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e-Commerce Growth Strategy: Tips To Increase The Company’s Revenue

November 6, 2021 147 Views
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e-Commerce Growth Strategy: Tips To Increase The Company’s Revenue

Do you want to boost the income of your company but ain’t sure how to do so? Long before the Internet and the World Wide Web, there was online shopping. Michael Aldrich used a landline telephone infrastructure to connect local cable television to a computer in the United States in 1979. The consumer may order a product that was displayed on the screen thanks to its technology. e-Commerce refers to any platforms and services that accept payments via the Internet. It allows you to work directly with the manufacturer, eliminating the chain of intermediaries. It is now seeing significant quantitative expansion. Today, e-Commerce includes the electronic purchase or sale of goods through online services or over the Internet, mobile commerce, electronic funds transfers, supply chain management, online marketing, online transaction processing, electronic data interchange. With the rising integration of regions into the global economic and financial system, the goal set – the growth of business based on e-Сommerce – begins to materialize to a larger extent. According to Statista, over a billion individuals have purchased something on the Internet, accounting for 40% of all Internet users. For an entrepreneur, getting started in e-Сommerce is a critical step in expanding their firm and increasing their profits. It has the potential to be the backbone of a lucrative firm for those just starting. Whoever you are, keep in mind that eСommerce is more than just placing your items on the Internet and hoping for the best. An e-Commerce business’s objective is to expand its market share and convert as many visitors to customers as possible, in addition to recruiting this category of consumers. 

Marketing Strategies In e-Commerce

Marketing Strategies In e-CommerceWhether your online retail shop is just getting started or has a sizable client base, it’s critical to keep up with the latest e-Commerce marketing trends and strategies. Building and establishing an e-Commerce website is a significant accomplishment for your company. As a result, investing in an efficient website structure and e-Commerce marketing plan is critical.

Provide price research that has been carried out extensively and over a lengthy period

Pricing research is a type of study that uses methodologies to assess the influence of price changes on demand for any product, as well as to find the best price for new goods. It aids businesses in determining the best price a consumer is willing to pay, allowing them to optimize income and market share. Customers’ willingness to pay for a product or service is the goal of pricing research. This allows you to figure out what the best pricing point is for maximizing profit, revenue, or market share. Your internet business’s success will be determined by the price strategy you choose for your products. Customers receive a vital message from the pricing. Using relatively low prices for your items can also make customers more conscious of the product’s overall quality, making them more likely to see flaws or prospective flaws. People will be more price-sensitive before purchasing your items if they are standardized. Make checking the current market prices for your items a weekly responsibility. Comparing alternative pricing methods for successful items is also critical to discover a price that increases sales and profits. The fluctuation of market pricing, which is caused by rivals vying for market share, makes this process much more challenging. Customers are compelled to compare costs among several brands.

Invest In Mobile Commerce

A mobile-friendly e-Сommerce firm is known as mobile commerce. You may use e-Сommerce to order, sell, and trade services and items through the Internet. You can accomplish the same thing with mobile devices like smartphones and tablets, thanks to mobile commerce. Mobile payment is increasing at a rate of more than 130 percent each year. Prepare for a significant loss in revenue in the future years if you don’t have a solid mobile commerce platform. You must provide:

  • mobile services such as delivery status
  • real-time notifications 
  • quick phone calls, maps 
  • and product information to remain competitive.

Because the number of mobile users has increased dramatically in recent years, it is now virtually mandatory for online shops to be equipped for mobile shopping. You’re losing out on the majority of your sales if your online store isn’t mobile-friendly. Responsive design with easy-to-use navigation menus, as well as powerful mobile features, are some of the elements that make an online store ideal for mobile commerce. All of this may be done on a mobile phone, including searching, ordering, and paying. You don’t need a mobile app for this; simply make sure your site is mobile-friendly if at all feasible. Mobile traffic is continually increasing and, in many situations, it is less expensive than traffic from desktop devices. This necessitates the creation of websites that cater to mobile users, who have a tiny screen that makes filling out forms and pages difficult. It’s critical to design a mobile website that makes buying as simple as possible. The more straightforward this procedure is, the more revenue you’ll create. Only publish the information you require, and notify users how long it will take them to purchase using their mobile devices. They will not be disheartened as a result of this. 

Come Up With Convenience

Come up with convenience in e-Commerce Growth StrategyAnother e-Commerce strategy is that all sorts of clients should be considered while designing an e-Commerce website (online business). Your primary instrument for interacting and transacting with them is an internet store. It should communicate information quickly and succinctly to gain clients’ faith in your company. Accessibility is critical because it allows your business to access a diverse range of clients, such as people from other cultures, people with impairments, and so on. If other languages make up a substantial percentage of your audience, the option to personalize your online store in those languages might grow your client base. Through the use of a high contrast visual theme and a bigger font size for content, it may also be accessible by persons with visual impairments such as color blindness and visual impairment. You may improve the appearance of your online store on mobile devices by utilizing responsive design and optimizing pictures to help them load faster. The more you increase your website’s accessibility, the more people will be able to visit it. Security is a major issue for both businesses and customers when it comes to e-Commerce. Because personal and financial information is processed online, e-Commerce websites can be hacked and consumer information taken for malicious purposes. This is especially true when it comes to credit card information, which is input online daily. To keep your consumers safe when purchasing online, use:

  1. SSL –  guarantees that transactions and data are secured, making them less vulnerable to hacking. 
  2. Two-factor authentication – another smart approach to strengthen your online store’s security, and adding other verification methods (that aren’t too tough for your consumers) could also assist.

