Tips to run a profitable eCommerce business

Tips to run a profitable eCommerce business

Just creating an e-commerce platform is not enough to ensure a profitable business. Agreed, that in the digital age, an eCommerce platform is of utmost importance. But, how can you get the maximum return from your e-commerce business? There are various points to be considered to actually start making profits from your digital marketplace. You need to be smart, vigilant, updated and aware of the latest trends and developments in the digital space to be able to keep in pace with the growth of technology. Each and every second, there are new upgrades in technology and on various digital platforms as well. As an e-commerce business owner, you need to be on your toes when it comes to leveraging the potential of each window of opportunity created on the digital platform.

Tenjump offers one of the best complete digital market solutions in the e-commerce industry. If your business is looking for a digital transformation, you need to consider platforms like Tenjump for a sizeable return on your investment. Also, if you’re one of those who has an e-commerce platform on Tenjump, or any other eCommerce platform you need to consider the following tips in order to make the most of your online business.

Let’s look at some of the tips that TENJUMP recommends to digital business owners:

  1. Content Curation:
  2. First and foremost is content! Content is King! We have all heard that and read that immense number of times. When it comes to digital media, content is everything. If you have the right content, you can generate traffic easily. Given the rising efficiency of search engines and algorithms, content needs to be of top quality and plagiarism free. Your content should be reader-friendly and address the audience’s needs and desires. Content curation is an art that the Tenjump team has mastered. They provide the best content for every digital branding need on your eCommerce platform. From giving catchy product descriptions to detailed and attractive web content to simple, yet elegant blogs, content curation incorporates every form of content on your platform. So you need to give priority to making your content bespoke, extraordinary and audience-oriented.

  3. High quality product images:
  4. In an e-commerce business, the customer’s prime attention and attraction towards a product or service depend on the images. Product/service images are crucial in getting the user to click on your product/service. Your images should not be low-resolution mobile pictures. Make sure to put images that are of high resolution, have good lighting and most importantly, reflect the product/service in great detail. A consumer’s decision to buy your product/service depends on this image you put on the platform. Also, another thing to consider when it comes to images on your e-commerce platform is that they should not be images of similar products taken from the internet. There are copyright issues with such images and search engines will drop your results and rankings for using copyrighted images. Therefore, make sure to use original images and high-quality images of your products to ensure conversions of leads and maintain the curiosity and interest of your target audience.

  5. Competitive product pricing:
  6. When selling on a digital platform, you cannot ignore the competition, much like any retail outlet. There are various sellers on the internet and consumers are well aware to compare pricing. Therefore, in order to build profitability and attract customers, you must stick to reasonable and competitive pricing to ensure the continued loyalty of your customers and also attract new consumers on your platform. Your pricing should be transparent and justified in order to convince your consumer of the product quality. So, maintaining competitive pricing plays a key role in generating profitability for your eCommerce business.

  7. Maintain product quality & stock management:
  8. Product quality is something a lot of sellers compromise on when it comes to online sales. This might ensure you to sell a product online for once, but the number of returns will lead you towards losses. Product quality is something that builds your brand image and goodwill in the market. You need to maintain good product quality and consistency in order to capture the consumers and maintain their loyalty towards your brand. Product quality is a very important factor in determining the profitability of the eCommerce platform. It is something the customer cannot touch and feel before buying and is trusting you as a brand to deliver, therefore, it is your responsibility as a brand to make sure to provide the best quality products as described in your product bio.

    Another aspect of product quality and maintaining customers is stock management. You need to organise and manage your stock well in an eCommerce business. Here, you need to monitor and analyse the demand for a certain product and create strategies about the stock-keeping demand in mind. Also, you should maintain a healthy stock to sale ratio, such that you do not have dead stock which costs you ultimately. Stock Management is very crucial to the profitability of the e-commerce business and must be managed well to make profits.

  9. Keep in touch with your customers:

In any business, customers are the most important part of the equation. A business functions with profitability because of the customers itself. Therefore, just like in a real-time business set-up, in a virtual set up as well, customer satisfaction plays an integral role in ensuring profitability and growth for the business. An eCommerce business runs on customer loyalty and customer satisfaction. Where a customer is buying products and services in a digital marketplace, they expect the brand to address their concerns and queries and be available to the customer in case of any problem. Therefore, you must have a strong and efficient customer management system to keep track of customers, their personal data, their preferences, their buying patterns, their purchase records etc. Also, you must offer after-sale customer services like the feedback of the product, return or exchange of the product, reviews from customers etc. Such features help build the trust of the customer and add to the profitability of your eCommerce business. You must make the customer feel secure at your platform with data privacy and safe payment options. You must also maintain contact with the customer and send notifications about their order placement, dispatch, delivery etc. this helps smoothen the e-commerce cycle for both the brand and the customer. It also makes the process convenient for the customer and ensures their continued association with your brand. Therefore, keeping in touch with the consumer/customer is extremely necessary to ensure the profitability of your e-commerce platform.

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