Did you know that total retail ecommerce sales were around $5.2 trillion globally in 2021, which is expected to hit $8.1 trillion by 2026?
With large tailwinds across the industry, it only makes sense that ecommerce entrepreneurs are slated for a period of good growth levels in the coming years.
However, this also means that competition across the industry remains stiff, and online sellers must find their strategy to grow their business and continue experiencing sales growth.
So even though the barriers to entry in the ecommerce space are quite low and it’s easy to get started, it’s not as easy to sell more and continue attracting new business.
Continue reading below as we cover 8 ways to grow your store and boost sales regardless of how long you’ve been in business.
As we mentioned earlier, many business owners and operators set out to expand their operations.
And without further due, here are eight tried-and-true strategies for expanding your company:
One surefire strategy to grow business is to better understand your customers and what their needs are for your products.
When you have a good grasp of the real-life problems and concerns they face, you can better serve them through your store and foster a loyal customer base that will continue making repeat purchases.
Part of this comes down to identifying your niche audience or the specific demographic or group of people your store aims at.
So even though you may be tempted to cast a wide net when it comes to selling your products, this may be counterproductive over the long run.
Then, how to get started?
Having a narrow group’s interests in mind, it’s easier to make business decisions, target their desires, fulfill your promises as a business, and keep customers coming back for more.
There are plenty of tools out there that can help you learn more about the people who are buying your products, and you can always do further research about this demographic online.
Here are some examples:
1. Google Analytics - This web analytics tool provides detailed website visitors' demographics, interests, and behaviors. It can help you analyze your audience, browsing habits, and marketing campaigns.
2. Customer Relationship Management (CRM) Software - Salesforce, HubSpot, and Zoho CRM manage customer data and interactions. It lets you track customer interactions, gather data on their purchase history, preferences, and demographics, and identify trends and patterns.
3. Social Media Analytics Tools - Facebook, Twitter, and Instagram Insights provide valuable data about your followers and brand engagement. It includes demographics, engagement metrics, and audience insights to help you understand your customers.
Once you have a firm grasp on who your target audience is, you will be better able to implement targeted marketing strategies that will ultimately increase sales.
And, while this isn’t a cut-and-dry suggestion to boost sales that you can implement in one day, this is a value that you should be adopting into your business to inform operations at all stages. After all, without your customers, you don’t have a business.
Thus, you must do continued research into what your customers’ interests are, and keep making efforts to identify and attract new customers for ecommerce sales growth.
If you want to grow your business, one key step will be to optimize your website.
Whether you want to invest in SEO to gain more traction from search engines or put more effort into your copy and design that will foster more customer purchases.
And, trust me, there are countless ways you can optimize your website to help boost sales for your e-commerce business.
Let’s take a look at fundamental strategies for website optimization and how they can help you expand your business.
To sell more, you first need to get more traffic to your website.
And in order to do this, you need to create search-engine-optimized content, which many sellers use blogs for.
Among the many things, blogs can do, like:
✔️Informing site visitors about your offerings.
✔️Providing good value to potential customers.
✔️Helping your site stand out from other competitors in the space–both in the customers’ and search engines’ eyes.
Above all, the blog is meant to drive traffic to the site.
By identifying SEO keywords that your target customers search for, you can do a better job of bringing in customers who are actually interested in buying the types of products you offer. Then, once visitors are on your site, the caliber of your blogs and other content will encourage them to stick around, associate your brand with superior value, and ultimately make a purchase.
There are many tools and resources available to online sellers to help them with their SEO strategy, such as:
1. Keyword Research Tools – Google Keyword Planner, SEMrush, or Ahrefs can help online sellers identify relevant keywords and search terms that their target audience is using.
2. On-Page SEO Tools – Yoast SEO, Moz, or SEOptimer analyzes web pages and provide recommendations to improve on-page elements like meta tags, headings, URL structure, and keyword usage.
3. Backlink Analysis Tools – Tools like Moz, Ahrefs, or Majestic allow online sellers to analyze their backlink profiles, identify quality backlinks, and monitor competitor backlinks.
4. SEO Auditing Tools – Tools like Screaming Frog, Google Search Console, or Sitechecker perform comprehensive website audits to identify technical SEO issues, broken links, page errors, and mobile optimization problems.
5. Content Optimization Tools – Tools such as SurferSEO, Clearscope, or MarketMuse analyze content and provide recommendations for optimizing it to match search engine ranking factors.
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Thus, SEO is a great investment for online sellers who are operating in a highly saturated market and need to stand out from the competitors in order to boost sales and win over customers.
