8 Key Success Factors For Online Business

With the prevailing popularity of online business today,
The million dollar questions become: How to succeed in online business?  What are the essential contributing factors?  This article has 8 key success factors for your online business.

In an age where anyone with good will can commence an online business and operate with professional merit despite fluctuating global economic sentiments, each turn of which irrespectively reflects a constant rise in digital marketing competition, the decisive factor as to who survives and thrives is contingent upon; nevertheless, customer satisfaction.  Stating the obvious in other words, anyone capable of providing satisfactory services that generates new traffic, retains existing ones and repeats orders will emerge as a winner of the game. To state the key success factors that make the difference, on the other hand, begs the question: what exactly is it that entails customer satisfaction? Aside from the current wide application of various social media channels, let’s explore the essential contributing factors for your success in online business.

high creditability website

1.  Creditability: A website that attests a bonafide business

Cyber creditability is one of the most crucial factors contributing to customer trust and confidence today as more than 30 percent of online shoppers have encountered fraud at one point, e.g., from no receipt for purchased goods, fake or damaged goods, over and hidden charges, all the way to data piracy, identity theft, black hat hacks and ghost retail altogether, all of which incite traumatic experiences, distrust and negative word-of-mouth that shackle invaluable prospects and opportunities.  Having a bonafide business website thus therefore ensures customers with intent the security they deserve and the creditability they are looking for from your business. While marketplace platforms serve as your outward sales and marketing channel, a website serves as your online identity, i.e., the head quarter’s office where the vision, mission, corporate values and POCs are on display. In that sense, it’s the cornerstone that founds brand awareness.

create good content

2.  ‘Good content, half won’

Sale promotions in the forms of discounts, redemptions or giveaways may not always work in stimulating customer interest nowadays.  Nevertheless, to generate customer awareness of your products’ value through good content rather than responding to customer need alone means making your customers aware of the manner in which your products would meet their needs.

The majority of today’s consumers are interested in infographic content that is easy to understand and has interesting animation that entices a quick browse. It’s a great way to build brand awareness on the part of customers who might feel like sharing the content and experience with people that are close to them.

social media platforms

3.  Communication channels and chatbots

Once you have your own business website, you should keep in mind that communication channels are crucial, something that ensures that you won’t miss out on online business opportunities.  Make sure that you make the most out of all functions of those channels, for example, by broadcasting via Line@ to communicate with or notify your customer groups of promotions news and other information; boosting posts on Facebook fan page so that customers repeatedly see the advertisement, build brand awareness and engagement respectively, which would lead to purchasing; via Facebook messenger inbox to communicate with your customers, send additional information/news that may interest them, provide recommendations, address their complaints and/or conduct a survey on their satisfaction.  Remember that you can collect and compile data based on your customers’ use of various social platforms for further marketing analysis purposes. Hence, you should regularly conduct analysis and customer data collection to enhance your chance to find a group of genuine customers, understand your customers better and, in turn, be able to come up with marketing strategies that better correspond with each target group while being sure that your existing budget is more effectively used for the benefit of your business.

The use of innovative Chabot systems make your business become more reliable while your back office is more smoothly run with a decrease in the number of employees who give responses to customer inquiries.

4.  Focus on Generation Z

Gen Z (people born between 1997-2010) grows up in early digital age, is smart with money and believes in the work-life-balance concept where the most part of life is spent on the online world.  This explains why the majority of marketers worldwide is giving priority to marketing to Gen Z.

5.  Diverse payment channels

These channels include, for example, payments through websites, promt pay, bank applications designed for customer convenience as they make them feel that buying from you is easy.

fulfillment process by SCG Logistics

6.  Accurate stock-pack-ship system

An example of this is SCG Logistics’ one-stop fulfillment service, the best fully integrated logistics service covering the entire process from stocking, packing to shipping  (visit our  website  

https://www.scglogistics.co.th/service/index/7).  Wouldn’t it be ideal if you could accept customer orders via various purchasing channels of your business without having a difficult time dealing with stocking, packing and shipping systems or other back office problems?  Our fulfillment service provides convenience starting from standard warehouse spaces and round-the-clock security systems, accurate retrieval of storage items according to your instructions, packing with close attention to details at every step, safe delivery at the point of destination to real-time tracking to verify the status of goods in transit.  Besides, you will be able to collect your customers’ behavior for analysis and your future business growth.

7.  Alternative delivery options

Not many customers have a lot of patience for purchased orders.  They exist, and would probably have non-perishable personal purchases delivered by zero-footprint cyclists, but they are, nonetheless, far and few between. When it comes to business, however, a vast array of delivery services need to be available today such as same-day, next-day and two-day deliveries, all of which are put in place to ease flaws that are oriented on delivery time to enhance your business on the one hand and help achieve customer satisfaction on the other.

Key Opinion Leader

8.  KOL (Key Opinion Leader), also known as influencer marketing

As online retailers, you might want to opt for micro influencers having followers who are your target groups to ensure better, more effective access to the target groups than using PR strategies or advertising on general social media platforms.  An advantage of using KOL or influencers to access customers lies in a broader circle of verbal support and communications which can lead to swift and widespread advertisement of your business.

The above-mentioned eight factors are instrumental to survival of your business amid today’s fierce competition among online retailers.  Having them as your assistants will not only result in cost and time reduction and less business flaws but also help create a positive brand image along with more customer trust and confidence in your products and services.  Remember that in the world of online business anything that easily comes into existence can just as easily vanish.  As the business owner, the only invaluable lessons of failure are the ones that are learned and incorporated as outcome based results into the vision and mission of the next day.   There is nothing more exciting than turning opportunity into profitable venues that retain steady growth and sustainable success. To do so, one need not look any further than the obstacles that occur.

Compiled by BLOG.SCGLogistics

References salesmatchup.com, taokaemai.com

Photos unsplash.com

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