4 Proven Ways to Overcome Small Businesses Challenges
The article focuses on four of the most vital challenges any small or mid-sized e-commerce business faces in a rapidly changing environment. It offers smart and innovative strategies to overcome these challenges, backed up by concrete examples. It addresses one of the key trends in 2018 - personalization - and will be valuable for businesses that want to improve their online shopping experience.
The world of business is changing. It doesn't matter whether you're a huge enterprise or a tiny startup, it's impossible to ignore the overwhelming demand for better, faster, and more personalized customer experiences in every industry.
Stronger buyer journeys link back to significant and transformational trends like artificial intelligence, personalization, and big data. However, in a world where technology is moving too fast for even the experts to keep up, it's almost impossible for smaller companies to find the resources they need to get ahead.
If you want to become a competitor in your space, you need to embrace technology as part of your differentiation plan. The question is, how can you continue to compete with large retailers when you only have a limited amount of resources?
Challenge 1: Competition from "Big Sharks"
No matter which industry you choose to rise in, you can rest assured that there'll be other, pre-established players ready to steal your market share. Consumers will always be tempted to go with the largest, most well-known organization in the sector, so as a small business, you'll need to give them a reason to choose you instead. Differentiating yourself with a more personalized, focused, and customer-first experience can be the key to success.
How do Others Do It?
Perfect Linens is a company that stands apart from bigger players in their space by combining digital advice strategies with industry expertise.
This brand delivers in-depth product knowledge that larger companies whose product portfolios are simply too wide to upgrade with informative product descriptions.
Perfect Linens use a custom-made product finder to educate shoppers on the items best-suited to their needs. Their emotional copy also adds a sensory aspect to the experience with questions like: "When you climb into bed, how do you want to feel?"
Challenge 2: High Drop-Off Rates
There's more to inspiring a successful sale than simply attracting the right audience to your website or shopping cart. Customers need to instantly know that they can trust your business to deliver a better experience than they could get from a larger, more popular competitor. Engaging with your shoppers from the moment they arrive on your website and taking steps to guide them on the path to success with eye-catching elements like interactive banners is a great way to demonstrate what makes you different.
How do Others Do It?
Skatescool Australia, for instance, guides their customers through the buying funnel with an interactive banner that shows up the moment you arrive on their website. This banner asks you to choose whether you're a recreational skater or "derby" skater, then ushers you into an intelligent product finder experience based on your individual needs.
Since simplicity is one of the key elements any customer looks for when visiting an eCommerce website, showing your audience that you can serve their interests straight way is key to reducing bounce rate.
Challenge 3: Poor Customer Experiences
As the world grows increasingly "virtual", today's customers are searching more passionately for memorable experiences. Your clients don't want the same old frustrating interactions they had with brands from the past, they want engaging, fast, and tailor-made solutions that leave them feeling supported and respected.
By creating a stunning, enjoyable, and individual customer journey for your target audience, you can separate yourself from other, less attentive brands. Make your website portal a highly personalized and interactive adventure, and your shoppers will jump to become a part of the journey.
How do Others Do It?
Celebration Homes have their own interactive quiz helping customers to find their "dream home". This survey asks customers to select the components that matter most to them in a property so that the site's digital advisor can provide a more customized recommendation on what to do next.
Challenge 4: Low Conversion Rates
Finally, if you want to be profitable in your small business, then you need to find ways to encourage frequent conversions - and fast. In an era where customers constantly feel overwhelmed by countless choices, reducing indecision and increasing purchasing confidence could be the simplest way to streamline the buyer funnel.
Educate and advise your customers with a digital advice solution that responds to each customer's individual expectations.
How do Others Do It?
LUNA Sandals delight their customers by making it easier for shoppers to find the right footwear for their needs. Working on the core philosophy of "thoughtful simplicity", the LUNA Sandals digital advice initiative even explains why the recommended sandal matches the shoppers need according to activity, use, or design.
To quote Ted McDonald (President and Founder of LUNA Sandals): “The core mantra of LUNA Sandals is “thoughtful simplicity”." Customers love the brand's sandals because of their simple and effective designs, and the thought that goes into creating every pair. The founders believe that they owe their customers the same level of thoughtfulness in the purchasing process, and Zuvoo allows them to create a powerful, personalized solution.
Help your Small Business to Thrive
Ultimately, no matter how small your business might be, it can still benefit from smart and interactive new technologies like virtual shopping assistants, product finders, and digital advisors. In fact, some of the most successful rising stars in commerce are already using these strategies to address the challenges that smaller companies face when meeting the rising demands of online shoppers.