As the world continues to become increasingly more digital, the growth in e-commerce businesses has been noteworthy in recent years. In fact, total retail e-commerce sales were around $5.2 trillion globally last year, which is expected to hit $8.1 trillion by 2026.
With large tailwinds across the industry, it only makes sense that e-commerce 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 own strategy to grow business and continue experiencing sales growth.
So even though the barriers to entry in the e-commerce 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 some of the main ways merchants can boost sales and sell more no matter how long they’ve been in business.
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 that your store is aimed 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. When you have a narrow group’s interests in mind, it’s easier to make business decisions, target their desires, and overall 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. Overall, this will help your marketing efforts once you have nailed down who your customers are, as you can implement targeted marketing strategies with better accuracy and efficiency, which will help you sell more.
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 e-commerce 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, there are many different ways you can optimize your website to help boost sales for your e-commerce business.
Let’s take a look at each of these different strategies for website optimization and how they can help you expand business.
If you want to sell more, you first need to get more traffic to your website. In order to do this, you need to create search engine optimized content, which many sellers will use blogs for. Among the many things blogs can do, like informing site visitors about your products or providing good value to potential customers, they are also a great way to help 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 they’re on your site, the high-quality blogs and content will keep customers on your site longer, help them equate your brand with good value, and push them towards making a purchase.
There are many tools and resources available to online sellers to help them with their SEO strategy. 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 compelling copy on your site using proven sales strategies can help you boost sales.
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 e-commerce 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 e-commerce 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.
If your existing customers feel like you listen to them and show an attempt to address their feedback or concerns, they will show more loyalty to your brand going forward. Again, this will also show potential customers the quality of your products from real verified purchasers, and don’t have to take your word for it. Thus, it’s a great way to build trust with prospects without coming into contact with them directly, and to continue fostering a relationship with your existing customers.
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 e-commerce stores who utilize email marketing experience a median ROI of 122–much higher than the rates earned on social media advertising.
In order to do this, you need to be collecting email addresses on your website somewhere. Many will do this through a pop-up that appears within the first few seconds of a new visitor being on your site. You’ll need to provide some sort of value in return for them providing you with their email address, like:
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. Setting up email triggers for abandoned carts, birthday promotions, and upsells can also help you bring in sales you wouldn’t have generated otherwise.
All of this is possible through the power of email marketing, and can even be used in tandem with SMS or text message marketing for an even greater reach to potential customers. Overall, this type of marketing can help bring in new sales, but more importantly, it helps you 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 get in front of the most people and help boost sales for your e-commerce store.
E-commerce 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 business and experience e-commerce 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.
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 largely 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.
We’ll also point out that there are nine different types of advertising types you can choose from. They each come with their own strengths and weaknesses, meaning certain types will be a good match for your e-commerce business while others will not be worthwhile. 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 of these ad types before you start your campaign to make sure you find the right fit for your business that will help you boost sales and expand business.
Being present on social media is no longer an option for e-commerce stores that want to see business growth. Being online across all mediums can be overwhelming; however, it’s an important part of running a successful e-commerce business today and building up 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. Thus, you may want a team that works on keeping up with the latest trends, producing engaging content to post, leveraging influencer marketing to introduce your product, and interacting with your audience in the comments and DMs.
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 actually make purchases. So if you want to implement a social media strategy to grow your business, make sure to do your research to see which platforms will be most pertinent to your target audience. Additionally, you will need to come up with a content calendar that is manageable for your team but will still have you putting out consistent content for your audience to consume.
Many online sellers will run sales or promotions in order to promote e-commerce sales growth. Oftentimes, consumers will associate sales with holidays; however, you don’t have to wait for any specific time to implement this strategy to grow business.
Also read: advanced product promotion strategies
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 at the moment. The psychology behind this is that even when we don’t have a direct need or want for something, we don’t like the feeling that we missed out on a good deal.
You can implement certain features into your website like a countdown timer to the end of the sale, chatbots that engage with site visitors, or 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 extra tactics to sell more when running a promotion.
Even still, it’s important to not get too carried away with promotions or always rely on them to bring in sales when you need them. 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 make sure your team can handle the fulfillment side of things should you experience rapid growth and a large uptick in orders.
Thus, use these sparingly at first to set the right expectations with customers and make sure 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 e-commerce 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 e-commerce 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 e-commerce stores:
Some of these options, like bank loans or equity investments, may not be available to new e-commerce businesses with a limited track record; however, there are others like asset-based financing that relies on the future projections of your business rather than looking to your historical figures. Thus, if your e-commerce 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 the above tips, you can help boost sales for your online store and watch your revenue numbers climb. While some of these strategies will need to be implemented over the long-term to help grow your business, others can offer you a quick lift to help you cover cash flow shortages or other near-term needs.
In any case, it’s never too late or too early to start investing in your business growth. But, some of these strategies will take some capital in order to implement, which your young business may not have at its disposal, as we discussed above.
So even though there are many different financing options available to e-commerce sellers, few offer as many benefits with as few risks as asset-based financing. This continues to be a preferred funding option for merchants, even for those with limited business history or documentation. With this method, you can still secure the funding you need quickly in order to expand business and boost sales.
Asset-based financing gives you:
The e-commerce space evolves quickly, so you need a lender to help you keep up with the industry and make quick financing decisions.
When you work with Myos to secure asset-based lending to grow your business, you can enjoy lean document requirements to apply, and don’t need to provide a long business history to qualify. There’s no personal risk on your end, as we use AI-based algorithms and computer programs to base our lending on the future probability of your success given the products you sell, not what you’ve done in the past.
Chck out this financing option that brings you all the upside of being an e-commerce entrepreneur, without the downside. Boost your store growth today with Myos asset-based financing.