The e-commerce sector of business has been one of the major success stories of the last decade. It has steadily grown in terms of the total market value of e-commerce (which is now estimated to be worth $6.3 trillion globally) and the number of companies that now operate on a purely online basis.
Part of the reason for the success of this industry is the convenience that it offers consumers. If you have a smartphone and a reliable internet connection, you can shop online from virtually anywhere. Purchases can be made with little more than a few clicks and screen gestures and before you know it, your order has arrive in the post.
Consumers are increasingly willing to purchase goods online, and may even buy from overseas companies – providing that the delivery timescales are reasonable. In short, the e-commerce sector is booming and is expected to continue to enjoy impressive growth. If you are running an e-commerce firm, you will know that competition can be intense online. If you have successfully navigated the first crucial years of trading and are turning a healthy profit, you may be seeking growth strategies to expand your firm and generate improved revenue streams.
In this article, some growth strategies specific to the online sector will be explored. They will help your firm to enjoy increased success in your chosen niche within e-commerce.
Drive more traffic to your website with SEO
The overall success of any e-commerce company ultimately rests on the quality and performance of its website as it is the main consumer touchpoint. Customers expect to have a pleasurable surfing experience when they visit your online store and will want to revisit the site if they are satisfied with the overall shopping experience. However, a key consideration in your business website design is ensuring that it adheres to the best practices of search engine optimization (SEO). These encompass a range of techniques and strategies that have the ultimate aim of improving your SERP rankings when a potential customer makes an organic web search for a specific product.
If your e-commerce firm can reach page one of the Google search results page it will enjoy significantly greater traffic volumes to the website, which will ideally be converted into extra sales. Most online customers will look at the first page of search results – and perhaps page 2 – but few customers will search further than this. SEO best practices are vital for improving your rankings and cultivating growth in your business; however, expertise is needed in SEO to fully implement all the strategies.
If your firm does not have a talented SEO team, it is important to consider outside firms that specialize in this area, such as RSM Marketing’s digital marketing services. Such companies can collaborate with your firm to boost the SEO of your company website. They will take a critical look at the functionality, content, and performance of your site and will look to improve the poor-performing areas – allowing your site to eventually enjoy higher online traffic volumes. In short, consider using the services of digital marketing professionals to boost your website SEO and gain increased web traffic to support your company’s growth.
Offer a range of delivery options
In 2024, online shoppers are more likely to trade with companies that can offer a range of delivery options. Free shipping options are attractive to some consumers, so this option should therefore be offered across product ranges to appeal to this section of consumers.
Typically, delivery timescales will be longer to offset the free shipping. However, a growing number of online consumers now seek express delivery options at the checkout and are willing to pay more for rapid deliveries. Such rapid delivery options should also be offered to appeal to this growing number of online consumers.
Put simply, offer a range of delivery options and timescales at the checkout and you will be able to satisfy a wider group of customers.
Use customer loyalty schemes
Finally, customer loyalty schemes can be a key way to retain customers, ensuring that your firm enjoys a steady stream of revenue without needing to constantly rely on attracting new customers.
There is a wide range of customer loyalty schemes that your firm can consider, one of the most popular being a point-based customer loyalty scheme. In this model, the customer earns points with every purchase that they make. Eventually, these points will accrue to a level that allows them to be “cashed in” and used as credit in the purchase of other products.
Research has demonstrated that such customer loyalty schemes are highly effective in retaining customers and can be a key strategy that supports the ongoing growth of an e-commerce firm.
