There is no excuse for anybody as far as the competition is concerned, in e-commerce platform. Especially for the new and the small e-retailers it really becomes difficult to make their position and compete with the e-commerce leaders like Amazon, e-Bay, Walmart etc. The threats that the new comers have to face are:
- Authority: Amazon sells almost everything and their site has the authority to give it the edge on any product that they care to sell.
- Reach: Amazon’s reach in the market is incredible. Think of anything and Amazon has already sold it.
- Price: Due to their awesome buying power, many products are cheap on Amazon or eBay. Low entry barriers results in huge competition and low prices.
To be successful in e-commerce you have to either maximize your strength or beat the competition. You already know how to improve yourself. Now, let’s see how to beat the competition.
Understanding Strengths and Weaknesses of your competitors
SWOT analysis is a must for any business, be it online or offline. If you know both your competitors and yourself, then you do not have to fear competition at all. You can find out your threats and opportunities in e-commerce platform, once you are well versed with the strength and weaknesses of your competitors.
Once you know the offerings in the market it become easier for you to plan your business. You should know that the way you are studying the market, your competitors are also doing the same. Therefore, you need to plan your business in such a way so that you can stay much more ahead of your competitors.
Make Your Complete Package Attractive in all respect
Apart from analyzing the market and work accordingly, what you need to do is to make the complete product package very much appealing to your customers. You should work each and every aspect related to the product, marketing tools, product packaging, shipment and delivery of the product as well. All of them are equally important for your customer and hence for you as well. Above all do take care of the after sale services too. In most of the cases, the e-retailer fails due to lack of after sale service and the return policies. Excelling in those areas can give you a bounce in beating the competition to go far from the crowd.
Step out to global marketplace
Many e-retailers limit their scope of delivery so the idea of spreading your reach can distinguish yourself from the crowd. It not only makes you stay ahead of your competitors but also increase your sales tremendously.
You should always study the market price before setting the best price for your product. If you are not aware of the prices offered for the products you have in the market then in such a situation, keeping both higher or lower price may end into disaster for your business.
Finally, to make your presence strong in the e-commerce market place along with upgrading yourself, it is very important to beat the competition as well. To know your competitors is equally important as it is to know your customers.