Worldwide eCommerce sales broke the $5 trillion mark in 2022 - and are expected to almost double by 2025.
Despite this, running an online store is no easy task, especially for newcomers. Cybercriminals are launching even more sophisticated methods of attack, you’ve got competitors to fend off, and your customers are demanding more than ever.
In this article, we’ll highlight the biggest stumbling blocks eCommerce business owners faced in 2023. We’ll also show how to overcome these problems with practical, easy-to-implement steps.
Cyberattacks occur with striking regularity in the eCommerce world, growing at an unprecedented rate in the last few years. In 2022 alone, almost 40% of incoming eCommercemerce traffic came from non-human sources - many of these had malicious intentions and made enormous financial drains.
As well as posing a financial threat, cyber-attacks are problematic in other areas. Not only do you lose money and crucial data, but you will also lose the trust of your consumers.
As a result, cybersecurity needs to be one of your top priorities. Here are some ways to strengthen:
Supply chain setbacks mean your customers might not get their orders delivered on time. This can lead to negative customer reviews - and even a loss of customers.
Better supply chain management is the easiest solution to a spluttering supply chain. It not only makes it easier for your customers to see what items are currently in stock, but it also ensures that your items are packaged, shipped, and delivered on time.
Each step of the supply chain - from sourcing to delivering to processing returns - needs to be optimized. Here are some tips:
In today’s world, customers demand eCommerce personalization. 91% of customers have said they will return to stores that offer preference-based product recommendations.
eCommerce personalization includes product recommendations, “recently viewed products,” personalized offers, and complementary products. You can even personalize landing pages to suit different audiences and offer customized packaging and pop-ups.
In short, there’s a lot you can do.
Amazon’s “books you may like” section that’s based on a customer’s browsing and purchase history:
Source
Implementing personalization is simple enough and it can be done in a few steps:
Lack of sales is arguably the number one problem faced by online stores. There could be many reasons why your sales are down - is it the lack of product research or failure to recognize who your audience is? You should figure out the root cause first.
In order to avoid this from happening:
eCommerce is a crowded market. Your customers want what you’re selling … But what happens when your competitors are effectively selling the same things as you?
Well, you need to do whatever it is they’re doing - but better.
It all starts with a competitor analysis. This will show you who you’re up against and what they’re selling. It will also help you to come up with a USP that differentiates your online store from everyone else’s.
Then, highlight any weaknesses your competitors have before doubling down on them. This might include:
You can set yourself further apart from your competitors by being a bit more creative. For example, you could offer customizable packaging, free shipping, and more payment methods that cater to a wider demographic.
Lastly, while bringing in more customers is great, loyal customers are key to sustaining your store and scaling your business. Without customer loyalty, you’ll be continually overspending on marketing campaigns to attract new customers.
What’s more, 88% of customers will only stay loyal after at least 3 purchases. This means there’s work to do:
As the eCommerce world evolves, new challenges arise. We’ve outlined the biggest problems online stores face today and ways to combat them, including personalizing the customer experience and making your supply chain more efficient.
The hard work starts now. New technologies will come, new competitors will emerge and customer preferences will change. To always stay one step ahead of the curve, make sure to monitor trends so that you can spot fresh challenges before they become an issue.
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