7 Strategies Your E-Commerce Business Needs to Thrive

The retail industry has witnessed a few changes over the decades, but nothing has been as significant as the advent of e-commerce. The growth of on...

  • 7 Strategies Your E-Commerce Business Needs to Thrive
    Gemma Davis Image Gemma Davis

    7 Strategies Your E-Commerce Business Needs to Thrive

    • Updated: Thursday 19th of November 2020
    • Strategy

    The retail industry has witnessed a few changes over the decades, but nothing has been as significant as the advent of e-commerce. The growth of online shopping has revolutionised the sector with changed consumer behaviour and increased impulse buying. Offering massive discounts, free shipping, and making product suggestions has helped in influencing buyers to keep adding items to their carts.

    The market size of the e-commerce industry in Australia is expected to reach $35.2 billion by 2021. The figure could be higher because of the increased online spending due to the COVID-19 pandemic. Thus, if you are planning to purchase an online business for sale in Australia, then you must be aware of the growth strategies to make it thrive.

    From food and liquor to clothes and books, everything is being bought online, and the comfort of completing the purchase in a few clicks makes it even more satisfying for the customers. Time-poor consumers are finding it easy to order things online and avoid spending their weekends in supermarkets and shopping malls. So here are a few strategies that will help you to grab the attention of your buyers in the competitive digital world.

    An Intuitive and Optimised Website

    The website is the most powerful asset of an e-commerce business. It is thus highly crucial to have a fully functional website with a secure payment gateway to attract your target audience. Also, it should be optimised for mobile phones as most of the buyers are glued to their phone screens. According to PayPal mCommerce Index 2018, every one out of eight customers in Australia is using the smartphone for shopping. Therefore, your site must be compatible with all devices used by consumers, such as desktops, laptops, tablets, and mobile phones.

    In addition, the site should offer an immersive and user-friendly experience to the customers. Its should be easy to navigate with useful categorisation and have expandable product images from various angles along with required descriptions and customer reviews. The process of adding products to the cart and making the payment must be easy, and the pages must load quickly to reduce bounce rate. Also, you should add features like filters and search options that allow them to find the products they need quickly.

    2. Marketing Your Brand Efficiently

    Competition in the digital world is becoming fiercer by the day. The big giants like eBay, Amazon and Woolworths are ruling the roost with massive marketing campaigns. Thus, small e-commerce businesses need to make their presence felt by finding new customers through an aggressive marketing plan. Social media marketing plays a vital role in acquiring new customers online,and it should be leveraged by marketers to reach out to broader markets.

    Several other strategies can be adopted like creating a referral program which offers incentives to existing customers on referring friends and acquaintances. In addition, create an advertising budget for Google Ads and Facebook Ads to increase visibility and come up with innovative campaigns that are helpful in creating a buzz around the site.

    3. Upselling and Cross-Selling to Boost Sales

    It is one of the proven ways of making customers buy more in one go. Most e-commerce companies use this strategy to entice buyers. Upselling involves displaying a list of products to the buyers that are similar to the ones they intend to buy. Usually, the higher priced products are displayed in the list to enjoy higher profit margins from the sale.

    Cross-selling is utilised by marketers to influence customers into buying complementary products which supplement the ones they are trying to purchase. For example, if the customer is buying a dinner set, your site can show them products like dining table mats, napkins, and cutlery to go with the product. It helps in promoting sales of different products and improves revenue.

    4. Include Products Reviews and Ratings

    Online reviews are read by most customers before making a purchase. These lend a sense of trustworthiness to the site and allow the buyers to feel confident about making the purchase. Managing online ratings and reviews is even more significant for online shopping because the customers are unable to view and touch the products.

    Reviews from satisfied customers are beneficial in adding credibility to the site, and the negative comments can come handy in learning from your mistakes. It is also effective in registering the feedback to make improvements in the offerings. So, ask your customers to share their reviews and do not forget to acknowledge their effort with a thank-you email.

    5. Offer Discounts and Loyalty Incentives

    Concessions are the best way to tempt your target audience to start buying. Offering bargain prices is effective in generating higher traffic. Some marketers offer discounts on bulk buying while others slash the prices across the product range. Choose the strategy you think will help you get more conversions from potential buyers. Provide add-ons like free shipping on purchases above $10 or free delivery for first orders.

    Loyalty programs are yet another approach for retaining existing customers and finding new ones. It can include exclusive promo codes, free delivery, vouchers and other unique goodies that are only meant for the loyalists.

    6. Solid Customer Support

    Excellent customer relationship management is the key to winning the hearts of your buyers. However, contact between buyers and sellers becomes restricted during online shopping. Thus, you need to find out ways of getting in touch. It is obvious that the buyer may have some queries related to the products or payments.

    So, you must be available through a live chat system to help them out instantly. You must also provide a helpline number so that they can contact you and speak directly to convey something important. Also, make sure that the phone lines are not busy for too long and the executives must be polite and friendly with the customers.

    7. Create Several Payment Options

    With various payment options, you can cater to a wide audience. Some people may not be willing to use a specific payment mode or may not have access to the right tools needed to get it done. Thus, to make sure that you do not lose out on your potential customers, include as many payment options as you can. The most common ones are PayPal, credit cards, net banking, cash on delivery etc.

    Many consumers abandon their shopping carts because they are concerned about the security of the transaction. So, make sure that you make them feel comfortable and build their trust in the site to get the payments.

    Conclusion

    The future is going to be digital and online shopping will be increasing by leaps and bounds in the coming years. Thus, if you are planning to purchase an e-commerce business for sale in Australia, then make sure that you are aware of these growth strategies to flourish in the sector.

  • Author Info Gemma Davis

    Gemma Davis is a Business Strategist with over 20 years’ experience and a CPA qualification in finance, accounting and business. She has been a source of inspiration to budding entrepreneurs and has guided them to reach the next level in their business growth plans. With her experience and expertise, she can help you to choose the right path and overcome all the hurdles in your journey as an entrepreneur. Her affiliation with Business2sell is a matter of pride for us.