In the modern world, the new form of ‘industry’ is E-Commerce. The foundation of all businesses, societies revolve around it and it has one of the biggest labor-force in the world. There has been an increase of approximately $2.6 billion from 2014-2020. The e-commerce market is not only thriving, but it’s expected that more than 95% of all purchases to be conducted via online channels by 2040.
Shopify is providing the biggest platform for online businesses and entrepreneurs in the e-commerce world. It has made it extremely easy to build stores from the ground up with the least amount of effort and resources. Keeping this point in mind, it is even easier in the modern ecosystem to scale an online store in terms of revenue and profits to heights that were never previously known.
Here are some strategies that have been proven successful for online business owners:
Branch Out To Different Social Medias
If you have an online store that is already generating great sales, it is evident that the online funnel of the brand is perfectly operating. From the ad-copy to the landing pages, everything is working, so the main strategy should be to simply expand to other social media platforms. If you have a product that is working great on Facebook, it’s going to work great on YouTube or Instagram as well. This strategy allows you to widen your pool of customers and access pockets of audiences that you haven’t discovered or advertised to before, avoiding saturation and the risk of accessing the same audience that you already have access to. By this strategy, you do not need to change anything on the online store itself and you can use the same advertising techniques that are already being used. Increasing sales via this method is a proven mechanism that all online business owners find success in.
Increase Budget of SMM
The reliance of social media is magnanimous if online stores are to run out of stock. Moving forward, increasing your SMM (social media marketing) budget is the most popular strategy when scaling online brands and stores, mainly because of how easy it is to implement. If an online store is profitable on a particular social media platform (for example, Instagram), you can simply increase the budget of your advertising campaigns, which is going to boost sales indefinitely. The amount of budget invested is directly proportional to the amount of sales in the world of e-commerce and social media marketing because if a funnel is proven, the more traffic that you direct to the online store, more profits and revenue will be garnered because of the high customer conversion rate.
Diversify Product Catalogue for New & Existing Customers
Brand loyalty and customer retention is the keystone of successful e-commerce businesses. Successful online store owners are equipped with the knowledge of their customers and are constantly introducing new products to their brand and marketing them to the same demography. They know what their customers’ needs are and what excites them.
Introducing similar products that are perfect for the audience helps the business gain a new legion of customers which embellishes the brand. It is absolutely essential for businesses to get to know their customers well enough to make a decision about what products to market next.
Optimize Your Store Website
Conversion rate of an online store determines the profitability margins for any brand. For any store that is looking to scale, they need to optimize their website to increase customer conversion rates so that they can take maximum advantage of the high traffic volume of potential customers that are visiting the website. The first step is to improve the look, aesthetic and functionality of the website. An e-commerce website should not just look stunning but also work impeccably because an appealing webpage leads to higher interaction on the website. Having a good-looking landing page is important, as it is the main destination for all potential customers. The product details, description, features, reviews and testimonials, all these aspects are key parts of the landing page. Custom coding should be an integral part of the store so that the website stands out and has unique aspects that are not found anywhere else, increasing the brand value in the eyes of everyone. Does all this sound complex? But for high-grade work there are companies who provide such e-commerce solution with great expertise, with high quality design that inspire users and convert well. If you have low budget, then you can consult Upwork or Fiverr for economical ecommerce solutions.
Use Email Marketing to Increase Sales on a Shopify Website
It is one of the most efficient marketing methods that countless online stores don’t pay attention to, and mainly because they don’t understand the best email marketing practices. First of all, the main aspect of email marketing is to capture the information of your potential customers so that you can reach them easily and conveniently. The main way is to present the customers with valuable incentives, and in return ask for their email via lead forms. Second is to capture emails through abandoned check-outs and once you have those emails, you can use them many different ways such as; by guiding the customers in every email campaign to buy your products and by offering your customers perks and benefits (such as discount offers, coupon codes etc.) to bring them back to complete their purchases.
The shift from conducting business in the traditional way to the internet has been rather quick. The implementation of new internet technologies has led businesses to explore markets all over the world, gaining access to different kinds of demographics. Around 60% of the world’s population has access to the internet nowadays and this figure is expected to rise. The trend of online businesses is on the up and even more strategies will be devised for sales growth of businesses.