4 Tips to Improve Your Online Business, Sellers' Quick Notes

Recently, an agency surveyed 103 retailers and found that during the 2020 holiday season, retailers achieved fruitful results, with e-commerce website revenue increasing by 61% and marketplace revenue increasing by 52%. It also summarized several factors that will affect their business in 2021, which sellers can refer to in order to improve their online business in 2021.

Enhanced customer experience

Survey data shows that all online KPIs have increased significantly compared to the same period last year. The biggest challenge facing retailers may be to correctly predict their business in 2021 and maintain such strong numbers.

That said, despite all the success, there is still work to be done. Customer experience is the biggest influencer, with consumer data showing 35 % have an optimal customer experience and 31% have improved it.

From a customer experience perspective, it’s all about satisfying every customer need through a variety of channels to increase sales. 12% of retailers believe in improving profitability across all channels, while also emphasizing net contribution margin rather than total revenue.

On the product side, 10% of retailers suggested implementing new product lines and developing new business models to support these new products. While 37 % of retailers said they have already improved the customer experience , 92 % said they are working to achieve this goal in 2021.

Improve logistics and warehouse operations

Overall e-commerce growth and COVID-19 shifts in consumer behavior had the biggest impact on online holiday sales in 2020. Despite logistics challenges across the industry, 24% of retailers are demanding faster fulfillment and 20% are looking to improve warehouse operations.

With 33% of respondents believing that warehouses and logistics are critical to conversion optimization, online retailers will continue to grapple with changing consumer behavior, focusing on how to better address logistics and supply chain issues while keeping profits in mind.

Retailers should grapple with issues including carrier shipping delays ( 56%) , supply chain issues ( 45%), and meeting fulfillment requirements (45%) . In addition, sellers also need to pay attention to free shipping and shoppers' free return capabilities.

Digital marketing in a reasonable way

The biggest marketing achievements include acquiring more customers than expected and higher customer retention rates . How to invest comprehensively in e-commerce through digital marketing, customer experience and technology or other systems has become a major concern for retailers.

Marketing programs are very important to increase online conversion rates. Email comes in first, while social media tends to contribute to higher rates. Retailers are also constantly revisiting their branding because that also resonates with shoppers.

To optimize conversions, the most critical investments will be in customer experience ( 64%) and digital marketing (59%) , with retailers ranking their capabilities to drive conversions as follows: customer service: 56% , personalization: 44% , web design: 43% , and demonstrating brand value: 36% .

Increase online conversion rates

Many on-site strategies are important for increasing conversion rates, with key page upgrades ( 59%) , web design ( 56%) and site search (50%) being ranked in the top three.

43 % of people believe that reducing steps is very important, while 38% point out that simplifying registration and checkout can increase online conversion rates. From a product and education perspective, information and size guides ( 47%) , more complex images ( 43%) and videos (35%) are also very important.

Sellers need to take note, remain vigilant , consider both obstacles and opportunities, and plan carefully to deliver results in 2021.

Seller

Online Business

factor