Challenges Faced by brands online
In today's digital era, the proliferation of eCommerce websites has intensified competition, forcing brands to focus on capturing the attention of customers. To achieve success online, brands must prioritize various elements, such as product imagery and pricing, which are critical to gaining popularity. With consumers being spoiled for choice, selling products online can prove to be a challenging task for any brand.
Online forums are constantly seeking to attract a large number of customers daily, and marketing the product plays a crucial role in achieving this goal. The COVID-19 pandemic has fueled the growth of online eCommerce, with India's digital market poised to reach US $350 billion by 2030.
What is selling online?
Selling online involves showcasing products and accepting payments through eCommerce platforms, websites or marketplaces. It's convenient and accessible to both buyers and sellers, allowing businesses to reach a wider audience and customers to shop from home.
Why has it become important?
The rise of online sales has been fueled by changing consumer preferences, which place a premium on convenience and accessibility. As a result, selling online has become increasingly important, as businesses seek to meet the evolving needs of their customers. The explosive growth of the online market has enabled businesses to expand their reach and attract a wider audience, breaking free from the traditional limitations of geographic location. This transformation has transformed the landscape of commerce, providing businesses with new opportunities to connect with customers and build brand loyalty in the digital realm.
Selling products online can increase their reach exponentially, overcoming geographical limitations and attracting a diverse consumer base across states, countries, and borders. eCommerce platforms enable businesses to offer products to customers around the clock and access data-driven insights to refine their marketing strategies for better sales and revenue.
2. There are no fixed timings
eCommerce websites offer convenient browsing and purchasing options for customers, saving time for both the buyer and seller. All necessary product and business information is readily available, eliminating the need for phone calls or in-person visits. eCommerce also enables businesses to operate around the clock, leading to increased efficiency and improved customer experience.
3. Provides all the relevant data and analytics
Selling products online provides brands with access to real-time data on customer behaviour, enabling them to gain valuable insights. This data includes the number of people who have bought the product or visited the website, customer interests based on items added to the cart, and the average purchase amount. By leveraging this data, brands can tailor their marketing and sales strategies to better meet customer needs and preferences.
4. Consumers can discover business
Even if sales are not satisfactory, having a strong online presence can lead to increased brand visibility and discovery. Research indicates that an increasing number of people are spending time online to research and discover products before making a purchase. By including a product on an eCommerce website, businesses can improve their chances of being discovered through search engine results. This increased visibility can potentially lead to future visits to the physical store.
Why is it difficult?
Selling online can be challenging due to intense competition, complex logistics, and establishing trust with customers. Businesses must differentiate their products, manage inventory, ensure secure payment and shipping processes, and address customer concerns about quality and shipping.
What are the challenges that the brands are facing?
Challenges for brands selling online vary based on size, nature of the organization and the industry they operate in. Smaller businesses may have limited resources while larger businesses may struggle with managing large transaction volumes and customer data. Different products may have specific challenges such as meeting regulatory requirements. Overcoming these challenges is key to succeeding in the online marketplace. The following are some of the challenges that the organisations face on a day-to-day basis:
Cyber breaches can cause havoc for organizations, as a significant amount of data and information is exchanged online. Such incidents can not only disrupt daily operations but also damage a brand's reputation, with potential negative impacts on overall business performance.
2. Customer experience
Customer experience and feedback are crucial for the success of a brand in the online marketplace. However, online retailers may face challenges in providing personalized products that meet the unique preferences of individual shoppers.
3. Converting shoppers into regular customers
Although remarketing can be done for customers who are interested in the products, with a lot of website traffic, it might be difficult. With a high density of clicks and impressions, the eCommerce website might not be able to track sales.
4. Making a unique product
When a customer searches for a product, they have a wide variety of products to choose from. Standing outside the crowd is important to grab the attention of the audience. Bringing more traction is a tough process with the same product available from a lot of brands in the market.
