Over the past ten years, eCommerce has skyrocketed, and the pandemic has accelerated its growth at an unprecedented rate. Here are five ways that cater to these market changes and ride the wave of opportunities in eCommerce.
Starting and growing an eCommerce business in India or anywhere in the world is just like playing a game of thrones with many levels. Each level has its challenges and opportunities, best claimed with adherence and a robust strategy. There is no one point at which one can declare all wins and no losses. Yes, that is what the business world, including eCommerce, is all about – planning, strategy, and sales!
According to a report by KPMG, India’s consumer digital economy is expected to touch USD 1 trillion by 2030, with the adoption of online services such as eCommerce playing a pivotal role. In the last decade, eCommerce has skyrocketed, and the pandemic has accelerated its growth at an unprecedented rate. This year, the global eCommerce market will be worth $4.9 trillion; 10% of all retail sales generated by eCommerce is expected to rise at a 15% annual rate. It goes without saying, this would require eCommerce businesses to re-imagine, re-invest and reach out. Continue reading to learn about ways to grow your eCommerce business below.
5 Ways to grow eCommerce Business
Below-mentioned is some proven ways in which you can grow their eCommerce business:
Customers are the centre of all business activities and look for foolproof service. To win their hearts and loyalty, it is essential to serve them well. After all, they trust the business with their money more than the product. Therefore, it may seem that they are using your eCommerce business platform for just a simple buy, but it is much more than that. They are looking to build a relationship where they are heard for feedback, concerns, and also improvements. Hence, ensure that your service is top-notch, from homepage landing to checkout. Focus on the website’s UX (user experience), such as a quick-loading site, informative content, beautiful yet responsive design, and so on. Remember, people are quick to judge businesses based on the website’s design, and you’ve only a few seconds to make an impact.
Engagement across windows
While your online presence has already got you one brownie point, it is important to enhance this benefit further by engaging with customers across social media platforms. Brand recall and brand equity are critical today on social media. Therefore, having an interactive engagement platform across the online windows is essential for more extensive reach and presence. And to achieve the same, one needs to plan it well with a proper social media strategy. This strategy should marry well with other offline marketing strategies and must be seen as exclusive to the online presence of eCommerce companies.
Adaptive and on-the-move
Technological advancement is taking place rapidly; therefore, to remain in the game rather than become obsolete. It is essential to be agile and adaptive. To start with, it is crucial to make a responsive design architecture for the eCommerce store that is adaptive to requirements and exclusive to each online platform. Remember, more people will browse your website via mobile devices and tabs (Google Chrome and Safari) than on desktops and laptops; hence, nailing the mobile UI experience is a must.
Cross-selling is a must, but not on the face
It is always advisable to cross-sell customers when they are browsing your eCommerce website. But making it too obvious would ruin the game completely. Hence, a balance between the two is important. Make recommendations when it is essential and as per the customer’s browsing history. Do not pop up with recommendations when your customer is highly engaged in a purchase on the eCommerce store. Remember, it just takes a click to abandon the cart and move on!
Checkouts are critical
You might be serving them with the best information and user interface throughout their buying journey, but if the checkouts are a pain, then you have lost the game. According to research done by Baymard Institute, there is an average cart abandonment rate of 69.82% due to a choppy checkout. Therefore, building a seamless checkout experience is critical for eCommerce businesses that involve no more than three steps of a happy buy closure. Moreover, the checkout should have a clean window design with payment options, coupons, delivery information, and item details listed for a quick glance.
These are the five proven ways to grow your eCommerce business. Each has its own criticalities and requirements. However, checkouts have their own criticality above all. PayU’s Token Hub offers eCommerce businesses a way to provide their customers with a safe and quick checkout. It provides you with a superior experience and the promise of security at all times. Our quick pay suggestions enable your customers to make a fact-based decision on the choice of payment mode in real time. Hence, making the entire buying experience seamless and quick.
A responsive website has a design architecture that can adjust its features per the customer’s device. Since customers prefer to use different devices to shop, it is advisable to have a responsive website.
Cross-selling is when you promote new products or related products to a customer as per their buying history or browsing. This strategy can help you sell more and increase your customer visibility.
Checkouts are the most critical part of the buying journey, and making this part of the experience seamless is essential. One thing that needs to be avoided in checkouts is multiple field form fills, and the checkout should be simple, easy, and swift.