November 15, 2022
|
3
minute read

3 Hidden Obstacles Stunting Your Growth In E-Commerce

E-commerce is an integral part of today's business landscape and will continue to grow in the future. Retailers are increasingly embracing e-commerce, both online and through mobile devices, as the primary means for delivering value to customers. 

 

Global retail e-commerce sales were estimated to be at 5.2 trillion dollars in 2021. By 2026, this amount is anticipated to increase by 56%, totaling nearly 8.1 trillion dollars, according to Statista. E-commerce growth is expected to be driven by emerging markets such as India, China, and Brazil as well as the rise of mobile commerce and social media commerce.

 

With the rise of e-commerce in recent years, competition has also become more intense. As more and more companies switch to e-commerce, consumers have many options to choose from, and they can easily compare prices and features of the products, leading to many companies vying for a slice of the market.

 

In a market full of opportunity for growth and consequent competition, even the slightest missed obstacle can cause a huge difference in potential earnings. Here are three obstacles that can be the cause of your stunted growth.

Customer Experience

The first culprit for slowing down your growth is directly related to conversions and customer retention. Customer experience is incredibly important to today’s customers. With the amount of competition present, the customer experience is what allows you to differ from your competitors in e-commerce. 

 

Some things you can do to improve your customer experience include:

- Offering a personalized shopping experience.

- Omnichannel presence to allow customers to shop through their preferred channels.

- Making sure your platform’s user interface looks clean and is easy to use.

- Making sure your customer support is fast and accessible 24/7.

Customer Loyalty

Customer loyalty is one of the most important aspects of a business. It’s what keeps customers coming back for more. It’s what makes them feel appreciated and valued.

 

The importance of customer loyalty can be seen in the following ways:

- Customer loyalty helps increase customer lifetime value, which in turn leads to increased profitability.

- Customer loyalty helps reduce marketing and advertising expenses by gaining repeat customers and referrals.

- Customer loyalty helps create a sense of community among customers, making them feel special and enabling them to share their experiences with other potential customers, which can lead to word-of-mouth advertising for the company.

 

Loyalty programs help organizations retain their best customers by providing incentives for repeat purchases or referrals. Some examples include discounts on future purchases or free products as rewards for referrals.

Agility and Adaptability

E-commerce, by its nature, is closely related to technology and technological advancements. New technologies emerge every day regarding e-commerce services, data capitalization and cyber security, marketing methods, AI customer services, etc. One of the biggest obstacles to growth in e-commerce is the inability to keep up with changing trends and environments. 

 

Staying one step ahead when it comes to technological advancements provides a great opportunity for differentiation and, therefore, growth for e-commerce businesses. 

BHuman.ai

BHuman.ai offers a new and revolutionary way of communicating with your potential customers as well as your existing ones. Now you can differentiate yourself from the competition in the most human way possible.

 

Our platform allows you to create hyper-personalized videos at scale by spending the time and effort it takes to create just one. Our AI technology does the hard work for you, allowing you to personalize your communication efforts even on massive scales so that you can provide all of your customers with the care and attention they deserve.

You can send personalized videos to your email list explaining to them how your products and services can benefit them while addressing them specifically, provide personal explanations and tutorials, recover abandoned carts with customized videos, provide personalized promotions and customer support, and so much more.

Sign up for our platform today to start creating personalized videos for free!

To learn more about the other ways you can utilize BHuman.ai, visit our site at BHuman.ai. You can also contact us at don@bhuman.ai and we will be happy to inspire you with all the ways you can use BHuman.ai to improve your growth efforts.