How Can Your Online Store Compete with the Retail Giants?
Huge online retail corporations such as Walmart, Macy’s, Apple, and, of course, Amazon bring in billions of dollars of revenue a year and a staggering amount of online traffic. If you are running your own online retail business, it can seem impossible to compete with the biggest online retailers in the world. Thankfully, there are ways that you can still survive and thrive in the competitive arena of online retail, even as a smaller fish in a big pond! Here we will explore some of the top tips for online stores to stay afloat.
Focus on a Specific Speciality
Let’s face it; your online store is unlikely to be able to compete with the likes of Amazon when it comes to the variety and the sheer number of products available. Although diversifying your product range is always recommended, a more effective tactic may be to focus on a specific niche that you can stand out in.
Find Your Customers
You won’t have as many customers as the retail giants, so you should make sure to target customers who will return to your store time and time again. In order to do this, you can carry out market research to find your target market.
Use Unique Marketing Campaigns
Once you have found your target market, you will need to reach them. Instead of a generic marketing campaign designed to appeal to everyone (yet no one in particular!), why not try something a little more specific in its appeal? The exact details of your marketing campaigns can be designed based on the desires of your target customers.
Design a Loyalty Scheme
Once you have reached your customers, make sure they come back. Introducing a loyalty scheme with discounts for returning customers can provide an incentive to do this!
Outsource to an Order Fulfillment Company
Timely and efficient order fulfillment is critical for retailers, but the order fulfillment process tends to be complex and involves a lot of logistics. Why not outsource this side of things to a dedicated company?
Offer Products Not Found on Other Sites
One of the most effective ways to set yourself apart from your competitors—however large they are—is to offer products that nobody else offers! If possible, try and negotiate contracts with manufacturers to be a sole supplier. Another tactic is to manufacture and sell your own products if you have the know-how.
Consider Opening a Physical Store
One way to avoid competing purely in the online retail market is to open one or more physical stores alongside your online store. This can certainly give you an advantage when it comes to customers in your local area, and many shoppers still prefer to deal with a human face to face when they can!