The continued integration of the internet into our everyday lives has completely transformed businesses. Customer relationships, supply chain infrastructure, IT and in-house feasibility look much different from 20 years ago. Ecommerce will continue to become a larger portion of business revenue. In 2015, web sales in the U.S. alone grew 14.6% totaling $341.7 billion—and ecommerce made up 60.4% of overall retail growth. We’ll continue to see online activity increasing as more and more consumers turn to the internet to do their shopping, research their purchases and manage their time with passive, subscription-based shopping engagements.
In order to capitalize in the mid-market landscape you have to have a solid infrastructure. You can have the savviest marketing or the hippest product, but if you fail in day-to-day operations, your business ultimately won’t make it a single round with the competition. Ask yourself these questions: Would you be able to handle a 200% increase in online orders for a promotion? Do you have the right business operation to manage orders for that volume of business? Your speed-to-market and relevance is firstly supported by your infrastructure. If the answer is no, it’s time to recalibrate and make sure your operations can handle the growth you want. The following tools are essential for your business to deliver a seamless, positive customer experience so you can start capitalizing in the mid-market landscape:
Reliable Platform: Cloud commerce and SaaS have been total game changers for businesses and selecting the right platform is essential to a company’s ability to grow sustainably. Without a properly tailored platform that includes built in scalability and responsive tools, businesses will find themselves unable to react as quickly as their competitors—a blunder that will result in major losses.
Payment Processing: Payments are not stagnant and should be thought of as a lifecycle or process rather than a singular moment at the time of purchase. The moments leading up to making a payment and the immediate experiences after are equally important for creating a holistic experience. It’s crucial to effectively optimize pre- and post-purchase activities to drive overall growth. We’ll discuss this in our second installment about subscriptions.
Customer Support: Customer service has transformed from a singular interaction to an entire customer journey. With the internet, companies have access to their customers from early discovery all the way through post-purchase feedback. Offering the highest level of customer service through the entire journey is the best way to create a long-term client retention program. To grow and retain your customer base use automated/self-service marketing tools and strategies. Focus on using analytics and target market demographics to improve your shopper’s experience and optimize sales conversions.
In the next installment of our three part series about mid-market strategies, we will discuss the benefits of moving to a subscription-based solution. Download 'MyCommerce Mid-Market Strategies for Growth Guide" to learn more about our extensive resources and tailored solutions to propel your business to the next level.