Boost sales and grow your online business with these strategies
One thing is clear when it comes to the eCommerce market: it is having a moment.
Experts have called it everything from explosive to the perfect time to have an eCommerce business. So whether you’re thinking of starting a business or wanting to grow the one you have, the most important thing for developing a strategy and scaling your business – which are two major necessities for growth in themselves – is market research.
(Click here to jump down to the TL;DR)
How to grow your eCommerce business
Before we can even talk about market research, we need to talk about growth. That applies to how you think (mindset), but also the importance of thinking about growing your business.
You’ll need to improve your process and create a strategy in order to attract more customers, which helps you increase revenue that ultimately, what? Grows your business!
Let’s look at some helpful considerations.
Start with market research
Market research is key to scaling your business because it tells you:
What you’re dealing with
Who the competition is
What your blindspots or weaknesses are
What products are the most scalable
And the list goes on, so keep reading!
Having that data should inform your plan and decision-making when it comes to business and market strategy. And you will need to have a strategy.
Develop a winning strategy
In your market research, you will discover your target audience and the spaces they frequent online. That includes the social media platforms they use most frequently.
Knowing which social media platforms to find and engage with your customers will help you to market your product directly to them (tapping into the direct-to-consumer, or D2C, strategy that’s highly effective for eCommerce businesses), give better customer service, and collect data on customer feedback.
Additional ideas to consider when building a strategic plan are the topics that are important to your customers, building a strong, engaging, and inclusive community, and which selling platforms, such as Shopify, are best for your eCommerce business.
But we’ll cover those things in more detail later this month
Know the average order value
Monitoring your sales and tracking consumer behavior can help you improve your average order value (AOV), which is the average amount of money spent per customer, per order.
By reviewing the trends of your customers and their buying behavior, you can make sure to stock up on high-selling items, make adjustments in marketing, or change the positioning and placement of products on your site to increase in sales.
Optimize your site
In our blog on the best optimization tips, we discuss why it’s important to optimize your site, and how to do it right.
Optimization aligns your goals and intentions with your customers. It sets your site up making it easy to find, navigate, and make purchases so customers have a better experience. And, so you rank higher on Google to attract new customers.
Go global
Whether you’re just starting out (and keeping your sphere of shipping small) or are ready to expand your customer base, going global is a brilliant way to grow your eCommerce business. No more passport and visa barriers. Access to online shopping eliminates them! But it’s good to have an established digital presence and a solid customer base before going global.
That said, if you have a viable product with universal appeal, why not share the love internationally?
For starters, language limitations shouldn’t be an issue. There are help desk tools that provide automated translation to bridge the language gap for global customers.
TL;DR
The eCommerce market is having a moment; now is the best time to be an eCommerce business.
Focus on the growth of your business and what it takes to make that happen.
Market research is a game changer for growing your business and knowing your market.
Having a strategic plan is important because it’s the road map to increased revenue, scaling, and expansion for your business.
Knowing the average order value of your customers is the secret sauce to boosting sales and sales goals.
Optimization is the invisible thread that pulls it all together because if you have a great product, but no one can find it, the business can’t be successful.
The whole world is a keystroke away. Build a strong foundation for your business, then expand into global markets for exponential growth and possibilities!
