The fear of competition can sometimes discourage you from launching your retail business. Many people have given up their unique retail business ideas because they don’t know how to compete with bigger players in the retail industry. Don’t worry; in this article, you will learn about ways to compete with bigger online retailers.
I know it’s sometimes difficult to compete with bigger online retailers. But with the right strategy, your business can stand out and compete favorably in any retail niche.
Of course, it’s not as easy as it sounds. Yet, your brand will be every customer’s choice in your niche with the right mindset and discipline.
Read Also: 5 Misconceptions About Selling to Customers
So, here are 3 ways to compete with bigger online retailers;
#1. Cover All Your Bases
Covering all your bases is one of the ways to compete with bigger online retailers. According to research, about 43% of customers still use local stores whenever they need a product urgently.
Similarly, 29.1% of customers use Amazon when they are shopping online. And 27.8% of people use both Amazon and local stores.
How can you use these statistics to your advantage? It’s simple, try to establish a physical store alongside your e-commerce website. It will give you the competitive edge to get sales both online and offline.
You can enjoy the patronage of customers who use local stores when they urgently need a product. And also sell to online buyers who want to shop from the comfort of their homes.
But to benefit from this strategy, you need to include e-commerce shopping cart functionality in your existing website.
Once you set up the e-commerce option on your website, the next step is to offer a “Buy online” and Pick up in-store option.
With this strategy, your business will offer different options to customers. And the e-commerce arm of your business will become the first option for customers who need products immediately but don’t want to run around looking for them.
It doesn’t end there. You can also create online stores on popular e-commerce websites like Amazon and other online marketplaces. This approach makes it easier for you to reach more online shoppers without setting up your e-commerce website.
If you are a beginner with a limited budget, you can start your retail business by creating online stores on Amazon and other popular online marketplaces.
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#2. Establish an Online Presence
Establishing an online presence is one of the ways to compete with bigger online retailers. If you can strategically position your retail business online, your potential customers can easily find you.
So, start by listing your business on the Google My Business platform. These days online buyers use Google to search local businesses around them.
A recent survey revealed that about 60% of customers use Google search to find a local business online.
And if you are a small retail business, listing your business on Google My Business page will put you on your customers’ radar.
Even if your prospects aren’t specifically looking for local stores. They always do thorough research before making a big purchase.
Interestingly, when your retail business keeps coming up whenever they search for businesses relating to yours, they may end up buying from you.
The good thing about SEO is that it’s affordable. And with the right strategy, you can even outrank the biggest online retailer in your niche.
So, try to power up your local search directory listings by investing in search advertising. Don’t just advertise; include promotional offers in the mix. It influences the buying decisions of about 77.8% of retail shoppers.
Again, you need to work on your website. Optimize it with frequently searched keywords in your niche; it will make your website show up often on search results.
When your website starts showing up on search results, it attracts organic visitors who are likely to buy from you.
Furthermore, work on your website speed and optimize it for mobile devices. Search engine algorithms will display your website if it’s user-friendly.
#3. Simplify Shopping
Simplifying your customers’ shopping experience is one of the ways to compete with bigger online retailers.
Customers love having a seamless experience whenever they do online shopping. And if your website can give them that experience, it will become their favorite online store.
And if you have a local store, ensure that your products are well-curated and organized into sections. This will help shoppers to come in and out of your store easily.
You can also do the same thing for your business website. Sell as many products as possible and organize them into different categories. It makes navigation through your website easy.
Again, your online store should be flexible with payment options. Don’t accept only credit cards; you can also include Paypal, mobile wallets like Apple Pay, etc.
Having different payment options make it easier for shoppers to buy from your eCommerce website.
In a nutshell, here are some tips to help you simplify your customers’ shopping experience;
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Design your homepage creatively. It’s the first point of interaction between you and your website visitors.
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Include a feature that enables users to search for products on your website.
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Your checkout process should be simple.
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Have an efficient customer support team.
These are the three ways to compete with bigger online retailers. If you implement these strategies proactively, you may experience a boost in your sales and revenue.
