7 strategies to grow your e-commerce business
One of the most dominating market trends of the last five years has been the steady growth of ecommerce ventures. When it comes to the ecommerce business in India, the number of online sellers and the keen buyers has increased in tandem.
In fact, reports suggest that e-commerce sales hit over $4.2 trillion in 2020, which was up from $3.5 trillion in the previous year. Going by the current scenario, more than 15.5% of global retail sales all over the world will happen online.
Of course, you would want to get your share of this pie too, but an ecommerce business does not run on the principle of ‘if you build it, they will come.’ You need a structured ecommerce business plan to make the most of this market trend.
On that note, here we are with our proven and tested 7 strategies to grow your ecommerce business effectively this year.
1. Increased focus on content personalization
Giants like Netflix and Amazon are leveraging content personalization as a part of their ecommerce business model, and it is time for you to follow their lead.
After all, potential customers will be more inclined to buy from your store when your ecommerce business model showcases products that are relevant to them. Everyone is looking out to personalization.
As content personalization is among the top 16 ecommerce business Ideas of 2020, here is a list of criteria you need to consider:
- Demographic information, like language, gender, and location.
- Previous interactions of the customer on your website.
- Time of visit, as in, the time of the day or month.
- Declared interests of the customer.
So, one of the 7 strategies to grow your ecommerce business should be to personalize your display of shipping information and product recommendations based on customer location.
2. The smart bidding approach on Google Ads
Pay attention to smart bidding techniques if you run advertisements or shopping campaigns on Google Ads to grow your ecommerce business in India.
Google uses machine learning to optimize your bids and deliver better results. The advanced machine learning system uses signals like location, OS, language, and more to set the right bids.
You can make smart bidding a part of your ecommerce business model based on the given targets:
- Maximize conversions
- Target ROAS (Return on Ad Spend)
- Target CPA (Cost per action)
What makes smart bidding one of the top 16 ecommerce business ideas of 2020 is that it saves you time to invest in other campaigns.
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3. Omnichannel marketing is the way to go
Consider a situation where a customer began the purchasing process for your product on their smartphone but had to stop it midway and continue on desktop.
Can they pick up from where they left? Or do they need to start again?
If the answer to that second question is a yes, then omnichannel marketing is still not a part of your ecommerce business plan.
Keep in mind that prospects would want to use multiple channels like social media, smartphones, emails, and more to interact with you. You will lose customers if you fail to cater to any of these channels used for ecommerce business in India.
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4. Email marketing solutions
When looking for the top 16 ecommerce business Ideas of 2020, remember that bringing customers back to their abandoned shopping carts has to be one of your targets.
Making email marketing an important part of your ecommerce business plan will be highly effective in this regard.
Here are the most important types of emails that you should send to your customers, as per your ecommerce business model:
- Welcome emails
- Holiday emails
- Win-back emails (for the inactive customers)
- Replenishment reminders
- Recommendations based on their browsing and purchase history
- Purchase follow-up
- Order confirmation
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5. Influencer marketing and shoppable posts on Instagram
Did you know that 130 million Instagram users click on shopping posts each month? That is reason enough to include it in our 7 strategies to grow your ecommerce business.
Shoppable posts form a crucial aspect of an ecommerce business plan because it lets customers purchase your products directly on Instagram. Users are more likely to complete the purchase as they do not face the hassle of leaving the app to reach your website.
Influencer marketing also has a huge draw for an ecommerce business in India. You can combine it with the shoppable posts to get the best results.
6. Targeting existing customers
Your ecommerce business model needs to pay as much attention to the existing customers as it does to the new or potential customers.
At the end of the day, your loyal customers will:
- Have a higher rate of conversion.
- Add more products to the shopping carts.
- Generate more revenue with each of their visits to your website.
One of the top 16 ecommerce business Ideas of 2020 is to make a customer loyalty program a part of your ecommerce business in India. It will give your existing customers the incentive to shop more from you.
7. Better use of user-generated content
Your potential buyers usually consider the opinions of your existing buyers in making their purchase decisions.
User-generated content answers three very important questions that prospects generally have:
- What do existing customers think about the product?
- How are they using the product?
- What are the benefits being derived from the product?
- Overall review of the product?
- Should they use it or not?
The top 16 ecommerce business ideas of 2020 will mean nothing if you cannot convince your prospects that you already have a loyal group of customers.
So, start a hashtag on social media to let people easily find user-generated content for your business. Also, do not forget to repost users’ content on your social media pages to show your appreciation.
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Go ahead and use these 7 strategies to grow your ecommerce business to come up with better ways to market and sell your products. The growth trend of ecommerce is showing no signs of stopping, which makes it the perfect time to put your ecommerce business plan in action. So, get to work from today because digital marketing is never going to stop. All you have to do is to buckle up and do something experimenting every day.
If you do not see the expected results with your present strategy, come to us and we will change your strategy to derive results you expect. Connect with us through skype of our email id to reach out to us, if you need any assistance with creating a content marketing strategy, for YouTube channel optimization, or social media marketing.