3 E-Commerce Strategies Companies Should Consider Implementing
When the internet went mainstream, companies had to change their business models. Adapting to practices like live streaming, social media, online marketplaces, and online communication suddenly became the difference between staying relevant and fading into obscurity.
Among the trends brought about by the internet, e-commerce emerged as a dominant force. With the industry representing a $3.4 trillion market that is expected to continue to grow over the next few years, no entrepreneur or business owner can afford to ignore it, especially those just starting out.
There are many ways entrepreneurs and businesses can harness the power of e-commerce to grow. Here are three of them that you can readily take advantage of.
1. Find the Right Outsourcing Partner
Outsourcing parts of a business has become a popular strategy for a reason: It works. Succeeding at finding the right outsourcing partner is essential to streamline operations, reduce costs, and tap into specialized expertise. However, with firms like Forrester expecting the B2B e-commerce market to grow by $1 trillion over the next four years, finding the right partner can seem like a difficult task.
In the same way B2B e-commerce is growing, so is the number of companies offering a solution. One example, PartnerSlate, is a B2B marketplace to match food brands and specialized manufacturers. By combining matching algorithms and the expertise of matching advisers, the platform helps businesses find the right partner within days.
While taking advantage of marketplaces designed around the process you want to outsource is an effective option, it is not the only one. Referrals from other entrepreneurs and key players in your industry or network can help you avoid extensive background and research, allowing you to focus on aligning your goals and getting things started with your new partner.
2. Embrace Social Commerce
Social media platforms have transformed into powerful sales channels and relationship-building tools. But the meteoric rise in popularity of platforms like TikTok, Facebook, Instagram, and Pinterest has taken things to a whole new level. From my vantage point as someone deeply invested in social media strategies, I can't emphasize enough how significant this shift has been. The ability to blend the social experience seamlessly with shopping has opened up unprecedented opportunities.
These platforms are not just about sharing updates anymore; they're storefronts that allow businesses to interact with customers on a more personal level. Today, social commerce is one of the most efficient ways for companies to sell their products and services directly to their customers, representing 32 percent of all online sales in the United States and 52 percent in China.
While the sheer number of social media platforms available can make the prospect of engaging in social commerce seem overwhelming, omnichannel platforms can make it a breeze. One of these is Cymbio, which helps brands scale and expand sales on multiple retailers, while also automating all of their e-commerce operations. Cymbio connects brands such as Balmain, Lacoste, and Allbirds to thousands of retail marketplaces, including Nordstrom, Macy's, and Walmart. The company was recently chosen to help TikTok launch its shopping feature, which has already attracted popular brands and millions of users.
Whether you choose to use an omnichannel social commerce platform or run your social commerce operations by yourself, you should first identify what platforms are used the most by your audience. By creating engaging content that speaks the language of both your audience and each individual platform, you can then boost your sales and brand visibility.
3. Make Globalization Your Ally With Drop-Shipping
Expanding your reach globally has never been easier for entrepreneurs. Today, platforms like Alibaba, Amazon, Kickstarter, and Shopify allow businesses to tap into international markets with just a few clicks. One way to take advantage of this is drop-shipping, which allows companies to sell products all over the world without the need to manage inventory or shipping logistics.
Engaging in drop-shipping is possible thanks to platforms like AutoDS, which grants access to the global market through public and private vendors to offer a wider range of products. The platform automates the entirety of the drop-shipping process, while also offering advice and 24/7 synchronization with supplier prices and inventory, making it possible for any business or individual to take advantage of this innovative and increasingly popular strategy.
When starting your drop-shipping journey, focus first on finding reliable suppliers, given the nature of this model. While platforms can help you through that process, it's also important to research and vet potential suppliers that meet your specific needs. This will have a big impact not only on the optimization of your product selection but also on customer satisfaction.
In the dynamic landscape of modern business, harnessing the power of e-commerce is paramount. The evolution of online practices offers boundless opportunities for growth. Embrace these strategies, and let e-commerce propel your success on a global scale.