E-Commerce is undoubtedly one of the fastest-growing industries in the market. Based on various studies, this is the only billion-dollar sector that is growing rapidly by double digits every year. However, even with all this growth and potential, it doesn’t mean that your e-commerce business will automatically grow.
The industry also has its challenges, and you must put in a lot of effort to ensure that your brand remains competitive and profitable. There is a lot of competition and if you don’t stand out from the rest, your business will suffer big time.
One good thing about the e-commerce business is that you don’t have to start it from scratch. If you want to, you can easily purchase an existing one, and avoid the hassle of starting a new one. The good thing about this is that you can even get quick financing by applying for an SBA small business loan and purchase your online store.
However, whether starting from scratch or buying an existing one, you must have strategies that will help your business grow. Well, don’t scratch your head too much over this. Here is a list of techniques you can employ to guarantee the growth and expansion of your online business.
1. Create a Business Plan
Don’t just start a business without a plan. If you want to succeed, first create an actionable business plan. The plan will help you to know what you want to do, what to anticipate for, as well as keep you on course. With the right business plan, you won’t deviate from your goals.
If you can’t create one yourself, that should not a cause for alarm. Various competent business plan writers can get you everything you need. You only need to give them your ideas, and they will formulate the best plan for your business.
2. Gradually Increase your Product Inventory
To ensure that your online store is visible, you must have a variety of products. This way, when a customer visits your store, they will most probably find something that suits them and buy.
Adding new products to your store shows that it’s not something you are trying to do, but rather something you know how to do. However, the inventory addition should be done gradually. This will help avoid any unseen future problems, including navigation or server overload problems.
3. Referral Rewards
This is an effective method of getting more visitors to your store. A referral rewards program is also a cost-effective way to promote your online store. This is because you just need to reward your existing clients whenever they refer or bring someone to your store.
You can do this by offering them free products for a certain number of referrals, free membership, or even a discounted price for their subsequent purchase. This will make them spread the word about your e-commerce business to earn these rewards. And by doing so, more and more people will visit your online store.
You don’t need to do much advertising yourself. The customers will do that for you, and at minimal costs.
4. Make Follow-Ups with your Customers
Don’t make the mistake of letting customers go just like that. If a customer makes one purchase, don’t assume they will come back if they need something else. Also, it doesn’t mean that they can’t make another purchase. You should try to keep in touch with them even after a purchase.
This will help you ensure that the client gets informed about any new product you bring on board. Through follow-ups, you can encourage existing customers to purchase more products by offering them discounts and special promotions.
Identify products that are related to what the customer bought and send them an email with discounted products. Through this, you can increase your e-commerce business sales.
5. Promote You Store through Emails
Promotion through emails is arguably among the best ways to make people know you and what you offer. Based on a study by Francisco Rosales, about 95% of online customers are making use of emails. Out of this number, 91% of them check their emails at least one time every day.
Therefore, if you sent something to their email, there is a high probability that they will see it and maybe read it. If you are an e-commerce business owner, you can leverage these numbers to send promotional materials to your customers.
If you want to get emails of prospective customers from online sources such as social media platforms, you can make use of the email scraping tools. For example, the LinkedIn email extractor is an excellent feature that can help you harvest emails from the LinkedIn platform. It allows you to access email addresses from all your contacts.
6. Get on Instagram
Although most of us assume that Instagram is not as effective as other social media platforms like Facebook, this is not entirely true. Instagram also has a massive number of users amounting to almost 200 million every month. With such numbers, it makes the platform a great place to advertise your store.
Also, since the platform focuses more on videos and photos, you can easily upload various images of your products and add the necessary hashtags. This will help create a following from your target audience. More followers mean more visitors to your e-commerce store, which may lead to more sales and revenues.