E-commerce, seen as the fastest growing market in history, is predicted to reach 4.8 trillion US dollars in worldwide sales by 2021, with a 15% growth each year. The eighteen-zero value is no surprise (and can even be surpassed) as buyers on online shopping spaces are growing at a steady rate, from 1.66 billion in 2016 to an estimated 2.14 billion by 2021. Many brands have taken advantage of this boom – there are currently around 24 million e-commerce sites globally with new additions daily on different digital platforms. By 2040, 95% of all purchases are expected to be via e-commerce. With a market so big and competition so fierce, it’s getting more and more difficult to stand out from the crowd.
Some businesses may think that the answer is either diversifying products or reducing price, but the key factor to a better e-commerce strategy is actually GREAT CUSTOMER SERVICE. Sam Walton, founder of Wal-Mart and Sam’s Club, even goes as far as saying, “There’s only one boss. The customer.” There are so many innovative products being introduced with new technologies and tactics to display and market them that many business owners can sometimes get overwhelmed and forget the basics.
Here are some statistics that prove how important customer service is in the e-commerce industry:
Exceptional customer service doesn’t just involve front-liners who have daily interaction with customers, but it encompasses all departments of an organization. After all, each process and policy that is in place should contribute to streamlining operations and, ultimately, lead to improving customer experience. Focusing on strengthening and setting higher standards for service turns customers into advocates. Loyal customers are the best salespeople any company can have. This is the ultimate leverage for e-commerce businesses to outshine competition in a saturated space. Many smart companies have realized this – from only 36% in 2010, now more than two-thirds of companies compete predominantly on the basis of customer experience.
A business without customers is not a business. Even a business with unhappy customers won’t be a business for very long. So before getting lost in the world of paid advertising, SEO, PPC, AdWords, and whatever new digital marketing trend arises – entrepreneurs should buckle down and start from the heart of it all: serving their customers and doing it well.
FGC+ is an outsourcing solutions provider known for giving exceptional customer service in the e-Commerce space. To know more about our processes and how we can help with your e-commerce strategy, call us today.