As of 2023, there are 2.64 billion online shoppers globally. That’s about 33.3% of the population worldwide.
Now that online shopping is more popular than ever, the pursuit of growth for your eCommerce store is non-negotiable. Competitors, consumer expectations, and the ever-evolving digital landscape constantly challenge your eCommerce business.
To succeed, you must adopt an effective eCommerce growth strategy that gives you an edge against the competition and increases your revenue. In this article, explore various avenues for driving growth in eCommerce and understand when it’s time to make the leap.
How do you grow your eCommerce business?
Growth means different things to every business. It may involve:
- Expanding your customer base. This involves not only attracting more customers but also broadening your audience by reaching new demographics or geographic regions. It’s about making your online store more accessible to a larger group of potential buyers.
- Generating more sales. Increased sales mean your business isn’t just attracting visitors but converting them into paying customers. It’s essential for boosting revenue and ensuring the financial health of your eCommerce venture.
- Enhancing your performance. Continually improve the efficiency and effectiveness of your eCommerce operations. This may include streamlining order processing, optimizing website load times, and enhancing customer support.
- Broadening your product offerings. It allows you to cater to a wider array of customer needs and preferences. It’s about offering more choices and potentially increasing the average transaction value.
- Improving customer satisfaction. A satisfied customer is more likely to return and recommend your store to others. It’s vital to provide excellent service, a user-friendly website, and high-quality products to create positive experiences.
- Boosting your competitiveness. This means not only keeping up with but also outperforming your competitors. It involves a combination of pricing strategies, marketing innovations, and maintaining a strong online presence.
Signs it’s time to grow your eCommerce business
Gauging the right moment for expansion is critical. It can cost you time, effort, resources, and manpower, and it only makes sense why business owners are reluctant to get started. So, how do you know it’s time to grow your eCommerce business?
If your business has been ticking these boxes, it might be time to explore new growth strategies.
Declining sales
When sales start going down, figure out why this is happening. Whether it’s because people are shopping differently, the changing market, or the increasing number of competitors showing up, learning the cause will make it easier to resolve it as you build your strategy.
Market changes
The market is constantly shifting, and being able to easily adapt to these changes is essential to fuel sustained growth. Keep up with the trends to stay responsive so your business can thrive and stay ahead of the competition.
High cart abandonment rates
If a significant number of customers leave their shopping carts without making a purchase, it’s a red flag indicating your current process may be falling short. By identifying your customers’ pain points, you can reduce abandonment rates and improve your chances of converting potential customers into actual buyers.
Low conversion rates
When only a small percentage of website visitors sign up or purchase, you might need to tweak your website or offerings. Check whether your website needs to be more user-friendly, fast-loading, or attractive.
Stagnant traffic
If your website traffic isn’t growing or remains consistently low, find ways to attract more visitors. This involves increasing your eCommerce store visibility by applying other marketing strategies.
Negative customer feedback
When existing customers express dissatisfaction with their experience, it’s a clear sign your strategy may have gaps. These gaps can be related to anything from product quality and shipping issues to difficulties in using your website. By addressing these issues, you can enhance the overall shopping experience and build stronger relationships with your customers.
Satisfied customers are more likely to return while recommending your store to others. This word-of-mouth promotion helps drive growth to your eCommerce, expanding your customer base.
Increased competition
The eCommerce landscape is highly competitive with many online stores trying to win over the same customers. Beyond keeping an eye on established businesses, you need to observe new players who are learning and improving their strategies. Always look for fresh and creative ways to attract and retain customers to stay competitive.
Inadequate ROI
If your investments in marketing and other strategies aren’t generating a satisfactory return on investment (ROI), you need to be efficient with where you’re putting your attention. Find out which strategies are delivering the best results and focus more on those. Meanwhile, modify the less effective ones.
7 efficient growth strategies to drive online sales
The path to eCommerce growth is multifaceted, requiring a blend of digital marketing, product development, and customer engagement techniques. Consider these points in your eCommerce sales strategy:
1. Optimize your website for search engines
About 68% of online experiences start with a search engine. If search engines can’t find your website, your target audience probably won’t either. What you want to do is to boost your website’s SEO.
Search engine optimization (SEO) makes your online shop easier to find on the internet. But how do you get started?
While SEO involves a series of methods, using relevant keywords and phrases within your content is important. When search engines, like Google, scan through information on the internet, they retrieve relevant sites and content according to what the user is searching for.
The more helpful your content is to a particular query, the more Google ranks it higher in search results, making it easier for people to find you.
Plus, it shows site visitors you’re an expert in your industry, which makes them trust you more. If your content is valuable enough, reputable websites may even link to your web pages.
These are called backlinks. Basically, if other websites link to your web pages, site visitors, and Google, will find your content reputable. Not only that, but search engines that crawl through your website would also flag your pages as relevant. This boosts your site on the search results.
