Of course every eCommerce merchant craves growth, but that’s easier said than done. While trying to expand business operations, you as an eCommerce merchant have to think about 10 things, including the impact on cash flow, your customers’ buying power, overhead expenses and more. Although there’s no set strategy that can help you expand your business overnight, we can offer you tips that are guaranteed to make positive difference to your sales and bottom line. Are you wondering what those tips are? Read on to find out.
Know your customers: As a retailer, you should know your customers. Of course we aren’t talking about their prejudices or career ambitions; what we mean is you have to know their buying preferences and patterns. Once you understand your customers, you will know what’s their shopping behavior and what they expect from you. Accordingly, you can offer them tailor-made services.
Choose products prudently: You should always choose products that your customers are likely to buy. Based on your customers’ preferences, you should make buying decisions. Also, if you are selling special products for holiday season, do remember that you will be competing against big brands. So you need to calculate your margins properly. If you don’t have enough buying power to give big names a run for their money, better go for niche products that are difficult to find at big box retailers.
Content marketing: While you are creating content marketing strategy, you have to take into consideration new customers as well as existing customers. Attracting new customers through unique content is well and good, but you also need to come up with engaging and appealing content for your existing customers because they are your real profit boosters.
Email marketing: Email marketing is one of the most powerful marketing tools. According to consultant Francisco Rosales, 95% of online shoppers use email and 91% of them check their emails regularly. Another survey found out that 60% of the marketers experienced a positive return on their investment from their email marketing strategy. On an average, a single dollar spent on automated email marketing services produces $44.25 in return.
Social media: Social media is a new form of marketing. Apart from being low cost, social media will help you engage with your audience. This in turn will help you offer them an outstanding social network shopping experience.
There are still many other ways to grow your business. Hire Ydeveloper’s eCommerce Marketing manager for your business to expand online.
If you have any new ideas for expanding business, do share it with us here.