The popularity of online stores can’t be ignored in the current digital world. It’s 100% sure that every entrepreneur does their best to strive in the commercial uncertainties and wants to achieve success like Amazon, Flipkart, Myntra, and other famous online stores.
Are you aware of the factors that are responsible for driving the success and hindering the growth of your business?
Don’t worry; this article outlines the best way to analyze your eCommerce store. Do you only need to read the article till the end to find out where your e-commerce store stands? What are your plus points? Where are you lacking? And what could you improve on?
So, without wasting your time, let’s start!
Identifying your business (eCommerce store) strengths or weaknesses and working on them to make things better is the only thing that allows you to get good opportunities and avoid threats to widen your organization’s footprints.
This entire process is called SWOT analysis. It is the same as of the offline business – the objectives of the process are similar for all ventures i.e.
- S – Increase the Strengths,
- W – Reduce the Weaknesses,
- O – Capitalize on Opportunities, and
- T – Avoid Threats.
SWOT analysis cannot be done daily. You can run it at least once a year.
Now you must wonder how to run SWOT analysis? Read the next section to acquire knowledge about it.
How To Do A Swot Analysis?
Running a SWOT analysis requires a sufficient amount of time and attention to do correctly. Do you have to be aware of how each element of your SWOT analysis relates to each other? Never implement the entire process in a hurry. If you do so, then you will never get the right output.
Keep asking questions from yourself and then digging into the details of your business to find the answers.
As I mentioned, it is a process of asking questions about your business. So start identifying your business strengths like:
- What is your business particularly good at?
- What type of compliments have you received from your clients?
- What makes your business unique from the competition? Etc.
You may be excellent at creating a top-notch customer experience. Or you might offer better deals as compared to your competitors. Or perhaps your products are custom-made or unique that attract more and more clients.
Whatever your strong points are, do your best to highlight and promote them, so they grow even stronger!
Strengths and weaknesses are the two sides of a coin that goes side-by-side. When you are working on the strengths of your business, then how can you forget to work on your business’s weaknesses?
It is good to identify which areas of your business’s operations need to be improved? Which of your products has been selling the least? What do your customers complain about most? Apart from this, there are several other factors such as delivery time. It is something that leaves your customers frustrated. Slow website load times or issues with the payment gateway are also some of the major problems that need to be addressed as soon as possible.
Knowing your organization’s or eCommerce store’s weaknesses and focusing energy on fortifying those parts of your businesses are the two different steps. It is good to identify your weak points and take the necessary steps to overcome them. But, be careful while shifting your focus to other weaker areas of your business; you don’t craft new weak points or blind spots in your online business.
Ecommerce is not only about selling and purchasing. As it is a digital trading process, staying updated with all the latest technological advances is necessary to increase your ROI. If you are a new startup, it is recommended to use popular platforms of your line. If you are a retailer or wholesaler who wants to increase your sales, then it is suggested to tie up with popular shopping platforms like Amazon and use their pro services. There are severalAmazon PPC tools that your business can use to streamline its sales and purchase.
The last element of this analysis process is threat analysis. Now you must be curious what type of threats I am talking about?
Guys, here, threats mean risks. Business is full of opportunities and risks. So, we have to prepare for all of them.
Achieving something or popularity in business is easy; the difficult thing is to maintain that level. And there are several types of risks associated with it, like your audience’s interests may shift away from what you’re currently selling. The uncertain market scenario that may pose a danger to your current operations, etc.
For example, suppose you promote your online store with Facebook Ads. In that case, the recent changes that came along with the iOS14 update undoubtedly pose a threat to how you’re operating on that advertising platform.
Whatever the risk is, the best way to stay aware of things that can drain your profits is to stay up-to-date with eCommerce news and developments.
I hope you find this article useful to get better business revenue.