There is a Chinese proverb that says: ‘Be not afraid of growing slowly, be afraid of standing still.’ This couldn’t be more true for e-commerce businesses. It really does take time for your business to grow. If you ask yourself why, the answer is quite simple- you need customers, you need their trust and trust is something that takes time. In order for your business to be heard, you need to hear your customers and listen carefully to their needs and painpoints. Did you know that 56% of consumers remain loyal to companies who understand them?
Another interesting fact is that according to Marketing Metrics, the success rate of selling to an existing customer is 60-70%, while the success rate of selling to a new customer is only 5-20%!
And yet again, the reason for this is fairly simple-loyalty. If you address your client’s problems, offer excellent customer experience, react to their feedback, they will be coming back. They will know they have been heard and understood. Everybody loves to feel appreciated and cared for. That’s why the main reason why customers leave is that they get the feeling you no longer care for them. In order to prevent this, you should constantly keep on trying to earn and keep their trust and use the marketing strategy that is relevant to your customer’s needs.
It goes without saying that your business needs new customers too, but not at the cost of the already existing ones. At the end of the day, it’s the ‘old ‘ones who are making your profit. Not only do they keep coming back, but they would also more likely be interested in services through up-selling and cross selling. Bain & Company research found that increasing customer retention rate by just 5% can increase profits by 25 to 95%.
Yet another important thing to bear in mind- reward your loyal customers! It could either be with a special offer for your new upcoming product, or some other VIP ‘treats.’ Show them that you are truly grateful for their loyalty and how much they mean to you.
There are many useful digital tools you can use to help you engage with your customers and see your customer’s behaviour, get feedback and their painpoints. But, that’s a whole new topic so make sure you stick around and follow our new posts and blogs because you don’t want to miss them.
From past to present, the world continues to evolve in every sense and technology is developing very quickly. There have been three major technological advances by now and today we are standing on the peak of the Fourth Industrial Revolution. Every industrial revolution affects our lives in different fields.
First, let’s elaborate its impact on the field of the workforce. Technological developments like artificial intelligence and automation are expected to have the most significant impact on employment figures within the global workforce. McKinsey Global Institute reports that roughly one-fifth of the global workforce will be impacted by the adoption of artificial intelligence and automation. By 2022, %50 of companies believe that automation will decrease their numbers of full-time staff and by 2030, robots will replace 800 million workers across the World. While these figures may sound depressing, it may also simply represent a change within the workforce and displaced employees could, with the right skills, take on more beneficial roles.
Secondly, when we look at the role of artificial intelligence in environmental sustainability, it can greatly save natural resources because the more advanced digital technology is involved, the fewer resources are consumed. For example, autonomous vehicles alone can enact a 2 to 4 percent reduction in oil consumption and related greenhouse gas emissions annually over the next 10 years, according to a report by the Intelligent Transportation Society of America.
So, let’s take a look at the past, what stages have we gone through to get to this level. With the Second Industrial Revolution, electricity and motors made it possible to drive the machines independently of water and steam, making them much more flexible. It was the beginning of mass production and enabled products to be manufactured in a shorter time also larger quantities. For example, Henry Ford carried over these principles into automobile production and drastically altered it in the process. He sold 15 million cars from 1913 to 1927.
The Third Industrial Revolution was the digital revolution with the use of electronics and information technology to automate production. Manufacturing and automation advanced considerably thanks to Internet access, connectivity, and renewable energy. Although automated systems were in place, they still relied on human input and intervention. The Fourth Industrial Revolution is the era of smart machines, storage systems, and production facilities that can autonomously exchange information, trigger actions, and control each other without human intervention.
The coronavirus pandemic has brought many changes. It has forced us all to find new ways of working, interacting, and living. Digital technology is a key component of our collective effort to tackle the virus and support our new ways of living and working reality. Now let’s talk about how the coronavirus outbreak has affected the technology world.
Smart glasses will see new demand as travel restrictions continue to hamper businesses. Glasses with video cameras and see-through lenses that overlay digital information will be the most popular. Some virus-fighting robots are seeing strong demand now because they can disinfect a hospital room with ultraviolet light. Robots can automate processes also they can bring meds, meals, and supplies to patients, saving money, and avoiding human touch. Drones can be a vital resource in a pandemic or similar disruption. China has experimented with using drones during coronavirus for shipping medicine, disinfecting public areas, and delivering food.
If we take a look at e-commerce after the coronavirus outbreak, it will only get bigger and better as the year moves on and new technologies will help it achieve that. People prefer buying things online because they are not willing to leave their homes and risk exposure. E-commerce sites with personal shopping assistants hosted more customers. One of the reasons was that people were unable to get out during the quarantine period. Demand for food, beverage, and self-care increased. Online shopping provides a relatively hassle-free way of doing shopping.
