Whether you are in the business of selling Ruby chocolate or soft drinks, you need to have a well-thought-out growth strategy.
Without it, you risk missing out on critical growth opportunities, which can cost you tons of money down the road. However, even with the latest Ecommerce market boom, upscaling a business is a difficult task.
As more and more companies decide to go online, you might find it challenging to stand out from the competition and increase your revenue.
Fortunately, you can boost your business’s growth by following a few simple steps.
They range from creating unique selling propositions and focusing on self-service efficiency to optimizing your website for mobile users and investing in a multichannel marketing program.
Let’s go through them one by one.
Create a Unique Selling Proposition
In the age of Ecommerce, you need to create a unique selling proposition that will help you stand out from the crowd.
This statement should tell your customers what is so special about your products and services. It can be a price, a certain feature, a guarantee.
The trick is to make it strong enough for customers not to compare it with your competitors’ offers.
Littlewoods, a British retailer, went through a lot of changes in the last decade. The company was struggling with falling market share and rising competition.
To regain its former glory, Littlewoods decided to focus on the high-end segment of the market. That was how it came up with an idea to sell designer clothes online.
The retailer was able to tap into the new market, which hugely boosted its growth.
Another way to make your services more attractive to customers is by creating a community of similar-minded people – for inspiration, you can check the wine club at Acker Wines.
This way, you’ll help people connect with others with whom they’ll have plenty in common.
Focus on Self-Service Efficiency
One of the most important ways to boost the growth of your ecommerce business is to make it effortless for your customers to buy from you.
You can do so by offering them self-service tools, such as checkout pages or FAQs pages. These are not only convenient for your customers but also reduce your workload.
According to DHL Research, around 60% of shoppers would rather use self-service tools than call customer support if they have questions about shipping or returns.
Therefore, you should always focus on improving self-service efficiency on your website. You can do that by adding more product information, which will help users make their decisions more easily.
You can also improve it by making it easier for users to find answers to their questions. For instance, some retailers are adding FAQs sections on their websites or offering live chat support 24/7.
Optimize Your Website for Mobile Users
Mobile commerce is booming right now. If you want to boost the growth of your business, you need to pay attention to mobile shoppers.
According to this article by CNBC, over 70% of internet users will access the web solely via their smartphones by 2025.
To reach this audience, you need to optimize your website for mobile users, so it will load fast and be easy to navigate with smaller screens.
Invest in a Multichannel Marketing Program
If you want to accelerate business growth, you need to invest in marketing activities that will help you reach out to new customers and boost sales volume.
Businesses that pursue multi-channel marketing programs usually enjoy higher revenue per visitor (RPV) rates than those that concentrate on one channel only.
Nurture Your Loyal Customers
No matter how good you are at Ecommerce marketing, there will be people who won’t buy from you no matter how hard you try.
However, if you invest time and effort into building a relationship with existing customers, they will become your best ambassadors and recommend your business to other people.
You can do so by asking for feedback or setting up a referral program that rewards people for recommending your products or services to others.
Run Competitions or Giveaways on Your Website
If you want to enhance the growth of your Ecommerce business, you need additional traffic and new leads to nurture once you convert them into customers.
One way to do this is by running competitions or giveaways on your website.
You can invite users to participate in contests or give them a chance to win a prize if they share your content via social media or email marketing channels.
In addition, running giveaways will increase social media engagement and bring you additional traffic from search engines as well as from social media channels, such as Facebook and Twitter.
Offer Loyalty Programs
Another great way to grow an ecommerce business is by offering customers loyalty programs and discounts or coupons they can use when shopping on your website.
While loyalty programs are quite popular among offline businesses, only some online retailers actually offer them.
Co-Create with Your Customers
If you want to improve the growth of your Ecommerce business, you need to build a strong community around your brand. You can do so by establishing a dialogue with your customers and listening to their feedback.
One of the ways to do this is to ask them to co-create products and services with you. For example, you can hold a contest on Facebook that invites users to submit ideas for new products.
Or, for instance, in food and beverage Ecommerce, it can be asking them to create new recipes featuring the products from your offer.
Invest in Paid Advertising
Nowadays, most online shoppers start looking for products on search engines, such as Google, Yahoo!, and Bing.
That’s why investing in paid advertising makes sense for any business that wants to boost sales volume and gain more exposure.
As long as you develop your paid advertising strategy wisely, it can be an effective way to drive high-quality traffic to your website and increase revenue.
Many businesses fail to reach their maximum potential. They don’t invest in the right marketing activities and ignore the needs of their target audience.
That’s why they end up falling behind their competitors and struggle to keep up with market growth. The key to success is to focus on Ecommerce marketing activities that will help you connect with consumers and boost your revenue.
The good news is that you don’t need to reinvent the wheel to boost the growth of your Ecommerce business.
Most of the time, all you need are some simple tweaks to your products, services, website, or marketing strategy. Try following some of the steps listed above to see how they work for your business.
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