How Small E-Commerce Brands can Compete with Retail Giants
Quick Summary Today it is impossible to talk about growing an e-commerce business without mentioning Amazon and other big brands and retailers. Many small e-commerce brands are convinced that working with Amazon or some other large company has to be a part of their business. When Amazon introduces a similar product, their sales often drop and they […]
Today it is impossible to talk about growing an e-commerce business without mentioning Amazon and other big brands and retailers. Many small e-commerce brands are convinced that working with Amazon or some other large company has to be a part of their business. When Amazon introduces a similar product, their sales often drop and they don’t know what to do. Because of this, it’s important to learn how to leverage your brand.
This problem is not new. When Wal-Mart was expanding and building new super-centers all over the country a few decades ago, many mom-and-pop stores all over the country were going out of business. In many cases, they didn’t even try to compete with Wal-Mart, just like small e-commerce brands today don’t try to compete with Amazon.
They allowed for their sales to go down and then they closed the stores. If you were to ask them about how they planned to compete and why customers would keep coming back to the store, you would not get an answer.
How Small E-Commerce Brands Compete With Retail Giants?
The answer to this question is very simple. Different people have different needs and wants. No retailer or business can fulfill all of them. This is especially true when it comes to the luxury market when people want attention, service and superior quality.
You need to decide where you can and can’t compete by learning how to leverage your brand. Look at the giants and figure out the areas where you will not be able to beat them. For example, you can’t beat Amazon when it comes to the selection of products. After you identify these areas, don’t complete in them. Do what is required for your customers to be happy but understand that this is not your advantage. Be very clear about this. Then, find areas where you can compete. Figure out your market advantages and strengths. Focus on developing them. For example, you can compete with Amazon based on service, curation, personal attention and other factors.
Build Your Own E-Commerce Store
When people look for products on the Internet, they often have multiple tabs open in their browsers. This is the opposite of what you want. You want people coming to your store and choosing products from your store. The only way to control what happens on a website and during a buying process is to have your own e-commerce store. If you depend on someone else selling your products and handling the distribution, it is only a question of time when the distributor starts selling someone else’s products or introduces a brand similar to AmazonBasics.
Let Your Customers Tell You What They Want
Too many people today create products or services because they think it’s a good idea. Then they are often disappointed because it turns out that there aren’t enough people willing to pay money for their good idea or product. Once you build your own platform, engage your customers. Have them tell you what they will buy and what they want. Then, create products based on the feedback. This way your marketing will take care of itself. You will not need to work hard at sales because you are creating products your customers told you they will buy. Small e-commerce brands can thrive with the right kind of marketing.
Become An Expert
In the modern world information is not a problem. Anyone can get information with a few taps on their smartphone or a few clicks of a mouse. However, this turns time into a problem: while it is possible to find almost any information, there is too much of it and there is not a lot of time. What people want is experts whom they can trust, experts who will help them make decisions quickly and efficiently. In the world of e-commerce this means providing your visitors with recommendations, fit guides, style guides and explanations how a certain product is different from other products.
An expert is not someone who knows everything. An expert is someone who can identify the needs and wants of the customers and help them make a choice that is right for them. Your small e-commerce brand should be making the lives of your customers easier. For example, if your website visitors are looking for clothing for certain occasions, have an option to sort items by occasion. Then, explain what makes the items appropriate for different occasions and why. It may take some trial and error, but once you learn how to leverage your brand, you will see positive results.