The e-commerce industry was worth $342.96 billion in 2015 according to Statista. The industry is expected to surpass $600 billion by 2019. Retail e-commerce is projected to comprise $100 billion of this total amount. These figures accurately depict the power and success of the e-commerce industry. It is important to realize that not all e-commerce websites are constantly counting their profits. Companies of all sizes, ages, and backgrounds face similar struggles on a daily basis. Developing a business around an e-commerce platform is not easy. Everything from customer service to website maintenance has to be running smoothly.
Here are a few major problems faced by e-commerce companies and some quick solutions.
Every company has to find a way to manage and organize important records. E-commerce companies are at a massive advantage because all of their information comes in an electronic format. Organizing this information is incredibly important for e-commerce companies once tax season rolls around. Whether you’re an Amazon FBA associate or running your own website, you’ll be in charge of keeping all of your sales receipts and business expenses. Fortunately, there are many programs that can simplify bookkeeping for Amazon sellers and other e-commerce users.
One of the greatest advantages to e-commerce is the omnichannel customer service that can be provided to customers. Potential buyers can contact a company through means of email, social media, direct message, phone call, and more. However, many companies struggle to handle all of these forms of communication with their limited staff. In order to solve this problem, e-commerce companies need to invest in the right technology that can help facilitate this communication. Having software that direct conversations to different forms of communication is critical for managing this omnichannel customer service.
The statistics surrounding the yearly profit of major e-commerce companies is impressive and inspiring. Many new e-commerce businesses start out with aspirations to make a significant profit within their first year. It is important to realize that the e-commerce industry is incredibly crowded. There are competitors in every niche of the market. In order to compete with the competition, e-commerce companies will have to conduct some competitor analysis. These insights can help determine what other e-commerce businesses are doing right and what they’re doing wrong.
Email lists are one of the most effective marketing tools for e-commerce websites. Many companies struggle to gather a list of active and legitimate emails or phone numbers. When making a purchase or signing up for a newsletter, many users decide to use invalid contact information. E-commerce websites can utilize special software to check the validity of this information. This ensures that users no longer input false information in order to receive materials or products from the website. With this form of verification, e-commerce websites can ensure the validity of their email list.
E-commerce is one of the fastest growing industries in the world. As more companies move into this space, the competition will only increase. These four tips can help e-commerce businesses clean up their act for the future.