Originally from Cameroon but now an American citizen, Loic Savage is a social media influencer and an entrepreneur owning multiple online stores on Shopify. He is also all set to establish his company soon.
There were days when people had those sudden urges for some scrumptious dumplings and called up the restaurant only to be informed that they do not have a home delivery service. The food delivery apps solved the problem almost overnight. Although some of these companies have become part of our daily lives and their names have almost become synonymous with ‘home delivery,’ many others who tried to make a mark have taken the exit route. So the question arises: If there was a market with a problem, then why did only a few with potent solutions survive?
This is just one of the obstacles that most e-commerce companies, i.e., those that sell their products or service on the Internet, face. Teen entrepreneur Loic Savage owns several shops on the Internet, driven by his passion to be self-employed. He shares some of the distinguishing trends that digital enterprises are expected to showcase in the aftermath of the pandemic.
From introspection to insights
Amid challenges such as aggressive competition to gain market share through competitive pricing strategies, meeting profitability expectations of investors, and the race to seek funds for expansion, the e-commerce companies often tend to overlook their core strategy to provide value to customers, their back-end processes and controls, thereby increasing the risk to sustain, survive, and emerge as a long-term player.
• Those with distinguished inventory will have an edge over those who do not. E-commerce companies could partner with brands to sell them solely on their online shops. This will not just reduce competition from the offline supermarkets but will work as a win-win situation for the brand and the gamut of online stores existing and increasing exponentially.
• People tend to trust those online retailers who have robust return and refund policies mentioned clearly on their websites. The experience of timely, hassle-free, and transparent shopping is the main reason why customers increasingly tend to prefer online stores vis-a-vis the marketplace.
• An online retailer might boast of a plethora of high-quality products that resolve some of the target customers’ crucial pain points. However, until the retailer markets the products across various communication channels, chances are less that customers will know about them. Marketing of content across various advertising channels is here to stay and will play a key role in earning more clicks and reducing bounce rates.
What is new?
Going by his academic strengths, few would think that Loic Savage would be so smart when it comes to making it big in the real world. Most like him would work as employees all their lives, paying bills and hardly thinking of themselves. Loic is certainly different. He is a young man with a vision and confidence to not work for money but make money work for him instead.