Question

in 250 words, or more, analyze the industry of an online retail company and describe the competition in which your venture operates. This informs the reader of your industry awareness and begins to tell the reader how you intend to differentiate yourself from the competition.

Entreprenshp/Sm Bus Mgmt

Answer 1

Answer :

The online retail market, whether in shopping or business-to - business, locally or internationally, has changed the way business is transacted. Until the Internet, retail success was said to hinge on distance, distance, and place. Today, the Web is a worldwide marketplace, affording a regional-if not a worldwide-footprint to even the smallest retailer. Brick-and - mortar stores now have websites, and new businesses are now offering goods that were impossible before the internet and the associated technology boom. The scale of the retail online marketplace is hard to quantify. One of the main e-commerce markets is the online retail market, which is dominated by consumer electronics, clothing, and accessories sales. As per the U.S. Department of Commerce, U.S. online retail revenues totaled about $194 billion throughout 2011. By 2013 this number had risen to $262 billion, a 13.4 percent increase over the previous year. Fifty retailers account for 80 percent of this segment, and pure-play online retailers typically have the advantage of pace and flexibility over digitally growing brick-and-mortar brands. Consumers became more sophisticated, and shopping online became more competitive.

Digital retail revenues are forecasted to outpace brick-and-mortar revenues for at least many years, according to Forrester Research. By 2017, online retail revenues were projected to hit $370 billion at the time of publication, fuelled by the increasing use of smartphones and tablets as well as increased investment by traditional retailers in growing online sales. The competitive analysis would not be of tremendous value to your company. Its results should also be used for business decisions and for developing your own operations. For instance, if one competitor leads the pack in customer service, then it may make similar or better policies to enforce. Likewise, once you discover that social media marketing has a major benefit, look for ways to further your lead. When you find that there is a lack of the whole competitive set in one region, consider concentrating some of your resources there. Your best choice is to try to escape competition by targeting a distinctive niche. There are thousands of online retailers focused on clothes, but if you concentrate on a particular type of piece, such as wool coats, you can quickly narrow the field down.

Specifically, people who are curious about wool coats would go out of their way to find an expert. This may mean providing excellent customer service to certain businesses. Online shoe retailer Zappos, for example, is successful in part due to its unprecedented dedication to satisfying customers. That will mean capitalizing on an established brand for other businesses. Seek every opportunity to show people real behind your company. Personalize your staff's profile with photos and have their email addresses on your profile. And if there's a nice story on how your company came about, share it on the web page on 'About Us.' Specifically, people who are curious about wool coats would go out of their way to find an expert. This may mean providing excellent customer service to certain businesses. Online shoe retailer Zappos, for example, is successful in part due to its unprecedented dedication to satisfying customers. That will mean capitalizing on an established brand for other businesses. Seek every opportunity to show people real behind your company. Personalize your staff's profile with photos and have their email addresses on your profile. And if there's a nice story on how your company came about, share it on the web page on 'About Us.'

In order to improve customer loyalty in 2018, you need to concentrate on designing and implementing strategies that empower you to build trust and cultivate genuine relationships with individuals. As an e-commerce business owner, your role is not just to sell goods — it's to serve as a resource and a trusted voice that people can turn to when they need support. Online customers can use these Facebook groups to ask questions about products, buy / sell/trade items, connect and build relationships with like-minded people, provide input on business-related products and experiences, and For an online retail business owner, it's your responsibility to make potential customers feel comfortable they'll get a much better customer service experience than any of your rivals can get. Go out of your way frequently to ask your new and existing customers for suggestions about their experience purchasing and obtaining their items from your eCommerce shop. Find out where the holes are and how you can enhance customer service and interaction going forward. Create a podcast and address issues relevant to your category of goods, business, and the community that you represent. Ask clients, influencers, and other business people with goods that suit yours. Consider how and why your customers use your goods. Which conditions are your goods showing up in? What interactions are they helping to further? Talk about how to illustrate these kinds of encounters in your marketing content when you have the answers to those questions. Your aim should be to resonate on a more personal level with your target market and to persuade them that you are not only trying to sell them a commodity.

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