Basic Ecommerce Growth Strategies to Kick-start Your Business in 2020
Setting up a website and listing all your products is just the beginning of your e-commerce journey. You have to adjust, change, and improve many things before that website of yours generates your profitable revenue. These e-commerce growth strategies will help you effectively frame your website content.
The entire subject of e-commerce can be deduced into a single equation. V*CR*LTV=R where V stands for the visitors, CR stands for the conversion rate, LTV stands for lifetime value, and most importantly, R stands for revenue. If one can regulate these factors properly, then he or she has won the game. But it is not a child’s play.
Any human who is visiting your website is a visitor. No matter if they have come from some backlink, ad post, or through organic search. They came to your website means they are your potential customer.
So your first concern should be to get as much traffic on your website as possible. The more people visit your website, the more chances of getting consumers. The most traffic goes to the top result of any search. To get at the top, you can create backlinks that will both bring traffic and increase your page authority. The best way to get your page at the top of the search results is by consulting a credible content writing agency.
Conversion Rate (CR)
The conversion rate would be the number of people buying or subscribing on your website. The heavy traffic of visitors is of no use if you cannot convert them into your customers successfully.
Make your website as interactive as possible. Put a call to action on every page of your website. Most importantly make sure your website is not slow and does not lag while loading. This affects the engagement of the visitors with the website that eventually results in lesser and lesser conversion rate. You need to follow these basic e-commerce growth strategies to create a good foundation for your website.
Communicate with your visitors if needed. Put contact details where ever you deem necessary. If you are easy to reach, that makes you seem credible. Your customers are everything so always be ready to attend them. Take feedbacks actively, which make them feel important. You need to put the positive feedbacks as testimonials which will garner more attention.
Lifetime Value (LTV)
Here the value being discussed is of the individual visitor that would eventually become your customers. This value is significant. This is how you assign importance to your visitors. Different businesses can have a different amount of value. It is ideal to take an average of all the individual lifetime values and get an average value that you can concentrate upon.
Some people commit to things instantly; some take a day, some weeks, and some even months. You have to see how much time most of your customers take. This will be the value of your Lifetime.
Once you have a heavy flow of traffic that quickly converts into customers, you have achieved it all. You will have impressive revenue, of course. But it is not that easy, one or the other factor will falter now and then. So you have to continuously improve your website and reframe it according to the latest trends.
Direct selling of products does not work anymore, and you need to wrap it nicely as well. These e-commerce growth strategies are nothing but such wrappers. Keep your website engaging, and you will see the difference very quickly. Trial and error is part of every successful thing, so don’t lose hope if it takes more than one tries.
E-commerce has been around for a long time now. Given the purpose that it was created to serve, it should come as no surprise that it is now a critical part of the global economy. Despite the raging popularity it continues to enjoy in the worldwide market, there is no denying that it too has evolved considerably since it first emerged on the scene
Online shopping is becoming a necessary need by the hour due to the circumstances that the world is currently facing while it was more of a luxury not long ago. A customer's online awareness and behavior are evolving as well and targeting a more friendly experience when it comes to the worth of time that they spend online on daily basis.
Magento is the popular E-commerce platform, it helps owners to grow their businesses. It is the best way to launch your online store in the market with advanced functionalities and unique design.
Payment gateways are a tricky aspect to get a hang of. Just when you think you have it figured out, it can surprise you from out of the blue. In an online payment ecosystem, they hold the same weight as a credit/debit card swiping machine in a regular brick and mortar store.
If you think that acquiring new customers is hard, then you haven’t yet experienced the pain of retaining them. Every business owner knows that it takes a lot to retain a customer for a prolonged period of time.
The rise of eCommerce has revolutionized the retail industry significantly. The e-commerce platform plays a significant role in the success of selling products and services online. Most of the companies find it challenging to decide whether to choose an on-premise or an e-commerce platform.
Selecting the right eCommerce platform for your online store is pivotal for a business’s success. Multiple open-source eCommerce platforms are available today that can assist you in building and running your eCommerce store conveniently.