You’ve now decided to take your business on to the web and have set up your eCommerce platform. What’s next? How will you grow your e-business further?
According to a survey by Acquity Group, about 40% of the corporate buyers spend half of their budget for online procurement. How can you attract a good chunk of this? Well, you can do that by thinking and acting like them.
The report further says more than half of the users surveyed, spend about an hour in research before their purchases. This statistic holds across industries, purchase complexities and purchase type which bring us to the Zero Moment of Truth (ZMOT) principle again. We have earlier in our whitepaper (link) indicated how ZMOT is shaping the digital shopping. To succeed, eCommerce players need to acquire an understanding of the buyer. One way to do this is by finding patterns in the purchase data collected so far. Another way is to get into the shoes of the customer yourself. How would you search for your products online? How would you do your research? One more approach is to create a focus group of both internal and external stakeholders and ask them to go through the typical customer lifecycle. This will not only help you see their buying process but also help you understand how they think and the challenges they face in doing their job.
This approach can give you critical answers to your eCommerce strategy.
Today, it is natural for buyers to “Google” a product, read reviews, find the best price and then choose a reliable supplier to complete the procurement. Human interaction is virtually eliminated in this area. Do the same for your product and you will be amazed at the insights this role reversal can provide. Is your product available and how easy is to shop for it compared to a competitor’s product? What do the reviews say about both yours and the competitor’s product?
The key for quality lead generation is a combination of many factors with ZMOT being one of them and the others being the user generated content by way of product reviews and buzz. Finally the experience of buying also matters. The storefront should offer an easy way for your customers to find and buy your products.
The Acquity research further indicates that the B2B buyers are willing to stray from their current supplier not only for the price but also for convenience. So this means you cannot attract enough customers by just lowering prices while providing them fax formats and numbers to order. You need to be online, with easy to find, understandable, rich content that is, above all, relevant to your audiences.
Be your customer to implement your e-business strategy to “be there” and stay with your customers.
You can check out our whitepaper on winning your customer at the ZMOT here.