help cover the costs of hiring a top-notch marketing team. Don’t hesitate to get in touch with a financial expert to help you figure out the best loan for your needs.
