eCommerce Insights from Buying a Can of Coke | Article – HSBC VisionGo
"I’ve set up my online store. How can I increase sales next?” Recently, many clients asked for help in conducting the next phase of marketing for their online stores. Many brands have already experienced competition just to be listed on marketplaces like HKTV Mall. SMEs who intend to do so should have already been listed. From the emergence of some of HKTV Mall's agency operation services, some listings on large marketplaces may see business opportunities fade away. To compete and win in the online marketplace, the first option is to engage in a price war. The second option is to cater to customers who are familiar with the brand to buy other products available in the store. Ultimately, you still need to formulate a good brand strategy.
Multi-channel Marketing for eCommerce
If your online store is up and running, it can be listed on the marketplace. But you have to remember that this doesn’t mean that your strategy for your online store is done and dusted. Recently, Swire was advertising an online store in Tsim Sha Tsui. This was something previously mentioned about half a year ago. Their online store offers a great variety of products and at cheaper prices. That is because the user process has not been done very well at the beginning. Also, they aren’t mainly aimed at commercial customers. It seems that they now cater to the mass market.
Like Swire, do not assume that being listed on the marketplace means that your online store strategy is complete. In addition to marketing strategies, there is no single online sales channel. The big brands of today have to manage multiple channels, different customer groups, various product lines or bundles, as well as different marketing techniques. Whether you operate a large-, small-, or medium-sized store, take time to reflect and examine what the best strategy is for your business.
Relentless Price Wars on the Marketplace
A long-term strategy is to establish your brand’s online store so that you will be able to directly connect with customers. It also allows you to effectively deliver information on your brand and products to them. If you buy and sell goods as a form of commerce, you would have experienced the ruthless effects of the marketplace price war. The only way out is to have your brand’s online store where you can select products with a distinct style and strategy. Customers will then not only remember your brand but also the branding of your online store. To be honest, this type of commerce is not as easy to operate as it used to be.
Venture Out of Social Commerce
As a short-term strategy, setting up an online store on social media is nearly inevitable. While such online stores may not be directly connected to the merchants’ charging systems in Hong Kong, having them gives extra exposure. It is imperative to synchronize the product listings on one's online store with that on social media, whether by making use of a little technology or manually. What is clear is that Facebook, Instagram, and WhatsApp are working tirelessly to integrate their online store architecture across the various platforms. It is without a doubt that most Hong Kong people are active on these three platforms. Seeing that there is a series of functions relating to eCommerce that is being tested, including IG image search, WhatsApp shop, user reviews, and AR Shopping, etc., social commerce trends truly wait for no one.