E-commerce is a fast-changing and competitive market. To succeed in this space, online stores need to adopt effective growth strategies that can help them acquire new customers and increase their sales. Besides retaining their current customers, businesses also need to expand their customer base if they want to grow.
In this blog, we’ll explain why having a solid e-commerce growth strategy is essential, and give you some advice on how to leverage your loyal customers.
The importance of growth for your e-commerce business
E-commerce businesses aim to grow bigger and better. To achieve this, you’ll need a clear plan that will guide you to more visibility, more revenue, and more brand awareness. As the market gets more crowded, a robust e-commerce growth strategy can help your store differentiate itself from its rivals and reach your growth goals.
How to build an e-commerce growth strategy for your online store
To build a strong growth strategy for your e-commerce website, you need a holistic approach. Start by defining your target audience and knowing their needs. Use analytics to find out what your customers want and customize your strategy to create a customer journey that delights both new and existing customers.
Then, it’s important to set your key performance indicators (KPIs) so that you have a measure for growth. Your e-commerce growth strategies will be meaningless unless you have a vision of your current and desired state.
Lastly, your growth strategy and your customer retention strategy should work together. You can’t grow if you keep losing customers. So, keep your customers satisfied and loyal as part of your e-commerce strategy for success. Apply customer retention tactics and personalize the customer journey to build strong brand loyalty and grow your customer base.
This will not only increase repeat purchases but also create customers who can endorse your e-commerce brand.
7 strategies to help you build on existing customers & grow
Existing customers are valuable for growth. They have shown that they like your brand’s products or services, and they are more prone to buy again. Use these tactics in your e-commerce business strategy to take advantage of this loyalty and increase growth for your e-commerce site.
1. Focus on customer loyalty
A customer loyalty program can boost retention and improve the customer experience. Give your loyal customers incentives like discounts, special deals, and priority access to new products. Or offer cash back to motivate customers to return and shop more on your online store.
2. Personalize the customer experience
Use data analytics to customize your brand’s marketing activities. Adjust offers and suggestions according to customers’ previous purchases and interests to boost the chances of more sales. E-commerce growth strategies need to have personalization—it’s not an option, but a necessity for online buyers nowadays.
3. Encourage customer feedback
Ask customers to share their opinions and ratings. Positive ratings increase confidence among prospective customers, while negative feedback can help you improve your products or services. Go beyond and use feedback to create new products and marketing plans that match customer needs.
4. Diversify your product offerings
A good strategy for some brands to grow their business is to offer a variety of products. If you already have loyal customers, think about what other products they might need or want that fit your brand. Do some market research to find out what products are popular or related to your existing ones.
Absolute Collagen is a great example of this. They are well-known in the UK for their collagen products, and they have recently added skincare products to their range. Their customers love their new products, and they have become very successful. This also helps them reach new customers who are interested in skincare.
5. Optimize your shopping experience
Make sure your e-commerce website works well on mobile devices, as more and more people shop on their phones. A smooth mobile experience can make your customers happy, and loyal, and help you attract new ones. Also, it’s very important to make your checkout process fast and simple—this can help your brand keep your customers and get new ones without any hassle.
6. Consider strategic partnerships
Look for opportunities to partner with other e-commerce brands or related businesses in your field. Working together can expand your brand’s audience and help you connect with new customers that you haven’t reached before.
7. Put effort into social media & influencer marketing
Interact with your audience on social media platforms. Post content that matters to them, run ads that target them and join discussions to boost your brand presence and connect with your ideal customers.
Brands can also benefit from working with influencers to reach new markets. Partnering with influencers can raise your brand recognition and trust, attracting new customers who fit your target profile.
Boost growth for your e-commerce store
To grow your e-commerce business successfully, you need a comprehensive strategy that considers your current and future customers. Use social media to your advantage, create customer loyalty programs, and look for new opportunities to grow. Your e-commerce business can adapt and excel in the changing e-commerce market. Be flexible, focus on customer happiness, and see your online store prosper.