Do you have a business idea that you would love to launch but are stranded about how you can stand out in this crowded e-commerce world? Well, if you are such a one, worry not. This article will go into depth about how you can differentiate yourself while uncovering some amazing insights.
Just recently, Mordor Intelligence released a report that valued the e-commerce market at $8.80 trillion, expecting it to reach $18.81 trillion in the next five years. That’s more than a double growth, meaning that competition will be tougher than it has ever been. So, to stand out from the crowd, consider the following tips.
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Understand your customers
SupperOffice CRM claims that businesses that offer customer-centric experiences are more likely to make profits of up to 60% more than those that don’t. But you can’t provide such experiences if you don’t understand customers. Thankfully, you can take advantage of online surveys to access as much customer data as you want.
The best part is that if these surveys are paid, customers can earn free gift cards, which they can redeem for different products at popular sites like Amazon. In an age where data has become the new gold, you want to always ensure that you are taking advantage of it to stay ahead of competitors.
Actually, do you know that, according to CloudTalk, about two-thirds (65%) of businesses plan to make fully data-based decisions by 2026? A third of global enterprises are already doing that, and online surveys can be a good place to get you started. And now that 91% believe that data-driven decisions play a crucial role in their business growth, why would anyone want to be left out?
The use of customer data also presents a great opportunity to stand out because, according to some experts, only 29% of companies have the infrastructure to evaluate data fast enough. So, you can consider implementing technologies like artificial intelligence to help you with this. In 2023, about 84% of leading customer experience experts noted that customer analytics was the primary source for reaching their goals.
Take good advantage of online platforms
Close to 81% of retail shoppers do surveys before purchasing. As if that is not enough, a whopping 99.5% read reviews before buying. Such statistics prove the fact that you can’t afford to ignore the power of online presence.
You don’t just want to launch a product; you also want to be discovered. But again, with millions of websites launching every day, it can be quite challenging to appear before your intended audience. That is where things like SEO come in handy. Remember, about 68% of online encounters often start with a search engine, so you want to tailor your website in such a way that it will rank high.
The first step could be optimizing your page’s content with the right keywords. Keywords help search engines determine whether a website’s content is relevant to users’ queries and can help attract more targeted traffic. Something else you cannot also afford to ignore is website speed. In fact, according to Digital Silk, about 70% of shoppers claim that speed affects their purchasing decisions.
Other strategies include:
- Creating content about tangential topics that relate to your products
- Build a reputation by guest posting on other sites
- Optimize your websites for mobile use and so on
Develop a strong value proposition
Have you identified what really sets your product apart? What problem is it coming to solve? Is there any way it will improve your customers’ life experiences? These are some of the questions you should ask yourself before launching your product. A value proposition helps prospects understand why they need to do business with you instead of competitors.
And you may actually be surprised to learn that, according to LeadLander, clearly articulating your value proposition could lead to 19% faster revenue growth and 15% more profits compared to when you don’t.
After gathering customer data, the next thing is to understand them and their preferences. With that, it becomes possible to tailor your product and make it unique. Since formatting a great value proposition has no one-size-fits-all answer, the following tips can really help:
- Use just a few sentences that are easily readable
- Avoid industry jargon
- Major on benefits than features
A well-defined proposition helps to unify the outreach efforts of sales teams, including cold emailing, sales pitches and client presentations. This helps improve cohesion and efficiency, as everyone is singing from the same hymn sheet. And besides just improving customer understanding, such narratives can really advance conversion rates.
Remember, we have said that a clear value proposition helps to improve cohesion. As sales and marketing teams become more aligned, you could actually see up to 32% year-over-year revenue growth.
Final words
Launching a new product can be a great way of attracting new audiences, especially if it adds to your variety. But as we noted, the e-commerce sector has become extremely competitive, and it might even get worse in 2025.
So, you want to always ensure you make every effort to get ahead of your competitors. Online surveys help gain an in-depth understanding of customers, which is needed to provide customer-focused products. SEO and value proposition also come in very handy in terms of differentiating yourself.
