Tips to Stay Ahead of Your Online Competition

COVID19, lockdown, travel bans, work from home, and retail closures – looks like 2020 all over again, but the silver lining in what was a horrible year is that eCommerce sales hit an all-time high and broke records worldwide. Even Amazon made a cool $125.6 billion in sales revenue in the fourth quarter of 2020 alone.

Now, those are the big boys of the industry, but that doesn’t mean that the little guy didn’t get some wins. However, the competition is now stiff, and competing in the digital space is a difficult endeavor. For those eCommerce businesses who want to stay ahead of the curve, here are a few tips to stay ahead of your online competition.

1.    Competitor Analysis

The idea behind this is you can’t compete if you don’t know who the other players are. Learning who your competitors are helps anticipate shifts and trends in the market while helping shine a light on your own shortcomings. Competitor analysis is not a one-and-done strategy but rather should be carried out on a regular basis. This will ensure that you have your finger on the pulse of the competitive landscape. Some of the factors to focus on when looking into the competitors in your niche are:

• Website design
• Customer experience
• Social media presence
• Pricing strategy
• Online reviews
• Marketing messaging
• Special features such as free shipping, discounts, etc.

2.    Run a Contest

Nothing boosts engagement like some good old-fashioned competition (for the consumers, that is). In fact, running contests are a tried-and-true method for growing your business. For a contest for a giveaway or a promotion to be successful, you must first determine what your immediate and post-contest business goals are.

• Getting more subscribers?
• Increasing social media engagement?
• Generating sales?
• Or maybe… all the above?

3.    Focus on Quality

It is no secret that eCommerce brands that focus on quality get the most traction. This is why eCommerce businesses need to stay on top of the latest trends and technologies that are relevant to their business niche. While matching and exceeding the quality of the competitor’s products or services is the way to go, differentiation is what will give you that competitive edge you’re searching for.

To ensure the highest quality, always focus on solving the customer’s problems in the cheapest, most effective way possible. Differentiating your product or services will help you establish your own unique branding, which will be at the core of your business strategy.

4.    Follow Worthy a Cause

Many eCommerce businesses make the mistake of not mentioning their charitable initiatives or don’t have any. Sometimes, all it takes is to make consumers feel that they are part of something bigger to give them that last push and close a sale. So, don’t be afraid of turning your business and your customers into philanthropists.

5.    Offer Better Incentives

Incentive programs can drive customers towards taking your desired action mainly because everybody loves free stuff. When eCommerce businesses offer a positive reward in the form of a free eBook or some other incentive, customers feel they have gained some value by choosing your brand over the others. This is also why eCommerce businesses should pay attention to the customer incentives offered by other similar businesses to keep up with the competition.