6 Key Success Factors for Your Online Shop
What are the key issues that online retailers should resolve to prosper? We identified five key areas that will help you to enhance your profits.
The pandemic has triggered a number of changes, including the way we live and work. One of the latest notable events is the global phenomenon that is known as the 'Great Resignation'. What is the Great Resignation about, and how can you benefit from practicing retention within your company? How can you retain not only your customers, but also your e-commerce staff? Keep reading to learn all about the Great Resignation.
Table of contents:
The Great Resignation, also known as “the Great Disruption” is a trending phenomenon which originated in the United States during the summer of 2021.
Due to the effects and restrictions influenced by the outbreak and spread of the coronavirus, many employees were forced to quit their jobs as they could no longer handle the rising cost of living.
Although to a lesser extent, a similar dynamic also occurred in several European countries. However, the reason loads of people are leaving their jobs cannot only be related to economic factors.
The coronavirus pandemic, and the lockdowns that were implemented, have profoundly changed and affected the way we live and work. Digitalisation had to be pushed forward more eagerly and quicker than before.
The acceleration of digitalisation for its part, allowed more employees to try more flexible and digital modes of work such as smart work or remote work.
Recommended reading:
The Ultimate Guide to Smart-Working: How to Work from Home Efficiently
Good to know: What is the difference between smart working and remote work?
When talking about digital and remote work conditions, we refer to different terms. One thing that smart working and remote work have in common is that a functioning internet connection is essential for both modes of work.
However, remote work refers to standard work routines that can be followed from home. The schedules and tasks that would normally be performed in the office, remain the same. Smart working on the other hand, also referred to as “agile work”, is primarily characterised by the absence of constraints in terms of time and space.
The main focus is on working as efficiently as possible.
Both modes of work have immensely grown in popularity as they promote the reduction of stress as well as mental health issues and can lead to an overall improved work-life-balance.
Another benefit of remote and flexible work conditions is that employees want to feel valued as such, instead of being treated as if they were replaceable and had only superficial value to the company.
As the British newspaper the Guardian reported, 69% of workers in the United Kingdom had been eager to leave their current jobs in 2021. Usually, before the coronavirus pandemic had impacted everyday life, the UK had seen only 11% of employees planning to quit their positions.
Business network platform LinkedIn shared the results of a similar study, the Microsoft Work Trend Index 2021. According to the study, 41% of workers all around the globe had been considering leaving their current jobs in 2021, while 46% of the respondents were open to new job offers if the company offered better remote work conditions.
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The world has changed, customers' expectations have changed, and so have those of workers and employees.
Smart working, and the flexibility that comes with it, is destined to remain a fixed presence in the business world.
Source: Microsoft 2021 Work Trend Index
In the course of the digital shift in everyday life, new shopping preferences have emerged as well. An omnichannel customer journey and click & collect have become indispensable shopping preferences that many shoppers have gotten used to and now expect from shop owners.
Consumers as well as employees from younger generations such as Millennials and Generation Z wish to live and work more independently, instead of committing to the same job for years. The so-called “YOLO economy” has become highly popular among staff members of these generations.
Therefore, it is more important than ever that you as a business owner and employer find appealing ways that will have your staff members convinced to stay at your company.
Shutterstock/chayanuphol
In e-commerce, retaining customers and building customer loyalty is essential to your online shop’s success.
However, as we indicated before, this formula shouldn’t only be considered with regard to customers.
Recommended reading:
Increasing Customer Loyalty: Stats & Tips
While in the past, it had been companies dictating the conditions, efforts must now be made to attract and turn employees into proponents.
As an e-commerce business owner, your focus shouldn’t only be on customers. Having your staff sympathise with your business’ values will have a positive impact on their work and will inspire them to assure potential customers of your business more eagerly and convincingly.
This, of course, will then result in more sales and turnover for you and your business.
According to a survey conducted by Microsoft in over 100 countries involving 180,000 employees, it was found that…
Find out how to build loyalty and trust among your customers 👇 Download our whitepaper:
We’ve already talked about new ways of working and how all that has changed in the course of the Great Resignation. Now, let's talk about why it's important for you as a business owner in e-commerce to focus not only on retaining customers, but also building loyalty among your own staff.
First of all, it is a matter of fact that costs for new hires are high. In addition, keep in mind that once the contract is terminated, you would have to pay a severance.
Hiring a person entails expenses for search and selection software, time and effort of the HR department, expenses related to the publication of job ads, and finally, the time and costs of onboarding and training new staff members.
After all, you would want to hire the best candidates as the people you employ will represent the core of your business.
Consider that you also have to bear more than just the salary costs that those who work for you should rightly receive.
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To avoid incurring all the expenses mentioned above, there are a few things you can do to ensure that those who work for you can feel part of a team, and not as if they were replaceable.
Here are 7 tips:
Source: Microsoft 2021 Work Trend Index
To give you an example of how companies can build loyalty among their staff in order to retain them, we will now talk a bit about the benefits that Trusted Shops offers to their team members.
These are just some of the advantages offered by Trusted Shops that you can take a cue from and perhaps create similar programmes in your own business.
💡 By the way, did you know we are hiring? Keep an eye on our LinkedIn profile so you don't miss any opportunities! Alternatively, head to our Careers page.
The job market is changing, as are the needs of customers and your e-commerce staff.
Make sure your company is able to attract talent while keeping up with the times, and remember, it is not only important to retain customers, but also retain those who work for you.
This article was originally published and translated from our Italian blog: Le Grandi Dimissioni - fidelizza anche il personale
09/08/22What are the key issues that online retailers should resolve to prosper? We identified five key areas that will help you to enhance your profits.
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