A fresh survey of ecommerce professionals shows the industry is bullish.
Contrary to public opinion, the most effective resource for entrepreneurs isn’t money. Instead, it’s information. Consider it — you won’t visit a penny of investment funds or revenue unless you know what you’re discussing. In the wonderful world of ecommerce, understanding your market and knowing what your rivals is doing is crucial.
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Hiring an analyst or funding your own major study sounds great theoretically, however the associated costs when it comes to time and money might not be in the cards. If this is actually the case, how can you obtain these details to obtain a leg through to your competition? One source: the Ecommerce Performance Indicators and Confidence (EPIC) study. Published by SLI-Systems, the EPIC Report is founded on a survey of 276 ecommerce professionals. The analysis requires a look at industry confidence, ecommerce growth and key performance indicators critical to any ecommerce entrepreneur.
If you are a new player in the ecommerce space, you’re in a bullish market. The EPIC report demonstrates confidence within the industry has remained high because the first quarter of 2017. In addition, it demonstrates 93 percent of retailers have plans for expansion. Here are a few insights for incorporating the EPIC report into your ecommerce operation.
For the fourth year in a row, over 90 percent of survey respondents report plans for expansion. The steps you try expand hinge on the trends occurring in your industry. For instance, overall expansion (adding services, hiring employees and upgrading technology) ought to be a priority if you are in the apparel/fashion industry. If you are in the housewares and furniture industry, adding products or products is of higher importance.
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However, enhancing products to improve your business ought to be a priority for each industry. You might like to source services, release updated versions or offering upgrades.
As implementing and purchasing new technology is universally supported by survey respondents across ecommerce industries, it could be time to up your tech game. For instance, you might consider adding an AI-powered chatbot to supply customer support or a one-click checkout feature to your internet site. Both are easy to implement and will be very efficient in boosting your sales and authority.
Looking too much in to the technology future is actually a drawback for your business. Despite the fact that smart speakers and virtual reality headsets are growing in popularity, the EPIC Report showed that less than 1 percent of retailers prioritize voice search, while VR remains the lowest-ranked initiative at 0 percent. Rather than simply shooting for the "latest and greatest," your focus should be on improving the client experience.
It’s about the client. According to EPIC respondents, customer experience was selected by twenty five percent of retailers as their top initiative. Even if online revenues are up, you’ll eventually fall behind unless you continually concentrate on enhancing customer experience.
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The glad tidings are that improving the client experience doesn’t should be expensive, time-consuming or overly technical. Be sure that your website is without headaches to navigate. Use free social media platforms like Twitter and Facebook to attain and engage customers. Improve customer support by making your company contact information prominent on your own website or even add a simple FAQ section. Should you have an elaborate checkout process, simplify it — you will realize fewer abandoned carts, greater revenue and happier customers. No-one wants to spend your time entering the same information or cope with the headaches of unclear pricing, shipping and other fees.
These steps are simple but have a big impact. The mix of increased transparency, improved navigability and a prominent social media presence can cause a fantastic customer experience.
The EPIC report contains a whole lot of information and data, nonetheless it all comes downs to 1 thing: knowing your market. Have a look at your industry and where you sit in it, then find the various tools you need to interact with your visitors and grow your business.