If you run a small to mid-sized retail shop, it wouldn’t be unreasonable to feel competitively squeezed out of potential customers by ecommerce sites like Amazon. But that doesn’t mean your business can’t rise above the competition.
Sure, we all like a good bargain. And it’s easy to shop around for one on sites like Amazon. But price isn’t always a factor for where we choose to buy. There are discerning shoppers too – people who value high-quality products and good old-fashioned customer care.
An article in Entrepreneur points out that a brand’s perceived value may attract customers more than price.
“Smaller ecommerce shops have plenty of ways to differentiate themselves from big-name competition. It's vital to remember there's value beyond price. Distinguish your company by offering stellar service and a unique customer experience.”
And that goes for brick-and-mortar retailers with or without ecommerce capabilities.
It really comes down to understanding what your customers want and then figuring out how to seamlessly deliver what they expect. If they like the experience, their perceived value of your brand could result in gaining happy, loyal customers, and more sales, in spite of the online competition.
As the article points out, price isn’t everything. In fact, if prices are set too low just to attract a sale, that strategy could backfire, leading to a negative perception of your brand’s value where “…people forget or stop caring about what makes your company awesome.” Cheap pricing gives potential customers “no reason to believe your products or services are worth a higher price.”
Jim Rohn, author and motivational speaker, said, “If you make a sale, you can make a living. If you make an investment of time and good service in a customer, you can make a fortune.”