Nowadays everyone your see around is a digital adviser, web designer, or social media expert. The success of the first-generation ecommerce ventures has truly inspired millions of aspiring entrepreneurs to enter the market. If you browse through the stats, you might find that every other person is willing to or is starting to build an online store. In fact, the sales growth of worldwide retail ecommerce is expected to grow by 6.54 trillion by 2022. With the rapid growth in the ecommerce space, it is quite evident that the competition is at its peak and so is the saturation level of the ecommerce space. Therefore, the market you aim to target is filled with your competitors who have already established their presence. In this blog, we have taken this hot topic prevalent in the ecommerce market for a while. By the end of this blog, you’ll be getting answers to your skeptical thoughts about whether to invest or not in entering the ecommerce market.
Is the ecommerce saturation the dead-end?
Saturation is a phase when ideally nothing can be equipped into that particular space. However, have you thought about the fluctuating members in that space? Every day, newer ecommerce companies are trying to make their presence in the market. However, not all companies are successful in their attempts. Some fail right at the start, while some fail during the process. Moreover, some companies even fail to maintain their already established presence in the ecommerce market. And, that opens door to the scope of ecommerce businesses to thrive in the market.
A saturated ecommerce market also implies increased demands, which eventually gives way for more opportunities. If you can analyze and identify these opportunities, you certainly have the scope of gaining a decent market share.
For instance, if you find multiple restaurants on a row in the same streets that are equally successful, you might want to simply ask: how?
Let us explain, one plain strategy to survive as well as mark your presence in a saturated market is to serve unique and possibly better than the rest. You can employ the same strategy in your ecommerce store to succeed in attempting to make your online presence. Besides, as a technology-based business, you have better and more options to get ahead of your competitors. In order to help you with the process, we have listed down a few strategies you can consider to mark your presence in a saturated ecommerce market:
Personalize Everything Possible
Personalization is no longer confined to email marketing and product recommendations. Today, there are ‘n’ numbers of predictive technologies that help you offer a personalized experience through targeted marketing campaigns. Remember that your goal is to stand out from the rest, and to unlock it, personalization is the perfect key.
Offer Virtual Product Tours
Probably in the next few years, Virtual Reality or VR may let the users hold the products in their hands through their shopping screens before making their purchases. The feature to hold, feel, and touch a product is every shopper’s dream. The ecommerce experts have estimated that this dream is sure to come true. Until then, make the best use of VR to offer a virtual tour to your consumers.
Improve Shipping and Product Delivery
Every online shopper eagerly waits to get their products delivered at the earliest. The sooner the delivery, the happier the consumers; and therefore, online retailers, including the ecommerce giants such as Amazon are trying constantly to improve their shipping and product delivery. More than 43% of online sellers have reported increased sales by introducing better shipping and delivery policies. If you are serious about entering into this saturated space, make sure to focus on your shipping and product delivery features.
Do Not Oversee Mcommerce
Mcommerce is already overpowering the traditional ecommerce. More and more online retailers today are optimizing their websites and stores for mobile devices. The future of mcommerce is way beyond the competition between Apple and Android. Even today, many ecommerce brands have not acknowledged the importance of ecommerce mobile app; and that increases your scope of taking their place in the ecommerce market with your strong presence in the mobile commerce world.
Add Value to the Ecommerce Market
When you add value to the products and services offered by your competitors in the already saturated ecommerce market, you get to stand out from them while seizing their customers. The best way to add value to the already offered products is by understanding and analyzing the consumer pain points that are relevant to the same. For that, you need to come into the consumers’ shoes’ and it will be as easy as a pie for you to understand their pain points and the ways to enhance their experience.
The emerging ecommerce businesses have the benefit to see how the already existing businesses work and come up with interesting ways using innovative ideas to boost the consumer experience. All you have to do is invest your time and efforts in focusing on your competitors’ moves to improvise their consumer experiences and think like them to bring in better solutions; adding value to the market. If you are successful in adding value to the community, no saturation can stop you from establishing your online presence in the ecommerce market.
Our Words
Absolutely, the ecommerce market is too saturated. However, sadly, not many stores are meant to last. The majority of the enthusiastic entrepreneurs think that simply creating an online space, listing products, and sitting back on their chairs shall bring them revenue on their palms. Let us break the bubble, online selling does not work like that and if it actually did, then everyone you see around would be an online seller today. Establishing a successful ecommerce store calls for time, hard work, and above all, patience. Indeed, the huge downside of the saturated market is that the competition is high. Do know that a saturated market doesn’t really imply saturated successful ecommerce businesses. The online businesses you see today may not be active in a few years; but, they shall surely be replaced with other such businesses over and over.