So, The Fourth Industrial Revolution is not limited to industrial production. It is manifested in all aspects of society, including technology, production, consumption, business and it is influencing every field of human life. Intelligent, connected, and flexible factories will become dominant in future industrial production. Now, are you ready for changes in industry 4.0?
Written by İlknur Acar, Customer Success & Marketing Intern at OktoMax
In this article, we will breakdown the categories of tools that you need. In each category, I will propose several tools that are available in the market. Have a look at the best e-commerce tools that you need to run a successful e-commerce business.
When it comes to selling online, you need to set up your store. It is apparent that setting up a store takes time and that is why you need tools to help you set up an online store very fast. The following are the best tools to help you set up an e-commerce store.
Shopify Shopify is a plug and play platform that is rapidly growing in the market. You do not need a degree in computer science to set up a Shopify store. There are tons of templates that are available for use at a fee or free of charge. The only downside to this platform is the complexity of changing the structure of the urls making it hard to undertake on-site SEO.
Woocommerce Woocommerce is a big boy in the e-commerce industry powering over 3 million websites. It is free and easy to install as it provides a CMS kind of platform. You can use it alongside popular CMS WordPress making it even robust.
BigCommerce BigCommerce is another player in the market that rivals Shopify as they offer almost similar features and functionalities. For instance, both platforms are easy to create by providing a drag and drop feature. The only downside is that you will incur more cost than when you choose Shopify.
Squarespace Although it is popular with conventional websites for artists, musicians, and bloggers, Squarespace has set a firm grasp on the e-commerce market.
Operations and Logistics Tools
Once the e-commerce store has been set up you will be required to stock up the shop. Here is where the operations and logistics tools come into play. They help you in the management of inventory, accounting, and shipping operations. The following tools will help you to simplify and coordinate operational activities.
Oberlo Oberlo allows a store owner to undertake huge imports of product information into your new store. It is an important inventory tool that has been acquired by Shopify.
Sourcify Sourcify is a tool that will help in the automation of outsourcing products and suppliers. You will only be required to put up the concept that you need and let sourcify find the best suppliers or products for you.
EasyShip In order to undertake deliveries and make a profit from your e-commerce site you will be required to work with multiple couriers. Easyship comes in handy by ensuring that you get a one-stop shopping platform with links to multiple couriers.
Sellbrite Sellbrite is an amazing tool as it combines multiple functionalities into one platform. With sellbrite you are able to automate listing, shipping and syncing of shipments across multiple sale channels in multiple marketplaces. In my opinion, I believe that this is the best tool in this category.
Ecommerce Analytics Tools
Google Analytics This is a tool that tracks user activity on your website to provide useful information. Google Analytics is able to provide everything about what the visitors to your website do and even how they got there in the first place. The main advantage of Google Analytics is that it offers a wide variety of statistics for free.
SEMRush and SimilarWeb These tools allow you to study the analytics of your competitors hence help you make informed decisions based on what other industry players are doing. These tools are important for undertaking SEO on your website by providing insights on the elements that need to be improved allowing you to sell more products through proper placement. They are also able to monitor your rankings on search engines.
Digital Marketing Tools
Any successful business needs to undertake marketing. Digital marketing involves the use of digital platforms to market the products on your e-commerce website. Here is a list of some of the best tools in the market.
Mailchimp Email marketing is at the heart of any online business and as an e-commerce website owner, you need to undertake email marketing. Mailchimp is an ideal email marketing service and automation platform. It allows you to engage with your customers through email campaigns.
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Building Social Media Networks & Affiliate Partners
The Majority of the internet traffic is from social media networks and as a result, any online business should put effort to engage its customers on social media. Social media sites like Facebook, Twitter and Instagram can be integrated into your site and used to market the products. It is also important in communicating offers to customers.
This is a tool that is used in setting up referral programs for your e-commerce website. This tool is particularly good because it does not require you to be a tech-savvy. Referral programs go a long way in marketing your brand.
Customer Support Tools
These are tools that allow you to provide customer support.
Zendesk Zendesk is an easy-to-use platform where your customer support agents are able to offer their help to customers through live chat and ticketing system.
Tawk.to It is similar to Zendesk as it provides live chat and ticketing system for customer support agents. Its advantage over Zendesk is that it is cheaper.
Facebook Messenger Facebook messenger integrates social media and customer service. Facebook Messenger also allows you to build a bot that can reply to common customer queries instantly.
The tools listed above are some of the best and most popular e-commerce tools. However, a tool is as good as the wielder; ensure you undertake further analysis on these tools and even other alternatives to see what best suits your e-commerce platform. The tools provided in this article will ensure that you have a better chance of success in the online business. You should begin by looking at your e-commerce business as a whole and looking at the problems. Once you have analysed the problems, then you can get some of the tools listed above to help you solve them. Happy selling online!