The pandemic propelled the popularity and growth of e-commerce. Thanks to the crisis, more consumers went online to reduce their need to shop in physical stores. E-commerce brands made it possible to buy what one needs and wants after only a few clicks and taps. Experts even claim that the projected e-commerce sales will hit $4.2 trillion in just a few short years.
It is one reason why more entrepreneurs are venturing into the online world. They know that they have greater chances of saving money and boosting their brand if they successfully launch their business online. But after a few months or years of operation, it is only natural that entrepreneurs want and plan for their e-commerce store’s growth.
The question is, how can one start growing their online business? What are the essentials no e-commerce brand should ignore? For starters, here’s what you can do to begin the growth of your e-commerce brand.
Clearly Defined Business Objectives
When you first started, your main goal could be to build a successful brand. You wish to use entrepreneurship to welcome a more fulfilling and financially independent life. But since real life is nothing like a fairytale, one needs to have a clear set of smart goals to maximize success.
Your e-commerce brand may be booming at the moment. But if you say you are expanding and are accepting orders worldwide without having a concrete plan to make your business sustainable, many things can quickly go downhill. Clearly defined business objectives will help you by:
- knowing the goals that will push you to strive harder
- making yourself more accountable and hands-on
- informing action
- measure your progress and success
- improve communications
- set priorities
Accurate and Timely Tax Payments
All business owners need to pay sales tax for every product sold. Even if you are offering products and services online, you are to abide by sales taxes. This will depend on who your customers are and where you deliver orders.
For example, you were only catering to local clients but also started taking orders from international clients. You will want to stay on top of your taxes to ensure you don’t get in trouble with the Internal Revenue Service. The same goes with booking a free tax relief consultation.
You may already have an ongoing debt that’s making you stay awake at night. The last thing you need is your debt to stop your business growth. The earlier you find ways to settle your tax debts, the better it would be for your personal and business finances.
Invest in Affiliate and Influencer Marketing
Affiliate marketing and influencer marketing are fast becoming the go-to digital marketing strategy of e-commerce brands. Online businesses usually start with online listings, a professional website, and an optimized social media marketing campaign. But in this modern world, taking advantage of affiliates and influencers can help take your brand to the next level.
Affiliate marketing is a low-cost, low-risk, and low ongoing costs marketing strategy that offers flexibility, targeted traffic, and high return on investments. As a true leader in gaining traffic to your website, you can use affiliated marketing to boost brand awareness. With the right strategy, you can gain new followers each day and boost your online revenue with the help of affiliated marketing.
On the other hand, influencer marketing allows you to create lasting and win-win relationships with influencers based locally and internationally. Businesses don’t necessarily need to work with top-grossing influencers to attain their specific goals. You can always start with local influencers with a decent amount of following as a way of growing your e-commerce brand.
Repeat Business Strategy
Client acquisition may be an important aspect of growing your brand. But gaining new clients alone is not enough to build a sustainable business. What you need is to boost your repeat business strategy so you can keep your best customers and continue doing business with them.
Thankfully, there are numerous ways you can encourage your clients to do repeat business with your brand. Here are five examples of how you can motivate customers to make repeat purchases in your business.
- Offer incentives to repeat clients
- Leverage email retargeting
- Reward clients with referral programs
- Invest in personalized campaigns
- Encourage product reviews and testimonials
Growing your e-commerce may be challenging but never impossible. There are tons of ways to do this, which gives you plenty of choices and decision-making to make. The key is to know who your target audiences are, leverage strategies within your reach, and not let challenges stop you from growing your brand.