Table of Contents
E-Commerce
Although Spain is experiencing sustained growth in e-commerce, this does not mean that everyone is developing smart e-commerce.
About 80% of online stores fail within a year, mainly due to strategic errors, lack of management capacity and lack of financing to carry out the idea, which is not always successful.
First of All, What is Smart E-commerce?
We apply the “smart” label to almost everything these days, but that doesn’t mean that every online store is smart.
Caution: we must highlight the intelligent electronic commerce of the so-called Smart Commerce, derived from mobile purchases and the rise of smartphones and other electronic devices. That is really only part of the story.
Therefore, new trends in e-commerce such as Big Data, Data Mining and advanced analytics will help us make decisions based on actual data and not on intuition, so that your online store can perform actions such as:
- Know-how, when, how much and what to buy on specific dates, according to certain variables.
- Anticipate changes in consumer behaviour.
- Carry out advanced e-mail marketing strategies and acquisition techniques to satisfy the real needs of customers.
It remains to remain seen to what extent the development of the IoT (Internet of Things) will improve and facilitate data collection to build more innovative and personalized online stores to improve the consumer experience.
Five Keys to Having an Intelligent Online Store
It is challenging to convert a conventional online store into a brilliant online store. As this affects a wide variety of areas: marketing, product, management and administration, customer service, etc.
Beyond traditional digital marketing, a marketing expert capable of developing and implementing strategies is needed based on strategic decisions that consider the interpretation and massive management of data in e-commerce.
Intelligent e-commerce requires advanced technological tools in SEO, conversion, and business management that must be integrate and implemented to capture the necessary information and obtain better results.
1. Your Store is Interconnected
Having an online store goes far beyond installing Magento or Prestashop on a server and uploading a product database. Instead, your store is interconnecting with your business management system, social networks, e-mail marketing strategy, and CRM.
There is a strategic, global and comprehensive vision of all communication and management channels to obtain. The maximum knowledge and provide the utmost customer experience.
2. You Analyze, Test and Measure Constantly
The marketing actions that e-commerce must develop are not carried out randomly but rather follow a detailed plan. Therefore, you must measure the results through advanced analytics tools, carry out A/B tests to determine. Which option generates the best results and how to reduce your customer acquisition costs, and monitor your main KPIs or performance indicators.
In e-commerce, not all sectors work the same. The information that is not capture or not measured remains forgotten and is essential information that would help you optimize your conversions. For example, changing your online store without measuring its influence could cause your conversion rate to drop without knowing exactly why.
3. You Anticipate the Market
Unlike an online store in which decisions are made by intuition, in Smart E-Commerce, you try to anticipate market trends, studying consumer behaviour and data base on massive data management and interpretation.
You look for new business opportunities and new products to sell, develop and design marketing actions to increase the purchased ticket. Optimize the conversion rate and achieve greater profitability at crucial times such as Black Friday, Halloween. Christmas or temporary dates that may influence in the development of your online store.
4. ROI is a Key Element in All your Campaigns
The Return on Investment is one of the fundamental indicators that all electronic commerce must consider.
All your marketing and sales actions must generate a positive return and be framed within detailed global planning to meet your business objectives and achieve more for less.
5. You Study the Competition
An intelligent online store not only measures, analyzes, interprets and manages its data. You must also study the competition and carry out comparisons. Reports and advanced analyzes in different areas (product, pricing, usability, SEO, logistics, customer service, etc.). Aimed at improving your competitiveness in an environment often dominated by large e-commerce. And in which developing a good brand is essential to achieve beneficial results.
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Conclusion
Ecommerce is just one part of running a business. While the latter involves the entire process of running a business online, e-commerce refers to the sale of goods and services via the internet. Ecommerce companies like Amazon, Alibaba, and eBay have changed how the retail industry works. Forcing major, traditional retailers to change the way they do business.
If starting an e-commerce site is something you’re considering, make sure you do your research before starting. And make sure you start with a small, narrow focus to ensure that you have room to grow.