SSL

Two-factor authentication

Advantages 

Much more consistency

Reliable protection

Disadvantages 

High cost

Hard to understand 

 

Moreover, customers should not be forced to register before making a purchase. They should be able to purchase as a guest on your website, with the option to register following payment. Unregistered users may be controlled, removing any possible barrier between business and prospective clients.

Unique Trade Goods As A Part of e-Commerce Strategies

Unique Trade Goods As A Part of e-Commerce StrategiesAn additional point of e-Commerce marketing strategies is that you will be able to establish an exclusive brand using this method, with e-Commerce as the primary sales channel. To find the best goods, try to:

  • Utilize social media.
  • Analyze the local market.
  • Peruse the catalogs of big online retailers.
  • Participate in themed forums.

You may manage your revenues and profits by offering items that are exclusively shown on your site and selling them directly to clients via the Internet. 

  • Create content that will entice and keep users coming back. Using crowdsourced material to make your site appealing to potential clients is a successful strategy. How would potential customers find you on Google if they’re looking for your products or services? To rank better in search results, use keywords and meta tags. 
  • Organize the logistics as it may be an essential part of online retail strategy. Due to the increase in sales, third-party carriers will be required, which will aid in the handling of a large number of complex orders. Reverse logistics, or the capacity to swiftly and effectively execute returns and exchanges of items, is increasingly becoming a critical component of a successful organization. Express delivery and sophisticated distribution networks are two of the competitive advantages. 
  • Allow customers to sense your brand’s presence at all times, regardless of how they buy. However, be sure that the items you offer through multiple channels have enough distinguishing features to warrant the price difference. Users can tell whether or not they like a site just by looking at it, and this first impression generally lasts. 
  • To attract visitors to visit and utilize your e-Commerce site, create the greatest, most engaging designs possible. You may use good web design concepts to persuade visitors to take a look at what you’ve got. It shouldn’t be overly sterile or noisy. Everything on it should be simple to grasp while still maintaining its uniqueness. 
  • Ensure that your items are purchased from recognized, high-quality vendors. You must adhere to your standards consistently across the board. Customer happiness is essential to a company’s long-term existence, and poor product quality might put your company out of business. Ascertain that system feedback is visible to input modifications, and take remedial action as quickly as feasible. This is a never-ending process since there is always room for improvement.

FAQ:

Who are the e-Commerce leaders in the market?

  • China has $672 billion in yearly online sales, accounting for 15.9% of total retail sales in the country. China is also the world’s fastest expanding e-Commerce market, with an annual growth rate of 35%. Online sales in the United States amount to $340 billion every year, accounting for 7.5 percent of overall retail sales in the country. 
  • United Kingdom – $99 billion in yearly sales, or 14.5 percent of overall retail sales in the United Kingdom. 
  • e-Commerce sales in Japan amount to $79 billion every year, accounting for 5.4 percent of total retail sales. 
  • Germany has $73 billion in yearly e-commerce sales, accounting for 8.4% of total retail sales. 
  • E-sales in France total $43 billion every year, accounting for 5.1 percent of overall retail sales in the country.

What is the future of e-Commerce?

The eCommerce sector is expected to continue to expand. Personalization is becoming more common in eCommerce. According to Nasdaq, up to 95% of all purchases will be conducted online by 2040. The trends will be:

    1. The emergence of augmented and virtual reality.
    2. Invisible payments and PayByFace payment system. The customer uses their phone to join up, snaps a selfie, and deposits money into their app account using a credit card or bank account. When it’s time to pay for their lunch, they glance into the camera on a tablet or kiosk, the cashier confirms their identity, and money is taken out of their account.

When will the effects of my digital marketing campaign be visible?

It’s vital to realize that marketing rarely produces immediate effects. It’s not enough to just draw more visitors to your website; you must invest time, effort, and money into converting them into customers. The first month of the engagement will often yield some minor benefits, but the greatest increases in overall income will not appear until a few months later.

What are the best items to sell in order for your business to grow?

e-marketing strategy will work for food delivery as it is more crucial than ever in these turbulent times. To add to that, offering outstanding quality at a low price is possible in the specialty of stock branded clothes. Other items in high demand for online buyers are:

  • Natural skincare and cosmetics 
  • Mobile phones
  • Consumer electronics
  • Jewelry
  • Toys and video games
  • Handcrafted goods 
  • Online subscriptions