Online businesses need growth to survive. Costs are always rising, so profits need to join them, and that means generating more leads and more conversions from your business efforts.
What follows are 3 strategies we recommend to great effect with varying companies we have served. Growing and scaling a business is no easy feat, and we recommend here top 3 strategies that can help out, your eCommerce growth will be off to a great start.
1 – Create a visually appealing site
Your online retail website is the face of your eCommerce business. Just like a brick and mortar store has a beautiful assortment of products lined up on the shelves, your online store too needs to be designed to catch visitor attention and hook them long enough to buy from your site.
Once the visitors get past the visual aesthetics, they need to navigate through it without any hassle. Tabs, directions, search functionality, and filters allow a shopper to reach faster to the product they are looking for. The availability of a checkout and add to cart button makes the shopping journey easier for the shopper and a winning proposition for the eCommerce store.
Once the customer has added items to the cart, the checkout process is a big obstacle that can make or break the entire experience. You need to enhance the shopping experience with a few tactics. Use quality checkout partners that facilitate all the major payment methods. This allows shoppers to checkout from the store using debit cards, credit cards, and net banking. This checkout should be secure so that the shopper’s money is safe at all times when they are shopping on the site. The use of HTTPS badge will help instill trust in their minds.
Another important point would be to add wish lists and “save for later” button, so that shoppers can continue coming back to the store to complete the purchase at a later date.
2 – Omnichannel retail expertise
Tying up the online-offline world of retail business is a function of today’s shopper behavior. A Harvard business review report states that 73% of the shoppers gather detailed information from different sources before finalizing on a purchase online or offline. This means that they would expect a similar and uniform description of the product, including SKU, attributes, images, and pricing. They concentrate on the overall shopping experience rather than individual user experience on a particular channel.
These multiple channels can be in the form of different marketplaces you may have listed your product on. It may look challenging to begin with. But once you find the right products that are priced low and have an on-going demand from shoppers, then you can expand to other marketplaces and acquire more customers selling the product with this strategy.
You can select from Amazon, eBay and Walmart. But all are different at some levels. For instance, eBay is more of an auction site, while Amazon is a full-fledged marketplace that caters primarily to buyers.
3 – Smart inventory management
Is your site able to forecast the necessary inventory for products? Does the smart inventory management of products lead to no issues of ‘out of stock’ message visible to shoppers? Then you are adopting the right strategy to grow your online business.
When you prevent reordering of stock at last minute you can see massive savings on unwanted shipping costs. Take the case of SoStocked, an inventory management company for Amazon. One eCommerce owner was facing cost drains because of last minute ordering and because of running out of stock which led to costly shipping charges. Once they integrated the inventory management software, they were able to predict low stocks at the right time and get reordering done well ahead of the product reaching zero stock. This also lowered shipping costs per unit.
This tactic led to the eCommerce business owner to obtain a whopping $150,000 by simply streamlining its inventory management with the help of SoStocked. Such savings enable a business to target the next level of growth without expensive cost drainage.