2021 just started. There is plenty of time to grow your ecommerce business this year. Keep in mind that business growth can impact every area of an ecommerce operation. Cash flow typically rises, buying power increases, overhead expenses become a relatively smaller percentage of revenue. And in most cases the company thrives. The question then is not whether or not to grow - but how to grow your ShopFactory shop.
Here are 5 tangible ways to grow your business in 2021 and beyond.
The better a online shop owner understands who its clients are, the better a retailer will be able to market and communicate to it's customers. Properly planned and executed marketing and communication should lead to improved traffic, conversion, sales, and profits. Knowing and understanding targeted buyers is the quintessential rule and practice of exceptional companies. Award-winning business builders know their clients as well as they know their own family. While you might not want to invite buyers over for lunch, you do want to know more about their buying behaviors.
Ask yourself first: If you could know one new thing about your buyers, what would it be? How they found your shop? What made them decided to purchase? What made them decide not too? The important thing here is to listen to your customers as small clues could lead to large sales.
Tip : Consider conducting a 'very short survey' to get the answer to your question, it could impact your business significantly.
For many online shop owners, the holiday shopping season that begins after Halloween is when a significant portion of annual sales occur. The products sold during this peak period are often selected and ordered by your company in July and August. This can affect your cash flow until products move and are sold during the Christmas buying season - so some financial planning needs to be done. One thing to also remember - after the Christmas buying season, shoppers generally still buy "for themselves" after the Christmas rush. If they didn't get what they wanted for Christmas - they will buy then spend on themselves.
Tip: For the holiday selling season in 2021, choose new products carefully. If your margins are such that you can compete with Amazon, feel free to sell mass-market products. But if you don’t have that sort of buying power, consider looking for niche products that are more difficult to find at big box retailers.
Get the traffic, convert the traffic, sell the traffic. Take a portion of your funds and reinvest it in more traffic. If you can make the process profitable then it goes around and around and your company sales grow. While this explanation doesn’t take into account loyal customers, who typically spend three-to-five times as much as a new customer on every order - the will spend significantly more over time. In 2021, there are fewer traffic-driving strategies that are better than publishing quality and useful content. In fact, some marketers believe that content marketing — i.e., publishing useful content is the single best marketing tactic available. And they're right - it is.
Tip : Remember that video is content too.
Email marketing is still one of the very best tools available to ecommerce business owners and marketers. 95% of online shoppers use email and 91% of them check their email every single day. What’s more, a survey found that 60 percent of marketers found that their email marketing was producing a positive return on investment. In fact, spending a single dollar on email marketing produces $44.25 in return on average. Just keep it simple, focused and do NOT over do it.
Social media is the growth hacker’s playground. Wikipedia states that “growth hacking is a marketing technique developed by technology startups which uses creativity, analytical thinking, and social metrics to sell products and gain exposure.” Growth hackers often seek relatively low-cost ways to engage with customers, including investing in social media content.
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