100% Proven E-Commerce Growth Strategy In 2020

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E-Commerce Growth Strategy
Reading Time: 4 minutes

The e-commerce industry has grown by leaps and bounds and resellers know the key to 100% proven e-commerce growth strategy are the right marketing techniques, right from e-commerce pricing strategies to  strategies to make at least $1000.

According to statistics, the e-commerce industry was set to grow from 505 billion U.S. dollars in 2018 to over 735 billion US dollars in 2023. That is a lot of scope to tap in an ever-growing industry.

Even if your e-commerce platform sells great online products, customers still go to other marketplaces and e-commerce websites. Wonder why? Because it is all about marketing the right way.

Wondering how to come up with e-commerce business ideas to get into the big world of e-commerce online sales? Here’s how:

1. Be Seen On The Right Platform

To drive traffic to an e-commerce site is a task in today’s competitive market. Customers are spoilt for choice and with the ease of surfing the internet, getting customers to land on your e-commerce site is not all that easy. What do resellers do then?

Put products on other sites as well to reach a wider customer base. Be discoverable in popular marketplaces like Amazon and eBay. Prevent losing on a massive sales potential that these hugely popular marketplaces offer. Link the products to your website to drive potential customers to your online shop and browse for other products.

2. Reviews and Feedback

Reviews and feedback are important to know what customers liked about the product, how they think the products can be improved and whether they would refer these products to others too. This would give an idea of how these products are doing and what can be done to perfect the features or aspects. If there is a product upgrade, what can be done differently to capture the space of the online e-commerce growth 2020 including the right e-commerce pricing strategies to appeal to customers and yet make a profit.

Also, would customers go for a product upgrade and be willing to pay the price? This feedback gives insights into what customers think or how their thinking has changed with time. Reviews help too, as in many cases customers base their buying decision on reviews by other buyers.

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3. Rethink E-Mail Marketing Strategies

Innovation is the name of the game. Don’t underestimate the power of e-mail marketing in today’s digital age. Communication is key, hence get the content right for your e-mail marketing strategy.

Target your customer database, build loyalty and make them repeat customers who come back to buy new and appealing products on the website which is a 100% proven e-commerce growth strategy.

4. Identify And Profile Best And Loyal Customers

Getting a large number of visitors on the website is great, but understand that a small number of customers can also drive a large part of the online e-commerce sales. It is the 80/20 rule for customers, which is that 20% drive 80% of the revenue when selling an online product.

Identify the 20%, what makes them similar? What products do they buy? What marketing channels create them? Then build e-commerce business ideas around them. It is called Customer Value Optimization and it works.

5. Use Influence of High Value Customers To Get New Ones

Word of mouth referral marketing works to sell online products. Use the influence of high value customers to get new ones.

Have short feedback questionnaires when customers buy products, who they were referred by and make a list of high value customers. Get in touch with these high value customers, including a subset of social media influencers to work on special promotional campaigns.

Drive-in additional customers from their audience and followers. Use the most influential of highest value customers to build the brand and acquire new customers for an online e-commerce growth 2020 story.

6. Follow Metrics

Start being data driven. Most small businesses work by hunch. Measure key metrics like traffic and conversion rates and don’t just work by hunch. Treat the marketplace listing as a process rather a one-time creation.

Continually measure e-commerce online sales conversion rates and optimize your listings. For example, you can get a lot of valuable information by just listening to your customers’ messages.

If a customer asks a question it means the information is not clearly conveyed on the listing. Revise it and watch conversion rates improve.

e-commerce online sales

7. Grow From Inside Out

A common strategy for growing a multichannel e-commerce business and driving e-commerce online sales is to add more products and sales channels. Look within to find growth strategies and processes you can improve.

Are there product lines that can be dropped to free up warehouse space?  Work harder to increase volumes with e-commerce business ideas, then use that to push for higher discounts from dealers. Sometimes growth comes from optimizing what is already there rather than reaching further out.

8. Have One-On-One Conversations

Emerging Artificial Intelligence(AI) software helps position some ecommerce stores above the competition.

Internet retailers can inexpensively engage in a one-on-one dialogue with each one of the potential customers simultaneously. Give them the impression that they are chatting with a real person. This will dramatically improve your cart metrics.

There are ways to structure a 100% proven e-commerce growth strategy to master the online e-commerce growth in 2020. See what works for the e-commerce platform, improvise on existing products even with new model upgrades.

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