As millions of people increased their e-commerce spending, the sector got a tremendous boost over the past year and a half. This increase in money has also created exceptional competition among companies that sell online. As a result, e-commerce startups have taken over the market.
If you’re an e-commerce startup, here are five golden tips for finding new consumers and maximizing your growth.
1. Startups Start Slow
Having an idea and a business plan is great – but don’t get carried away when you see the market potential. The goal is not to reach and persuade everyone. It’s to be highly informed about your operational costs.
Get your cost of goods as low as possible. To do this, you must find the best prices for your raw materials. Watching the cost of goods will allow you to cut out unnecessary expenses and retain the best margins.
2. Underpromise, Overdeliver
Digital marketing has its lure, and due to its pressures, several entrepreneurs overpromise what their products can do. When customer expectations are set too high, the product experience may not live up to their expectations. Areas where customers can have high expectations are:
- the quality of the product,
- its range,
- availability, or
The way to solve it is by always underpromising. If the delivery usually takes three days, tell them they can expect it in five to seven days. Or better still, go for same-day delivery and increase customer satisfaction.
3. Learn From The Feedback
A fundamental factor common to all successful e-commerce startups is listening to their customers and incorporating their feedback. Because the startup is most likely your idea, you might have unconscious biases against it. Only when you release it into the market will you get an objective view.
When you do get critical comments, see it as constructive feedback. Use the feedback to adapt your product and solve urgent issues. Being receptive to feedback may help you launch a bestseller.
4. With E-Commerce Startups – Keep It Simple
Everything about your e-commerce startup should be simple. From your organizational structure, the website, the product should all be simple. If you’ve trouble explaining it to someone, then you need to simplify it.
Another way to look at it is to get rid of all unnecessary aspects. For example, the design of your packaging does not need to be complicated. It just needs to be clean, simple, and easy to handle.
5. E-Commerce Startups Should Offer Same-Day Delivery
Customer expectations have fundamentally changed over the last few years. It’s not just the quality of the product or the price that matters to them. The sooner the delivery, the better it will be for your brand.
Same-day delivery is not limited to specific players or categories now. Indeed, customers now expect every e-commerce brand to do so. Even a single day’s delay will lead to dissatisfaction and negative online reviews.
Although the economy’s returning to normalcy, the purchasing habits of the Covid-19 Pandemic are here to stay. E-commerce is showing no signs of slowing down. It’s time for e-commerce startups to focus on optimizing their operations with value-added features like same-day delivery.
Consider delivering your products with FlashBox. We offer same-day delivery across the GTA for only $6 per parcel.