Often customers make snap judgments on what a SME represents, which impacts their purchasing decision. So how do you create a brand image that consumers remember and feel attached to?
Founder of eKarma – a startup project based on the principal of karma – Pankaj Sharma says his eCommerce business has optimised the power of existing technology in order to create a disruptive tech-based social enterprise.
“Our story is very simple but impactful: you don’t need to be billionaires to start giving away millions.”
‘Paying it forward’
With 50% of the commission earned by eKarma donated to the customer’s charity of choice, the ‘paying it forward’ philosophy is attracting attention to this distinctive concept. Today the online space has created a breed of savvy online shoppers, with the power shifting from the business to the consumer.
“Enterprises need to understand how one can leverage technology and the power of online consumers to create an impactful story, which consumers will happily engage with and share with their friends and families.”
Shoppers are likely to bypass the idea of brand loyalty if they find a better deal. A brand with a unique story behind it gives greater meaning to the business beyond the product or service offering.
“We believe that as an eCommerce enterprise we are true to our mission, our cause and thus our story becomes a very powerful unique selling proposition for a consumer,” says Sharma.
Personalisation is the other new approach to bridging the trust barrier with customers, and every eCommerce store can incorporate this tactic.
“Customers want and expect engagement. It could be in terms of providing the best deals and offers or using simple tools/platforms that give them power to make a decision easily and effectively either for themselves or others,” says Sharma.
And as Australia’s eCommerce sector continues to outpace brick-and-mortar retail, according to research by online payments platform eWay, SMEs need to have a clear mission and focus in mind to develop a robust online retail strategy.
Sharma believes the biggest hurdle facing online retailers are limited resources, which make it difficult to create new technology for every new eCommerce venture.
“The challenge is deciding how you can innovate within the existing technology and create an engaging and impactful enterprise, while continuing to explore ways to create your intellectual property and new technology to support your enterprise.”