No wonder you’re probably asking yourself, “how can I set my business apart from others?” Currently, there are more than 110,000 companies at play in the e-commerce industry and that number grows every day. You can talk about revamping and new initiatives until you’re blue in the face. But in the end, your customers need a reason to choose your company over everyone else. This is going to come down to the differentiator and what makes you unique. You need a competitive edge.
Four factors set your business apart
For the most part, these differentiators can be boiled down to one of four factors. These are selection, price, experience, and products. You could either favor each of them equally or one in particular. It’s important to note, however, that you should be conscious of exactly where you stand and curate a digital experience that centers on your strengths. Being mediocre at a bunch of different things is a losing proposition in this day’s global digital market.
If you aren’t sure what your differentiating factors are, a brief description of each of them are:
Price: More than 6 out of 10 shoppers compare prices in-store to online and will go with whichever option is cheapest. Price is still the main deciding factor for many consumers, so if you have the advantage here, flaunt it.
Experience: Many shoppers know they can get the same or similar products easily in-store or online. Create an experience for the shopper to stand out.
Selection: Always make sure your inventory is expanding and changing. Variety is the best way to keep your customers coming back.
Products: Certain brands will only ever sell their products themselves and disregard third party retailers. If you can afford the power of exclusivity and brand control, this is a great way to set yourself apart.
Regardless of the trends that dominate the market or however many different channels emerge from the woodwork, understanding your brand to its core gives you the leg up on your competitors. It also gives you a better understanding of a strategy that will be successful in the end and help to push them ahead of the competition.
If you need help punching above your competitors, contact The Skyline Agency today. We’ve grown countless startups into big businesses. From growth to success, we’ve got you covered.