Another strategy to grow business with website optimization is to invest in the copy and design that’s on your site.
Humans are visual creatures, meaning that we make a lot of our decisions based on how something looks or appears.
While you don’t need to be a web designer yourself to do this, there are simple ways to help make your website appear better and push site visitors to make more purchases.
Using sales language in the copywriting that’s on your site is a way to persuade customers to make a purchase.
Thus, having a compelling copy on your site using proven sales strategies can help you boost sales.
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This is a delicate balance, as your site visitors don’t want to feel sold to with obvious tactics. But, you do need to put some thought into the messaging of your site to help your store sell more.
Additionally, the way different website elements are laid out will also drive them to make a purchase or not.
If your website has confusing navigation or it isn’t clear what customers are buying, you may be turning away prospective customers who would have bought from you with a more streamlined purchasing experience.
Do some research into high-performing competitors to see how their sites are laid out, and consider implementing similar strategies into your own website to help grow your business.
You can also experience ecommerce sales growth by asking customers to leave reviews of their purchases on your site.
This will allow you to learn from your customers to improve your site or offerings based on their comments and suggestions.
Plus, this also serves the dual purpose of providing other prospective customers with the social proof from real purchasers that your products are worth buying, and can even help boost your SEO strategy.
In either case, you’re giving yourself another way to bring in more sales and grow your business.
So, encourage your customers to leave a review of your products once they’ve made a purchase.
This can either be in the confirmation email they receive upon checkout, or a follow up email you send a month later.
The social proof from these customer reviews will help you stand out from the competition by giving prospective customers the confidence to make a purchase from a new brand.
As documented by Northwestern University, the presence of online reviews on a website increased product conversions by 270%!
So, it's a worthwhile strategy to implement on your site that will help with ecommerce growth. Even still, you shouldn’t make it a habit of deleting negative comments, either.
You want to show authenticity on your website, so being transparent and open about where your store may have gone wrong in the past will give you the opportunity to show your growth and that you care for your customers’ concerns.
Another important tool that e-commerce stores rely on to sell more is email marketing.
Sending regular campaigns to customers via email is a great way for your brand to stay top of mind with consumers, and maintain a good level of interest in your store.
Even though this is a highly effective tactic to bring in more sales, it is still underutilized and stigmatized across the industry.
However, the numbers don’t lie, and the ecommerce stores who utilize email marketing experience a median ROI of 122–much higher than the rates earned on social media advertising.
Where to begin?
First, you need to be collecting email addresses on your website.
Many will do this through a pop-up within the first few seconds of a new visitor visiting your site.
You’ll need to provide some sort of value in return for them providing you with their email address, like:
👍 Free shipping on the first order
👍 20% off their next purchase
👍 A free gift
👍 Regular newsletter with relevant value-bringing information
After you have built a solid email list, you can use this information to your advantage, targeting individuals who have shown interest in your site that could become new or repeat customers. You’ll want to send regular email blasts to them that could bring more traffic to your site and, thus, more sales.
For instance, you can set up email triggers for abandoned carts, birthday promotions, and upsells to help you bring in sales you wouldn’t have generated otherwise.
This type of marketing can help bring in new sales, but more importantly, it enables you to nurture existing customers in a way that will keep them coming back for repeat purchases in the future.
It’s no surprise that Google is the top search engine utilized worldwide.
So, it only makes sense that you’d want to use their advertising platform to reach the most people and help boost sales for your ecommerce store.
For instance, ecommerce stores at any stage can benefit from paid advertising on Google.
In fact, over 80% of businesses worldwide use Google Ads.
So, with 8.5 billion Google searches occurring daily, it’s a clear winning strategy to help you expand your business and experience ecommerce growth.
At the very least, it’s likely your competitors are out there using Google Ads, so you want to also build a presence for yourself to earn the attention of your prospective customers.
How to get started with Google Paid Ads?
It’s easy to get started by making a Google Ads account.
It may seem daunting at first, however, running a successful advertising campaign is essentially a trial and error process–even for the experts.
So, test out different versions of ad copy, visuals, targeting tactics, and other variables to see which version tests better with consumers and brings in the most sales.
Here are the various types of Google Ads you can choose from while you’re setting up your campaigns:
Be sure to do the proper research into each ad type before you start your campaign to ensure you find the right fit for your business that will help you boost sales and expand your business.
Being present on social media is no longer an option for ecommerce stores that want to see business growth.
And being online across all mediums can be overwhelming.
