In a changing digital world, it's crucial to understand how to expand your online business in the era of e-commerce. Experts predict* that the online retail market will grow over 11% annually and will reach nearly $6 billion by 2027. There are expected to be over 5 billion users of the digital market in this time. We have explored the latest e-commerce trends on this blog before and they are constantly changing.
Online shopping is easy, available, and has a huge audience, giving entrepreneurs and businesses great chances to succeed. However, starting a business can be difficult and overwhelming, especially in a competitive and ever-changing market. To succeed in e-commerce, it's crucial to have the right software for your Shopify site. This will help you grow and stay competitive in this fast-paced industry.
In this article we discuss five simple methods to improve your online business. It provides tips on effective strategies and practices that can significantly influence your commercial success. Whether you're new to e-commerce or experienced, this guide will help you succeed. It provides the tools and knowledge you need to reach your e-commerce goals.
5 Simple Ways to Grow Your Business
There are numerous strategies, practices, and insights you can employ to boost your sales and transform your business. However, we’ve distilled some of the simplest, most approachable to get you started. Leave the work to our powerful Shopify Apps, to make your online business thrive in no time!
1. Identify and understand your audience
Before pushing for your online business growth, be sure you have a clear idea of what your brand is. Then, defining your tone of voice, your market and target audience. Targeting the right audience is important for attracting customers and thus generating sales. By understanding their needs, preferences, and dislikes, you can tailor your products, services, and marketing efforts to meet their demands effectively.
Before you begin targeting, you need to know who you’re selling to. Research the broader industry and identify your place within it.
Who are your competitors? How are they catering to consumers’ needs? What gaps can your e-commerce business fill? Gap analysis can be a productive way to target the right audience.
Once you’ve identified your audience, gathering insights on existing and potential customers—surveys, focus groups, feedback forms—gives a good indication of preferences and shopping behaviours.
Paying close attention to demographics like age, gender, location, and income is important. Knowing what they will buy, whilst their interests, values, and lifestyle choices are essential for understanding why they will buy it.
When you’ve outlined your audience, you can begin tailoring your marketing and advertising to specific buyer personas. Creating an effective brand and message is essential. It helps to generate interest by appealing to customers' desires and explaining how your product or service can improve their lives. In a very saturated market, make sure you stand out.
2. Upsell your products
When your branding, messaging, and website are directed towards the right target audience, implement strategies to generate and increase sales. Upselling, when executed thoughtfully and strategically, is a powerful tool to grow your business.
Upselling involves suggesting extra or upgraded products to customers for them to purchase. And so, increasing the amount of spend they initially intended to have.
It is important to do it the right way to avoid coming across as pushy or deceptive. Upselling works but not every customer is receptive to it. You want make sure not to alienate your audience by being too persistent or making them feel pressured.
For it to work well, understand your customer’s needs and how to add value to their shopping journey. This will come across as a personalized experience and increase customer satisfaction and retention.
Our Shopify Discount App, Cartix can help you to seamlessly integrate upselling promotions on your Shopify. Designed to turbocharge your order value and store conversion rate, this app easily incorporates all the best strategies to encourage upselling.
3. Implement sale promotions and great discounts
It is of course always possible and advised to upsell to customers on your website. But, attracting the right customers can be a challenge, even when you’ve got your branding and messaging targeted precisely.
That’s why many online retailers run campaigns with sale promotions and discounts pushed on browsers and social media platforms. Their aim is to encourage clicks from potential shoppers and get more traffic to their store.
Whether it’s a first-time customer offer of 10% off or a flash sale on a specific line of products or services, we’ve got your back with GetSale.
With our Discount Manager Shopify App, you can bulk edit prices, stack and combine discounts with Shopify promo codes, and multi-schedule discounts. You can also implement a countdown timer on product pages with GetSale, our Shopify app will be reducing the heavy lifting typically involved in operating sales and promotions and save you time. A countdown timer is always a great way to create a sense of urgency to encourage your website browsers to buy before it’s too late!
4. Keep customers coming back to grow your business
It is important to remember that you can only grow your business if you have repeat and loyal customers. Of course, a one-of buyer enticed by a great promotion is effective for boosting sales at any one time. But you want to keep customers coming back to guarantee a stream of income for your business, customer retention is very important and it will help improve your store conversion rate. It has been argued that in the current uncertain climate and with fierce e-commerce competition, only the brands with loyal customers* will grow and weather the storm.
Personalizing the shopping experience to continue targeting your audience as they convert into customers is a reliable way to encourage repeat purchases. Crafting personalized marketing messages speaking directly to those you know will come back enhances their shopping experiences and fosters brand loyalty.
One effective way to do this is by giving loyal customers personalized incentives to keep them coming back. For example, EasyGift can be used auto-add promotional gifts with purchases, gift cards, and all manner of other promotional items to your customers’ carts. It is super easy to set up tiered discount with our extremely customisable app. You can also pick which products trigger these promotions, and even use magic links to target discount rules for different audiences.
5. Have reliable post-purchase support
You have now your customers, they are making the most of the promotions and offers you’ve given them. It is paramount to make sure they continue to be happy after they’ve checked out. Providing excellent post-purchase support to upsold, loyal, and new customers is essential for fostering loyalty and growing your business.
Addressing customer concerns, offering additional resources, and ensuring a smooth shopping experience strengthens your brand image and encourages growth. One way to do this is to ensure you write a reliable, receptive exchange and returns policy, do not miss this step. Our app, Exchange It, can help seamlessly integrate your policy into your website, taking some of the hassle out of dealing with the post-purchase experience.
Conclusion: Unlocking Growth
Embarking on your e-commerce journey can be daunting and challenging, especially in such a competitive online world. However, implementing a focused, coherent strategy for encouraging business growth will make your online store more sustainable.
It will also ensure that you are maximizing the potential of your business. Identifying your audience, understanding their needs, targeting the market with sales, promotions, and upselling, and of course, supporting your customers post-purchase are all important strategies for boosting your business growth.