How important is the Unique Selling Point to the Customer and Business Growth in E-Commerce?
With the current technological advancement, many businesses are adopting internet marketing and online selling as their means of survival. One-on-one selling is still in existence, although many entrepreneurs are migrating from it. Most businesses make use of both face-to-face selling as well as e-commerce selling. Nowadays, there is a lot of competition online with every e-commerce store advertising its goods and services. The only secret of survival in the market is having a Unique Selling Point / Proposition (USP). This unique quality is important to customers and the development of an online business in the following ways.
According to Wikipedia:
(USP) refers to the unique benefit exhibited by a company, service, product or brand that enables it to stand out from competitors. The unique selling proposition must be a feature that highlights product benefits that are meaningful to consumers.
1. Easier shopping for customers
Have you ever visited a competitive market with an objective of buying a certain brand of shoes? Well, you know how tiresome this can be. Having a Unique Selling Point makes it easier for your customers to locate and shop from your store. Online buyers will also find your e-commerce store easily, guaranteeing a sale of some of your brand items. This will earn you profit to ensure that your business still blossoms in the competitive market.
2. A tool of Advertisement
Having a unique feature for your products or services makes you stand out among your competitors. This Unique Selling Point (USP) can be used as a tool for advertising your business. In a highly competitive market, prices are usually similar; hence customers cannot use it as a distinguishing factor. In such a case, they go for the brand with unique features. The unique features enable you to market your business by making them known to your prospective customers. This will make them buy from you and forego other brands.
3. Capturing new Markets
Selling online is unique in such a way that the target market is very wide. Each new day, you can capture a new market among the Internet users. Having a Unique Selling Point attracts the attention of prospective customers who may later turn into buying customers. It is this unique characteristic that gives them the curiosity of buying your products and comparing them with other brands.
4. Getting value for Money
Every customer wants to get the total value of their money. This can only happen when they purchase goods and services of high quality at fair prices. A Unique Selling Point distinguishes a certain brand from other ones on the market. By the help of this unique feature, customers are able to locate your brand, enabling them to get the value for money. This saves them from buying counterfeits or other brands of low quality.
5. Price Control
In most cases, market forces usually control the price of commodities. However, having a Unique Selling Point for your business makes it stand out displaying the rare features that other brands may not have. The unique features will attract more customers, increasing the demand for your products. You may then take advantage of the high demand to set your own prices. This can ensure so much development of your e-commerce business.
6. Aiding Customers in Decision Making
Making a choice of what to buy can sometimes be so difficult. In a setting where there are lots of goods of a similar type, the customer will take advantage of your Unique Selling Point to make the right choice. For instance, there are numerous online sellers of mobile brands. Most of the mobile phones have similar features. However, having a unique feature that differentiates your brand from others gives customers a reason to choose yours over others’. This will be an advantage for you and your business.
7. Customer Retention
Assuming you bought a television set of a certain brand in 2005 and used it for five years; you can still buy the same brand in 2010. This is because of the unique features that attract you to it. A Unique Selling Point will direct previous customers to your online store for re-purchases. Some may forget the type of product they bought. Nevertheless, the unique features of the product will enable them to trace you and buy similar or other different products. This is highly advantageous to the development of e-commerce business. There is nothing as awesome as winning the trust of your customers. It gives you a chance of retaining them and getting more referrals.
8. Widening the Market
A Unique Selling Point (USP) attracts customers to your e-commerce store. It may be a website, a blog, a facebook page, a tweeter handle, an Instagram page, or any other social media platform. After getting satisfactory services, the customers will definitely refer their friends to those pages, with the unique features being the factors of identification. Many referrals will guarantee you a widened market at the end of the day.
9. Time-saving for Customers
Being a previous or referred customer, it takes them a shorter time to locate your products using the Unique Selling Point (USP). Your unique feature can be effective in a competitive market in such a way that your customers identify you with it. Knowing exactly what they want makes the customers spend a short time shopping. For e-commerce, development is easier once you gain the trust of your customers.
10. Customer Relationship Building
Your brand’s Unique Selling Point is usually the best bottom line on which you can build a long lasting relationship with your customers. They can either be previous customers or even potential ones. The relationship can be maintained through sending regular updates on your products. Prospective customers may later turn into buying ones. An e-commerce business with long-term clients usually develops.
Every business wants to thrive and occupy the biggest percentage of the market share. With most enterprises going the digital way of selling online, competition is rising every day. Setting up a Unique Selling Point for your e-commerce store places your business in a better position to bloom. This feature is what potential customers use to distinguish your business from others. For this reason, it is always prudent to take your time in establishing the Unique Selling Point for your brand or business.