2. Post content on social media
Social media marketing uses platforms like Facebook, Instagram, Twitter, and others to promote your products or services. In fact, 76% of social media users purchased a product they saw on social media.
First, you need to be where your customers hang out online. Once you know where your target audience is, create and share content they find interesting to catch their attention. Be sure to post regularly to keep your followers engaged.
The more social media users see your content, the more effective it is. That’s why you want to reach even more people. To broaden your reach in a shorter span of time, try deploying social media ads. You can choose who sees these ads based on factors like age, interests, and location. They appear in people’s social media feeds, and you only pay when someone clicks or interacts with them.
By doing all this on social media, you can connect with your audience, keep them excited about your products, and even find new customers.
3. Reach your customers through emails
Did you know that 27% of US consumers said that receiving newsletters from a brand regularly influences their purchasing decision? Email marketing is a way to send personalized messages, updates, and promotions to their customers through email. It’s a cost-effective way to engage with your audience and boost sales.
First, you need to create a contact or email list. Gather email addresses from people who visit your website and buy from you. Once you have your email list, consistently send out email newsletters. These newsletters should contain a mix of promotional offers and valuable content, just like a magazine subscription.
To maximize the impact of your emails, segment your email list into different groups based on customer data such as purchase history or demographics through email segmentation. Then, tailor your messages to each group’s specific interests and needs.
You can make email marketing easier by getting a business email address. This way, your emails look more trustworthy and you can get started on automating your emails.
4. Deploy paid ads
In a recent study, 75% of users said that paid ads help them find what they need. Paid ads are like online billboards or commercials, improving your visibility and reaching as many interested people as possible. So while SEO is more sustainable in the long run, complement it with advertising strategies to hasten your business growth.
To start your pay-per-click ad strategy, choose who you want to show your ads to and set a budget. In an online auction, the highest bidder’s ad gets displayed to people searching or scrolling online. Clicking on the ad takes a user to your website, and you pay a small fee for that click. It’s a cost-effective way to reach the right people online.
Launch paid advertising campaigns on search engines like Google and social media platforms such as Facebook and Instagram. When setting up your ads, select particular keywords and demographics that align with your target audience.
Don’t forget to continuously monitor your ad performance. Track metrics like clicks, impressions, and conversions. Just as you’d assess the effectiveness of a physical ad campaign, analyze your digital ad data. Adjust and optimize over time to improve results, ensuring your ad spending is effective and efficient.
5. Continuously develop your products
According to statistics, only 40% of new consumer products are successful in the market. Creating something entirely new may be a risk for small businesses and start-ups. That’s why you can start with an existing product and make it better based on what customers want.
Introduce new products that directly cater to your target customers’ wants and needs. You can also make your products sell even better by paying close attention to what your customers are saying. If they have suggestions or complaints about your existing products, use that feedback to make improvements.
And, to make sure everyone can find something they love, offer a range of product options and customizations to suit different tastes and preferences among your customers. This way, you keep your customers happy and coming back for more.
6. Focus on retaining loyal customers
Acquiring new customers is a solid goal in marketing, but your business’ lifeblood relies on repeat customers who provide 65% of the purchases from your brand. You want to keep customers coming back. One way of doing this is retaining your customers’ loyalty.
Providing exceptional customer service is key. Good service builds trust and keeps customers coming back. You can also offer special rewards or treats to say thanks for coming by, through loyalty programs. This encourages customers to shop with you again and again.
To take it to the next level, make it easy for customers to buy from you again. People don’t want to go through hoops just to make a purchase. Streamline the checkout process, so it’s as hassle-free as possible. This convenience keeps customers loyal and coming back for more.
7. Expand your market
Market expansion means taking your business to new places or audiences. You find places where people might want your products, adjust your offerings if needed, or partner with local businesses to get a good start.
Always start with market research. Look beyond your current area and venture into new places where potential customers may not have discovered your products yet. Offer your products in different languages to connect with a global audience.
And to make sure you’re not alone in this new place, team up with local businesses. This helps you gain credibility and reach more customers in a new town. This way, you can make your mark in fresh territories and grow your business beyond your current boundaries.
Grow your eCommerce business with an efficient strategy
A well-defined eCommerce growth strategy can significantly enhance your brand’s visibility, attract more customers, and pave the way for sustainable growth.
Remember, the industry is constantly evolving, demanding adaptability and continuous improvement. As you embark on your growth journey, partner with a reliable online solutions provider to navigate the complexities and seize eCommerce opportunities successfully.
If you’re ready to elevate your business to new heights, reach out to Web.com today. We’ll embark on a journey to success through our robust online solutions, ensuring your business thrives in the face of competition and uncertainty.
