No one running their own business will be surprised to hear that good marketing is a vital key that could mean the difference between success and failure. Effective, strategic marketing enables you to reach potential customers by showcasing your products via the right channels without breaking the bank.
As true as this is for traditional businesses, it’s even more relevant for businesses that operate in the online space. While traditional methods of marketing are certainly still effective even in a digital world, there are more factors to consider when marketing for an online business.
So why is marketing for e-commerce essential for your business?
More E-Commerce Businesses Equals More Competition
One of the many advantages of e-commerce is the lower barrier to entry. More and more businesses are adopting the e-commerce model and moving away from solely brick-and-mortar operations. In fact, according to the e-Conomy Southeast Asia (SEA) Report by Google, Temasek and Bain & Company, Singapore’s internet economy is expected to grow by 35% from $11 billion in 2020 to $15 billion, and with the potential to reach $27 billion in 2025. Two thirds of this growth is led by e-commerce.
However, this also means that most industries are saturated with an overwhelming number of sellers offering similar products or services.
While this results in more variety for consumers, for businesses this means stiff competition. Having an effective marketing strategy is therefore necessary for businesses to put their products in front of consumers, further increasing the importance of brand awareness.
What Can We Do About This?
There are few strategies businesses can use to distinguish themselves from the competition.
One way of standing out from the competition is by hijacking new, upcoming or seasonal trends. For instance, whenever a new and popular product such as the latest model of iPhone comes out, there is a corresponding surge in search volume for that product or keyword online.
Take advantage of this by creating new content around these keywords or even leveraging Carousell ads to make the first move and capture the market the moment a product is released. Exploiting ad placements in this way not only increases brand awareness, but also guarantees a steady amount of traffic and is a great way to target your ideal customer.
Looking for more ideas? Check out these insightful tips on how to make your online business standout.
Get Yourself the Best Possible Tools for Marketing Your e-Commerce Business
If you want your business to transition to an online setup that’s seamless and at the same time return on investment (ROI) positive, you’ll need the best possible tools at your disposal.
For starters, you’ll want tools that help your advertisements stand out, obtain more traffic for your business, and increase customer engagement. It would also be prudent to get yourself a way to make online payments for your business safe and easy. Utilise Carousell Coins to reach potential customers, drive online traffic and maximise sales.