eCommerce businesses are booming, and the latest statistics show a future of steady upward trend with no signs of decline. As a matter of fact, eCommerce is one of the fastest-growing industries with new studies projecting that the global retail eCommerce sales will reach a brand-new high by 2021 as the market is expected to hit $4.9 trillion by 2021. As the global eCommerce sales are steadily eating up the worldwide retail market, by 2021, they will account for nearly 18% of the global retail sales.
Running an eCommerce business is a fantastic way to reach a vast audience who wants to purchase your products, and at the same time, is a low-cost way to run a business. If you are already operating an eCommerce store that’s doing well, you’re probably interested in capitalizing on the eCommerce industry’s tremendous growth. In order to achieve that, it’s highly imperative to build your business to grow and continue growing. So, how do you continue reaching new levels with your eCommerce business?
When entrepreneurs scale their eCommerce business, they set it up to grow as the company takes off. This means that as a business owner, you will have to prepare to meet growing operational demands as people want to purchase more of your products and enhance fulfillment demands as more and more clients place orders daily. Eventually, you will also need to optimize your online presence to gain more visitors, as this also means that you will need digital solutions that allow the processing of many orders and a steady eCommerce site that will enable increased traffic and visibility by more people from many different digital channels.
Expanding your eCommerce business can prove challenging and is your key to success over an extended time. In case you’re interested to grow your online business, read along and learn our expert’s four smart ways to make your eCommerce business thrive n 2020 and beyond.
Hire The Right Skillsets And Partner Up With The Right Agencies
If you’re planning to get to the next level quickly and effectively, always tend to hire the right people for the job and partner with the appropriate agencies that can genuinely help your business’s cause along the way. Staff up when necessary, and partner with the right third-party outlets if there are issues that need to be resolved professionally from people with particular skillsets.
If you don’t have these skillsets already on your payroll, it’s always a good idea to outsource this to an agency that has experience and manpower to run your social channels, create content, or handle email marketing. These are all important factors that contribute to the overall success of your eCommerce store, which is why you should definitely invest in them.
Even more, if you run your eCommerce business via an eCommerce platform like Shopify, and you face concerns like conversion rate optimization or app integration, perhaps it’s for the best to turn your attention to a professional Shopify development agency to help you get to the next level quicker and more successfully. These third-party services and agencies help eCommerce businesses build and grow their eCommerce stores and quickly improve both business efficiency and user experience.
Make Data-Driven Business Decisions
One of the best places to start when looking to make your eCommerce business expand is at the data you’ve been patiently collecting. Check out the product sales, team performance, inventory forecasts, and shipping and delivery times before you start to make decisions.
Looking at the data from your product sales can tell the story of what products you carry are popular within your clients and which items don’t sell well and can be discounted. Reviewing your team’s performance is also critical, as the pick, pack, and ship process can help assess if an extra staff is needed to fulfill the orders or if goals are being consistently met. If you have contracts with third parties for shipping and delivery services, service-level agreements are a must, as these contracts are agreed-upon metrics that must be hit according to your contract. Check within your data systems, and if that isn’t the case, you might consider evaluating alternative shipping and delivery options to grow your business further.
Invest In The Right Technology And Business Automation Processes
Fast eCommerce business rise goes hand in hand with working with the right technology suited to your business’ needs and business process automation when possible to stand out from your main competitors. If you have the resources, don’t hesitate to bring in the right technology within your company.
For example, your back-end systems should be affiliated and communicating to increase your business’s efficiency, or perhaps you are still handling the warehouse manually. It’s about time to seriously consider modern-day warehouse management systems to automate the warehouse tasks and use your warehouse employees more wisely.
As manual processes can slow your business down, there are many options to set up automation across your eCommerce business. Nowadays, you can set up automation for pretty much anything to make work-life more comfortable and help you have 24/7 service available without having your staff working overtime. Besides, business automation processes can help you cut some costs, reduce human-related errors, increase efficiency, and grow your business.
Create Strong Marketing Campaigns
One thing is for sure: your eCommerce company can’t grow without strong marketing campaigns. Even if clients are actively purchasing your products, you still have to plan strong marketing campaigns and implement various marketing strategies. Think of marketing campaigns as a continued momentum that you need to sustain growth and scalability.
eCommerce marketing is an extensive term covering numerous marketing strategies and techniques you can choose from depending on what applies to your business model. A thorough understanding of inbound marketing’s best practices can prove vital to your eCommerce business’s growth.
Selling products online demands a robust digital presence and the ability to close a particular sale with your potential client. Making use of a profound SEO strategy to get more traffic to your website is amazing, but you will also need to make it worth their while to buy your product. This can be done using various marketing campaigns like special offers for loyal customers, discounts using promo codes, and other incentives.
A couple of the top marketing strategies for eCommerce businesses include email and social media marketing. As two-thirds of potential buyers abandon shopping cart purchases, you can utilize email marketing to remind people of their abandoned shopping carts and lure those customers back to your eCommerce website.
With the neverending expansion of the global retail eCommerce industry, you’ll undoubtedly want to ensure your company can grow in proportion and quality, too. Even though these are all essential strategies that can get your eCommerce company to the next level, have in mind that these are not the only tasks you will have to do to grow your business further. However, invest the needed time, employ the right people, utilize your data, invest in the right technologies, expand your reach, and watch your business thrive.