However, it’s an important part of running a successful ecommerce business today and building interest in your brand.
At every available opportunity, your business needs to have a footprint to help drive traffic to your site and bring in more sales.
This doesn’t necessarily mean you need to be on each and every social media platform that emerges.
But, you do need to make concerted efforts to nail your strategy on the main sites where your prospective customers spend the most time.
For the e-commerce stores targeting younger demographics, being present on TikTok may be a large portion of your social media strategy.
For this reason, it's a good idea to have a team that:
🎯 Creates content to post.
🎯 Uses influencer marketing to introduce a product.
🎯 Engages with the audience in the threads, direct messages, and comments.
Overall, the main goal of social media marketing is to build your brand presence online and help drive traffic to your site where people will make purchases.
So if you want to implement a social media strategy to grow your business, research which platforms will be most pertinent to your target audience.
Additionally, you will need to develop a manageable content calendar for your team but still have you putting out consistent content for your audience to consume.
Many online sellers will run sales or promotions to promote ecommerce sales growth.
Consumers often associate sales with holidays.
However, you don’t have to wait for any specific time to implement this strategy to grow your business.
When you create a limited-time offer that reduces the prices of your products, many customers will feel the urgency to make a purchase even if they weren’t thinking of your product.
The psychology behind this is that even when we don’t have an immediate need or want something, we don’t like the feeling that we missed out on a good deal.
You can implement certain features into your website, such as:
👍 Countdown timer to the end of the sale.
👍 Chatbots that engage with site visitors.
👍 Extra pop-ups that delay visitors from leaving before making a purchase.
So once you’ve driven traffic to your site using the other strategies, you can use these different tactics to sell more when running a promotion.
Even still, it’s important not to get too carried away with promotions or always rely on them to bring in sales when needed.
In this case, you may set the expectation for your customers that they don’t have to buy your goods at full price and can always wait for you to introduce a sale or promotion.
Plus, you also want to ensure your team can handle the fulfillment side of things should you experience rapid growth and a large uptick in orders.
Thus, use these sparingly to set the right expectations with customers and ensure your operations are running smoothly, as you can always ramp them up later on or near a holiday to boost sales.
As you can see from this list, there are many different ways to unlock growth for your ecommerce business and boost sales.
However, many of these strategies will require some sort of investment, which many new businesses may not have the capital for.
At the same time, expanding into new markets or product lines can also be a great way to reach new customers and bring in more sales, but purchasing or developing new inventory isn’t free.
In order to take advantage of growth opportunities and help take your ecommerce business to the next level, you may need to secure external financing at some point.
There are many financing options available to online sellers, though each route has its own advantages and drawbacks that online sellers will need to consider.
Here are some of the main financing sources for ecommerce stores:
Some of these options, like bank loans or equity investments, may not be available to new ecommerce businesses with a limited track record.
However, there are others, like asset-based financing, that rely on the future projections of your business rather than looking at your historical figures.
Thus, if your ecommerce business needs to secure financing, be sure to shop around to find the funding source that best meets the current and future needs of your store.
With these tips, you can skyrocket sales for your online store and witness your revenue numbers soar.
Some strategies offer quick lifts to cover cash flow shortages, while others contribute to long-term business growth.
It is important to remember that it's never too early or too late to invest in your business's success.
That's where asset-based financing proves to be a preferred funding option for ecommerce sellers.
It offers numerous benefits and minimal risks, making it a game-changer for your business.
By choosing asset-based financing, you gain:
✅ Flexible repayment terms
✅ Generous qualification requirements
✅ No personal guarantee from business owners
And with the ecommerce industry evolving rapidly, you need a lender who can keep up and make swift financing decisions.
That's where Myos comes in.
When it comes to asset-based financing, Myos takes the lead as the top provider in the UK.
Whether you're a small startup or an established enterprise, we have the resources to support your financial growth and help you achieve your business goals.
With our flexible funding solutions, you can access the capital you need to fuel your expansion, invest in new opportunities, and take your business to new heights.
We understand the unique needs of businesses of all sizes, which is why we offer:
💰 Funding options ranging from €10,000 to €2,500,000.
💼 Streamlined application processes with minimal documentation requirements.
📈 No extensive business history is needed to qualify, and you won't bear any personal risk.
🤖 We base our lending decisions on AI-based algorithms and future projections of your success, considering the products you sell rather than your past performance.
Don't miss out on this financing option that offers all the perks of being an ecommerce entrepreneur without the downsides.
Boost your store's growth today with Myos asset-based financing and secure a brighter future for your business.
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