5. Return and Refund policies
Research conducted by ComScore has found that more than 60% of online shoppers say that they check for the return policies of the brand before the purchase. Building the trust is very important. When the brand through the eCommerce site says that there is no refund or exchange, it might build a sense of fear and distrust among the consumers.
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6. Selecting the right partner
The success of a business can be heavily influenced by its technology and choice of partners. Partnering with the wrong agency to manage online marketing needs can have a negative impact on the online growth of the brand. A solid technological foundation is crucial for the business to function effectively and efficiently.
7. Logistics
Supply chain issues are very common in the eCommerce sector. As this is a layered and structural process, issues can occur at various levels. This can eventually lead to added expenses and more delays.
8. Making the goods sustainable
Retailers are increasingly aware of the environmental impact of goods and delivery. The United Nations has set targets to reduce carbon dioxide levels by 45% by 2030 and reach 'net zero' by 2050. Consumers are also conscious of the environment, with 60% willing to change their purchasing habits to support it.
9. Meeting the customer expectations
Consumers these days have information on all the brands and products at their fingertips. Each consumer would have a unique expectation from the particular product. Meeting these high expectations is crucial for the brand to perform well online.
10. Marketing channels
Digital marketing has caught up with most of the brands. Hence, they spend on their social media channels to spread information about their brand. With the constant demand for clicks and impressions increasing day on day, the demand for online space has gone up. Small organisations can find it very tough if they have tight budget constraints.
How can the challenges be overcome?
E-commerce giants need to adapt to the market landscape by adopting new technologies, considering factors such as cost and transitioning. Having the latest tools is crucial for business expansion, and choosing the right software depends on product demand. Technology must be agile, dependable, and robust to meet business requirements.
2. Adopting an approach where mobile is a priority
As consumers increasingly use mobile devices for their shopping needs, brands must prioritize mobile-friendly designs to avoid losing potential customers. Developing a mobile platform is crucial to capture the attention of a large audience, and a mobile-first design approach can remove hurdles and improve user experience.
3. Create an efficient brand experience
To build a loyal customer base, trust is crucial for any brand in eCommerce. Consistency in messaging helps keep the brand relevant. Delivery of promises is the top priority for building trust. Brands should evolve and grow while maintaining quality. Consistent design and structure across all platforms are also important.
4. Work on social commerce opportunities
Social media is crucial for brands to stay in touch with their customers. Platforms like Facebook, Instagram, and Twitter offer targeted ad campaigns to create a significant impact on the brand. Understanding each platform is essential to tailor campaigns to the right audience.
5. Ensure that the marketplace is safe and secure
Security is essential for any business operating online. Stolen credit cards and internet fraud can severely impact a brand's reputation and overall business. It is crucial to take measures to avoid any vulnerabilities and ensure website safety. This includes creating secure data storage, updating software packages, and using strong passwords. If unsure about security measures, seeking the help of security experts can be beneficial.
6. The supply chain process should be excellent
Customer retention is crucial for the long-term success of any brand. Ensuring an error-free supply chain process can reduce costs and simplify the payment process, benefiting both the company and the customer. A safe and reliable order delivery service with secure storage, pickup, and shipping can increase customer trust in the brand, leading to increased customer retention.
How does BuyMore help in solving the problems?
BuyMore is a well-known online seller that offers a complete one-stop solution for eCommerce requirements. Their platform allows for seamless integration with a variety of selling platforms, resulting in expanded product reach. Safety measures are a top priority for BuyMore throughout the logistics process. They have warehouses situated in eight regions of the country, and there are plans to expand further to provide swift and seamless delivery to customers. Real-time data analytics are used by BuyMore to provide insights into the best-selling products on the market. In the competitive eCommerce space, they also provide effective marketing solutions to assist in promoting products.
With eCommerce being a major factor in the popularity of the product, each brand has to make a market presence through the various portals. The business needs to stay relevant through the intense competition in the market. The growth of the brand can be grown or stunted based on its eCommerce presence in the market.