Have you ever heard the term “TikTok brain”? Tiktok videos, reels, and other short formats are killing our attention span, and there is now a name for this phenomenon. In fact, nearly 50% of users surveyed by TikTok said that videos longer than a minute long were “stressful”. ONE minute is stressful now?! In addition to shrinking our attention spans, short videos are highly addictive, with the average TikTok user spending a whopping 95 minutes a day on the app. With this data in mind, it is no surprise that the recent TikTok ecommerce venture, TikTok Shops, is successful. But this success might be short-lived in some countries, with Indonesia very recently banning shopping transactions on social media apps.
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Have you ever been scrolling on your Instagram feed, seen a picture of a model wearing a pair of shoes you really like, and then found a View Products tag? That is social commerce: the fusion between ecommerce and social media. Kids are now born with a smartphone in their hands and social media on the screen. Platforms like Instagram, Facebook, and TikTok drive huge amounts of traffic daily and have billions of users worldwide. Companies had to find ways to monetize all this traffic and data, and social commerce is one of them. This relatively recent way of selling is significantly impacting the digital marketing world, and it is getting bigger by the year. But how big is it exactly and should you use it? Let’s find out.
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Perhaps not everyone is familiar with the Good-Better-Best approach in business, but we have all experienced it as customers, no matter where we shop. Booking a plane ticket? You’ll have to choose between Economy, Economy-Premium, or Business. Pumping gas? Your options are Regular, Midgrade, or Premium. It is an easy concept to understand, and many businesses across various industries are using this approach, while others are still not offering tiered pricing. The G-B-B strategy has many advantages, and if done right, can bring a lot of extra revenues.
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Whether you have experience in online sales or not, you probably know that pricing is often one of the most important criteria for the customer. Of course, we all like a good deal, but pricing also affects our perception of a product. We previously talked about low-cost pricing and premium pricing strategies. But pricing is more complex than that, and getting the price right is one of the most important things in maximizing sales and profits. Different businesses have different products, customers, and competitive environments, so they need the best strategy for their business. Let’s talk about the seven main pricing strategies that apply to Ecommerce and online sales.
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If you like sports and fitness, you might have seen one of these videos on your social media feed. A long-distance runner does an amazing performance. He probably trained for years or even decades and was in a very good position to win the race. Only a few yards from the finish line, he gets too confident, starts celebrating too early, and ends up losing the race (here is an example: youtube.com/watch?v=38fffcRexi4). Not only do I think this is a good life lesson, I think many ecommerce entrepreneurs can learn from it.
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If you shop online, I’m sure you’ve been there: you find an item you really like at a decent price, you add it to your cart, begin checking out, and find out that shipping will add an extra $7 to your bill. What an awful surprise. The idea of paying for shipping greatly upsets you, and you give up on your purchase. Does this sound familiar? I’ve certainly done that many times. In the age of Amazon Prime, should other online businesses offer free shipping? Is charging for shipping a thing of the past?
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People will buy products that solve their problems and/or make their life better.
That is for me the main idea on what’s an attractive value proposition and I could stop writing here. But as the basketball coach John Wooden said, “It’s the little details that are vital. Little things make big things happen.” Let’s see how the customers evaluate a value proposition, make their decisions, and why this isn’t easy for them.
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Premium means more than just good quality.
I remember going out with this girl a couple of years ago. She was really into fashion and always wore a stylish outfit. In a conversation, she was very excited to tell me that she was carrying her rare Louis Vuitton purse that day and the story behind that purchase. I know absolutely nothing about fashion, but I know these are not cheap. Sure, her purse looked good. But why was she so excited about it? Was it because of a unique design? Or extremely high-quality materials? What justifies the four-figure price tag?
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“Metaverse”, “Cloud Computing”, “Datafication”; these days, it feels like every other news article about business is trying to use as many technology keywords as possible. We hear about innovation and disruption in the entertainment, medicine, and transportation fields everyday. I’d say that half of the people using these buzzwords have no idea what they are talking about, but they feel they have to use them to sound smart. It is easy to get a sense of technology being important for businesses and entrepreneurs, including those operating online. A huge part of top companies are tech for certain reasons. Technologies and technical processes can create opportunities and improve operations. After all, the internet is the reason ecommerce exists in the first place. But technology can also kill businesses unwilling to adapt to the ever-changing environment. Let’s see how.
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My name is François, I’m the author of this blog. I love writing and talking about business and ecommerce. I hope you enjoy my work, feel free to contact me for any suggestion!