Many established brands initially considered internet marketing as a fad, but it has emerged as the future of commerce. Today any business without some form of online presence risks sinking into oblivion. If you are an entrepreneur, you have to leverage this growing digital market.
Many brands now leverage unique opportunities in digital eCommerce, and you can also join this successful club. Paperwritingpros.com prepared this guide that explores a few techniques to boost your online business and stay ahead of the competition.
The eCommerce Opportunity
First, a look at the digital business landscape to appreciate the opportunities available. According to the International Telecommunications Union (ITU), half of the world’s population is now online. It means your business has a wider reach than your brick and mortar competition.
Enter the Right Race
Many startups and small businesses struggle online because they are in the wrong market. If you haven’t taken the time to research your market and identify the right audience, you will waste a lot of time and effort.
Today, the rate of failure among startups is shockingly high across all industries. Some of the main reasons for such failure include poor business model, worn market timing, wrong product, and lack of market needs for products or services, among others.
Many online marketers spend a lot of time and energy, pushing businesses that can’t work. In the current highly competitive business environment, businesses selling similar products or launching with the same business model risk collapsing fast.
Some of the most successful startups across all industries have a revolutionary way of doing things, and this sets them apart in the crowded market. If you want to stay ahead of the competition, you have to establish a niche where competition is less stiff.
For instance, a startup online Mexican online food delivery service in New York can target students in the city and sell products and services aimed at this age segment. While there are many Mexican food establishments in the Big Apple, one targeting students through its product range, pricing, and marketing style distinguishes itself and sets itself up for success.
By finding a small target market, it becomes easier to maximize your resources and stay ahead of the competition. You will also gain a significant advantage in search engine result pages (SERPs) by dominating yet-to-be-trending keywords.
While this idea sounds fantastic, finding the right market requires a lot of research. You have to get enough data to predict market trends, get data on customer insight to know their preferences, and study your possible competition to know what and how they do things.
Leverage The Trends in your Niche
The digital business landscape is fast-paced, and only the most adaptive businesses survive. Some of the largest brands of the last three decades have died away due to competition from innovative digital startups with fewer resources. If you want to stay ahead of the competition in this business environment, you have to keep your eyes out for the latest trends.
There’s a lot of innovation across industries, and the early adopters of new technologies have the edge over the competition. Most of these innovations improve business efficiency, thus promoting productivity, cutting operational costs, and broadening the market reach.
Some digital innovations cut across industries including augmented reality (AR) and virtual reality (VR), Internet of Things (IoT), voice, mobile-first indexing in search engine optimization (SEO), data-driven business, artificial intelligence (AI) and machine learning, responsive web design, and cloud computing among others.
Image 1: Samsung – Gear VR Virtual Reality Headset (Image source bestbuy.com)
If you want to beat the competition, you have to study such trends and determine how they apply to your industry. By adopting the latest digital trends, you will earn customers’ loyalty and trust as online users love innovative brands.
What’s more, most of these new ideas help provide a better customer experience on your online platform. This leads to reductii0n in bounce rates, higher conversion, and improved customer retention.
Newer technology also enhances the security standards on your website, which protect you and the customers. Online users are more conscious of their security while shopping online, and they will check for the highest security standards on your site before giving any personal details. If you still use outdated technology, this will increase bounce rates and cart abandonment.
Embracing the latest digital business trends gives you an upper hand over the competition as you can run a leaner, more optimized operation. By saving resources across all your operations, you will spend more on developing your products or services. It is one reason innovative startups across all industries give more established brands stiff competition.
To adopt these new technologies in your niche, here are some ideas:
- Leverage New Tools And Analytics
Different tools and metrics will help you determine where your industry is headed. These include Google trends, which give a big-picture perspective of the industry. Others, such as Google AdWords and Moz, show you the best keywords to use in content marketing.
CRM software can help your customer’s behavior, and you can tweak your operations in line with emerging customer demands.
- Study Industry Research And Trends Reports
Every industry is unique, and you should study research studies to figure out the future of your digital business. Industry leaders and analysts carry out surveys and studies and compile their findings in the form of industry reports.
As a digital entrepreneur, you have to stay up-to-date with the latest trends by reading these online reports. The information in these reports helps prepare your business for any coming shifts, which keep you ahead of the competition.
- Follow The Influencers
Influencers are now at the core of the digital marketing landscape, and you cannot ignore them if you want to beat the competition. These personalities have large networks and connections in their specific niche, and you should follow them across multiple channels to learn the latest trends.
Image 2: Neil Patel is one of the leading influencers in digital marketing (image source https://neilpatel.com/)
Following influencers gives you both long and short term trends, and this information will help optimize your online business for the future.
- Listen To Your Customers
Consumers have a great role in determining the future of an industry. It is from market research that businesses develop new products and services. By engaging with your customers, you can easily learn their needs and predict the solutions.
The most successful businesses in the digital market are not afraid to ask customers about their future needs. With the increase in contact points in the digital platforms, it is easier to collect feedback from customers and use this information to optimize operations.
Customer-centered businesses have the upper hand over their competition. This is because they focus resources on making products and services that the market needs. If you have been struggling to gain traction online, it is time to start talking and listening to your customers.
For a start, you have to pick the right market to guarantee your efforts pay off, leverage the latest trends in your industry, optimize your eCommerce website, and invest in customer retention. By doing this, you will always be steps ahead of the competition through a better understanding of the market and your target customers. Better still, you will use the latest technologies which give impetus to your online business.