Currently, there are approximately 24 million eCommerce stores – that means tough competition. Trying to set up and then grow an online retail business in the diverse digital ecosystem is not easy now. Regardless of the niche, customers now have multiple options to choose from. So, why should they choose you? How can you grow your online business? We will tell you how to grow and sustain your online retail business like a pro in this brief guide.
Here are key strategies to help you build your digital e-commerce empire in 2021:
1. Your Store Should Show Up in Google Search Results
Content is one of the most critical and influential tools to grow your online presence. This is why 70% of marketers actively invest in content marketing (Source: HubSpot).
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Content could be anything such as blogs, podcasts, videos, social media posts, etc. The primary purpose of content is to share information, engage the viewers, promote business, and spread brand awareness. Compared to paid searches, content marketing increases leads 3x more – resulting in more traffic to your website and growing your business.
2. Send Free Samples to Influencers
Nowadays, there is a new blogger or ‘influencer’ every day. The reason behind the growth of influential journalists, bloggers, and vloggers is high demand. Did you know that a business generates $5.20 for every $1 invested in influencer marketing (Source: Neal Schaffer). The high ROI from influencer marketing tells you two things:
- Influencer marketing is a highly effective marketing strategy
- Influencer marketing leads to more views, more leads, and more sales
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From micro-influencers to high-profile influencers, find one that suits your niche with the same following as your target audience. You can apply many different influencer marketing strategies, such as sending free PR, paid collaborations, etc.
Once the influencer mentions your brand and product/service, their followers will learn about you, and it is bound to spike traffic. So, invest in influencer marketing to grow your online business.
3. Don’t Give Up On Email Marketing
Of course, marketing grows brand awareness and business, but your marketing efforts need to be diverse. When it comes to digital marketing, email marketing is still going strong, even in 2021.
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Email marketing will help you grow and generate revenue. According to statistics, for every dollar spent on email marketing, businesses receive $42 in return – well, numbers don’t lie! Moreover, email marketing is cost-effective, easy to measure, easy to use, and boosts customer retention. Remember to create a personalized and content-driven email marketing campaign to increase business. The email should entice the reader and spark an interest.
4. Personalize Customer Experience
Nowadays, customers are looking for personalized engagement. The same approach will not fit all, so personalize the experience for your audience. Why? Based on research, 80% of consumers prefer buying from an online store that offers more personalized experiences.
So, how can you create customized experiences?
- Satisfy the audience’s needs
- Place more relevant products for the customers, give them what they are looking for
- Directly address to the individuals
- Update and adjust your content regularly
- Optimize your content and website to match the consumer’s intent
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Try to incorporate personalization at every step of the customer’s entire journey – from searching on SE, contacting them on email, paid ads, and social media posts to the time till they checkout.
5. Use the Power of Visuals
Visual content is naturally more attractive and engaging because the human brain processes visual information 60,000 times faster. Thus, visual marketing is a highly effective way to grab the audience’s attention. Therefore, 69% of marketers believe that visual content marketing is the most compelling element of a marketing campaign (Source: Marketing Digi Book)
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Fortunately, numerous platforms and tools can help you create a stunning visual representation of your business. Use Instagram, Pinterest, Snapchat, and TikTok to engage with your consumers visually. These online platforms are the best to tell your brand story and boost your business through images and videos.
6. Optimize Sales Funnel
Sales funnel is an organized strategy that follows the customer’s journey till they purchase. Every stage of your sales funnel – from spreading awareness to motivating the lead to take action – is vital to growing an online business. 90% of website visitors are not ready to buy, so you need to persuade them.
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Optimize your sales funnel by investing in tools that analyze data and then use that data to improve the weak areas. Remember: driving traffic alone is not enough if you cannot turn leads into customers. According to statistics, only 3 out of 10 leads turn into sales. Thus, your sales funnel must be well designed to turn prospects into paying customers.
Here are some simple ways to optimize your sales funnel:
- Create targeted content
- Invest in marketing in the awareness stage
- Use call to action in the consideration stage
- Train your sales team to offer more personalized communication
- Offer multiple payment options and make check out easy
- Monitor data and update the sales cycle regularly
Summing Up
The most significant milestone in running an online business is launching the business. You have already done that, and now it is time to grow your online retail business. Follow the strategies mentioned in this article to see fruitful results. Just remember to be patient, as growth takes time and effort. Implement these strategies, and soon you will have a successful online business with high revenue and ROI.