Growing your eCommerce business can become frustrating if you’re experiencing a plateau. You may feel like you’ve experimented with all methods of growth, and you’re unable to pull yourself out of this stall. Thankfully, the internet offers a vast and intricate platform with multiple avenues that can be of use to both you and your company.
You’re going to want to plan and execute all of the strategies you have available in your arsenal, especially with the depreciation of stocks and the possibility of an imminent recession. Ecommerce is relatively new, and it’s too young to have survived a recession yet, but you can discover more here in regards to how best prepare yourself. Education is going to be your best defense against shrinking market revenues, thankfully even if people are secluded due to COVID-19 they still want to purchase items online.
Expand Your Reach With Affiliate Programs
If you’re selling an original product through your eCommerce business, you can decide to set up an affiliate program to expand your reach. Affiliate programs pay a percentage commission to third-parties who direct traffic through your site. There are tons of affiliate software that you can set up to track and directly pay third party sites. You don’t need to pay out any amount unless they’re directly responsible for bringing business to you.
Until you build up enough public knowledge regarding your affiliate program you can reach out to bloggers who make posts within your product niche. If they’re already producing content in that field, they likely won’t mind participating in an affiliate program and a chance to earn extra income. This also means you’re going to reach audiences who otherwise may not have learned about your product.
Reward Loyal Customers
One key factor many e-commerce companies forget about is retaining and rewarding their customer base. It can be easy to get lost in the “chase” of always trying to scale up and increase revenue, but you want to maintain current sources too. One way to do this is to reward current customers with a buy one get one free deal or a reduced cost.
If you have an email subscription list, this can also be an awesome channel to retain and reward current customers. They’ll feel like they’re getting deals that other people may not know about and will feel more inclined to do repeat business with you. Investigate software that can set up a list for you to make this process almost entirely automated. Because you’re giving the customer the power to decide if they want to be emailed, they won’t feel harassed or badgered into conducting business with you.
Upsell, Upsell, Upsell
Upselling an age-old tradition of doing business. By offering a customer a product they might not have considered or known about, you increase the opportunity to generate a profit. When you’re doing eCommerce, you can have an ad pop up before the shopping cart suggesting an item that goes well with what your customer is already purchasing.
You don’t want to advertise products that are grossly outside of their niche, and you don’t want to bombard them with too many ads either. This is all about finding a balance between effective marketing, and its impact on sales. Before initiating any new tactics, monitor traffic, and successful sales numbers. If a strategy is having a negative impact on your sales, change it up until you find something that works.
Customers are used to regular forms of advertising now, and while it still works, there’s a hint of desensitization developing. Marketing by influencers is a great way to introduce your product to an audience through a person that your demographic trusts. You can find influencers on applications like Instagram by searching up hashtags relevant to your product niche. Find a person of interest with a larger amount of followers (5000 and up), and either contact them directly or their business email if included.
This form of advertising might be as simple as offering a free product in exchange for a post. Larger influencers may be accustomed to receiving payments to produce these ads. Ultimately your best bet is to contact multiple influencers and see who would best represent you and your product.
Never stop learning, there are tons of YouTube videos of startup companies that tried unique methods of growing their eCommerce businesses. Even if an idea hasn’t been tried before, it doesn’t mean it isn’t worth attempting. The online market industry is all about innovation and experimenting with new ideas. However, the strategies above have been used by many companies in order to establish aggressive growth and gain a foothold in their niche.
Interesting related article: “What is Digital Marketing?“