Is there a downward trend in your business’s growth?
Are you and your team putting in all your efforts into your endeavour but still not getting the fortunes you expected?
And are you unable to understand WHY that might be happening?
Well, the solution to your problems lies in first understanding the ‘WHY’ of things! Because understanding that can help you get an idea about some mistakes you might be unknowingly making.
Once you know your areas of error, you next need to rectify those to ensure that your business can flourish and you can beat your competitors to get the best results.
This article talks about the biggest B2C mistakes that you might be committing that you need to rectify now and avoid to ensure that your business not only maintains a stable position in the ecommerce market, but also to ensure that your business has a positive performance trend at all times!
5 Biggest B2C Mistakes To Avoid
Digital Commerce 360 conducted a survey on customer behaviour, which revealed that about 61% of shoppers do not compare shops if they have reached a product of their choice and liking. However, even the smallest of activities of your business that seem to have no ideal relevance and might not seem important initially can have a huge impact on your performance in the long run.
It is therefore important to take caution at each step and also ensure that you do not avoid things simply because they seem unimportant at the moment. Given below are 5 huge mistakes that you need to recognise and rectify now:-
1. Low or No Investments on Security
One of the biggest errors that you can commit is not investing properly in securing your business. There is enough evidence and proof of the ways in which fraudsters can attack your business and do plenty of damage. Some extremely common frauds are phishing scams, corrupted links, and financial frauds to name a few. Magneto has revealed that there are about 32.4% of all security attacks on ecommerce, ranking it second on the most attacked industries list after banks.
Frauds are especially common in the digital space and not having a robust security system is just an invitation for several cyber attacks targeted towards your business. The bare minimum you must do to protect your ecommerce platform is to get antivirus software to secure the transactional information and to have an SSL certificate to protect the payments in your business. Protecting the data of the users is also important and you can do this by implying HTTPS in your system.
2. Pricing Products Without Essential Research
Another major problem can be pricing your products without doing the essential research for the same. Doing proper research about the product you are selling can give you an idea of the worth of your product for your target audience. If you decide to price your product simply on the basis of the prices your competitors are offering, you may get some benefit but if you look at the bigger picture, you may be incurring not just financial losses but you may also be losing out on potential customers. A report published by Prisync revealed that 86% of consumers are of the opinion that it is important to compare prices of different sellers before buying a product.
Therefore, simply studying your competitors is not enough. You need to do a holistic research on the process of making your product and how that product performs with regard to different factors influencing it. Proper research can help you avoid pricing the product too low and incurring losses as your cost of production may be higher, and also help you avoid it too high at a price that the customers may not be willing to pay at all.
3. Undefined Target Audience
To have proper sales and uninterrupted revenue, you need to have the right customer base for your services and products. Having an undefined target audience is equivalent to trying to sell apparels to a customer who is looking forward to buying shoes because he needs them. No matter the superior quality of the apparels you are trying to sell and no matter the compelling price, the customer is not going to buy it because it does not solve his/her purpose.
You therefore need to clearly define your audience and market your products and services to them only. To understand your audience, you should have the approach of ‘how is my product going to help or benefit my target audience?’ Once you understand that, you need to acquire more information about your target audience such as interests, demographics, factors influencing their purchase decisions, preferred platforms, among others. This will help you personalise your marketing efforts and sell your products to the right customers, in the right way.
4. Providing little to no customer support and contact information
If you think that your customers are going to buy your products and services simply on the way you present them…you aren’t entirely right. Yes, products and services are the main focus of attention and consideration but customers’ decisions are also influenced by other factors such as return options, time taken for delivery, additional charges, reviews on your products and services, and options for contacting the business. Temkins Group found that companies that have an annual income of $1 billion can make about $700 million more if they invest in customer experience for the next 3 years of being in business.
To solve any queries related to the product or service or related to shipping and delivery, customers look forward to connecting with the business. Yes, you may have provided details in the product description, but your customers may still have some doubts. Providing them with little to no customer support options and contact information can discourage them from continuing the buying process as this may make them feel that the business does not care about them or is not willing to take responsibility for their own goods and services.
5. Limited Payment Options
Now this may not exactly classify as a mistake on your part, but having limited payment options is a huge reason for you to miss out on potential customers and incur losses. This may act as a barrier for your customers, leaving a negative impact of your business on their minds. The customers want to buy the product with ease and as per their convenience. Statistical reports by Datanyze have revealed that the most preferred payment gateway globally is PayPal (60.18%).
Furthermore, reports by WorldPay have concluded that Debit Card payment accounts for the majority – 30% of online payments. You therefore cannot expect them to go out of their way and open a separate account or entirely change their ways of payments for a purchase from your business. Chances are that they will abandon the purchase right away. In order to ensure that you give all possible payment options to your customers, you must have a CMS in your online store to support multiple payment options if you don’t have it already.
We hope this article helped you identify some problematic areas and activities that may be going around in your business. Committing the above mentioned mistakes can have a massive impact on your business’s performance. Therefore, be on the lookout for these goof-ups to restore and maintain the well-being of your firm.