E-commerce seems to be making ground steadily in recent years, which has seen most traditional retail stores with more overhead shut down or go bankrupt. By the end of 2022, the global revenue in the eCommerce market is expected to hit US$4.23 trillion.
With the number of eCommerce users anticipated to reach 4,887.9 million by 2025, industry experts project that the global revenue will show an annual growth rate of 11.58% between 2022-2025. This may result in a projected market volume of US$5.88 trillion by 2025.
Although the eCommerce market is set for significant growth in the coming years, you must position your new business with suitable approaches and strategies to see remarkable results and stay on top of the competition.
Here are the eleven top-ranking success tips you can use to scale your new eCommerce business.
Provide Free and Speedy Shipping
A study revealed that 80% of American online shoppers say that the shipping speed and price play a critical role in determining where they do their shopping. It is probable that if your site offers numerous shipping options, you might deter customers who want to receive their products quickly.
Keep in mind online shoppers neither touch nor try the product before purchasing. Thus, offering them free shipping or reasonable pricing will enable you to win them easily and secure a sale while shielding them from all the risks involved.
Simplify the Entire Shopping Process
Online shoppers look for a company that offers convenience. Most of them are not patient enough to adhere to complicated return policies or wait many days for their orders to arrive.
Revisit your entire shopping process to identify areas you need to improve, streamline, and simplify to enhance customer experience. Do all it takes to ensure that none of your customers abandons their cart to buy from your competitors simply because your checkout process is not straightforward.
You can simplify the buying process by offering common payment options like PayPal to fasten the payment process. Another option is to save the shipping, billing, and payment information for repeat customers to save time. Besides, ensure that the shopping cart is easy to access and view and the site is easy to navigate.
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Social media stands out as the heartbeat of any business as it provides you with an uninterrupted glance into your customers. You can use your social platforms to popularize your products and provide links to your eCommerce site.
Besides, you can incorporate social elements, such as testimonials, follow buttons, and social login options, into the site to enhance the conversion funnel.
Depending on the type of your eCommerce business, you may also choose to sell on Poshmark. It is one of the leading social eCommerce platforms where users can sell or buy clothes and other accessories. The platforms also provide a social networking feature, enabling users to follow each other, share, like, and comment on product listings.
Relevant and high-quality links go a long way in ensuring that your eCommerce business top ranks on search engines. You can reach out to review sites, forums, and websites, and try to develop a relationship with them by providing your product samples. Ensure that the site targets the type of audience you want to sell to.
For instance, if you sell baby products, you can seek an audience with parenting websites to see if they can write about your product. By doing that, they will not only help you build a solid online presence but also promotes their audience.
Focus on Developing Trust
Trust is essential for any eCommerce business seeking to succeed. You can build trust by being transparent from the beginning. Make it easy for site visitors to access your contact information, including phone numbers and email addresses.
You may include a Contact Us page to enable potential customers to talk to you when need be. Other important things to make public include reviews, ratings, testimonials, and the number of product downloads.
Additionally, avoid any hidden fees and if you charge extra for handling and shipping, make it clear to prospects before they get to the checkout page.
Stay on Top of SEO
SEO drives the much-needed traffic. But you must ensure that your website meets Google’s Search Quality Guidelines. Also, ensure that your landing pages have relevant keywords for a higher Google ranking. You can achieve that by conducting keyword research and learning the best ways to strategize your page content. If you are not skilled at SEO, hire an SEO expert to do the job for you.
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Get Personal with Your Marketing Efforts
Even though your new eCommerce business marketing budget may not match that of a giant company like Amazon, you can become more personal and develop closer relationships with your customers. Tell personal stories and the passion behind sharing your products with potential customers. Through that, you will build a bond with your customers that will help take your business to a whole new level.
By the end of the second quarter of 2022, mobile devices, exclusive of tablets, accounted for about 58.99% of the global website traffic. This makes it necessary to build an eCommerce business with mobile in mind as it will enable you to remain relevant in the years to come. You must ensure that your site’s mobile version has faster load times and is easy to navigate through touch.
Gather Customer Information
Your eCommerce business might be dealing with several different products that you want to promote and sell. By building a customer information database, you can easily upsell or cross-promote your products to customers. At the same time, you may use the opportunity to notify them when their favorite products are back in stock.
Nurture Your Customers to be Your Brand Ambassadors
Nothing compares to a glowing testimonial and referral from a satisfied customer in driving sales for your business. Those positive reviews from your customers can compel many potential buyers to make a purchase. You may even offer them perks and special discounts for all purchases made through their referrals.
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Properly Manage Your Cash Flow
Many eCommerce businesses fail due to the inability to control and manage cash flows. Keeping track of all the money that gets in and out of business is a fundamental skill that can be hard to master. You can use the available online tools to track your daily expenses to avoid going overboard with your expenditures.
Gone are the days when brick-and-mortar stores dominated the global retail sphere. eCommerce businesses have now taken the market by storm by offering the best platform for buying and selling. Use the tips above to manage your eCommerce store successfully and tap into the rapidly growing market revenues.