When it comes to small to medium-sized enterprises, growing your business can be incredibly difficult. Studies show that only around 40 percent of startups manage to get through their first three years. In a saturated market, you need key processes in place to oust the competition, increase revenue and boost profitability. Here are 5 effective strategies to help you grow your e-commerce business.
When it comes to e-commerce, you probably already know that you need a fully functional online store and a strong online presence. In addition, you also need to make sure your business website and e-store, including the call-to-action, conversion processes, and forms, are all optimized for mobile. From doing their weekly supermarket shop to buying birthday gifts, more and more consumers are using mobile devices to make purchases. In fact, research shows that around 50 percent of web visits are from mobile traffic. A smooth mobile experience is a key to good business, which makes mobile optimization a smart business move for SMEs. Not to mention, it is an effective way to scale your business.
Small businesses might not feel the need to invest in an office, even if they could afford it. However, dedicated workspaces are great places for entrepreneurs to collaborate with others and foster creativity. Working from home, in a cafe, or anywhere that has a table and chair might work for startups, but successful SMEs need a dedicated space for productivity. Coworking spaces are ideal for growing businesses as they have all the necessary resources and equipment your team needs to thrive. They also promote healthier lifestyles in working professionals. By having a dedicated place to go to work, you are less likely to blur the lines between your personal life and your work. The Brew provides different types of workspaces in London. For more information, visit thebrew.co.uk.
Conversion Rate Optimisation
Conversion rate optimization, or CRO, is the process of optimizing site elements to boost the site visitor percentage that completes the desired goal. By testing and optimizing website elements, such as website content, design, and call-to-action buttons, you can expect a higher rate of conversions and more site traffic. In addition, CRO can improve customer experience, help you pinpoint performance bottlenecks and boost digital statistics. It can even help resolve issues with shopping cart abandonment and improve customer retention.
Focus on Customer Retention
Following on from the previous point, placing focus on customer retention is an efficient way to grow a business. Research shows that it can cost 5 times more to acquire new customers than to keep existing ones. With this in mind, SMEs need to have a solid strategy in place for customer retention. Customer engagement via targeted marketing campaigns, email newsletters, and social media can all increase customer retention rates.
Invest in Effective Communication Tools
Customers should be at the heart of every business, and investing in effective communication tools can help keep customers happy. Effective tools, such as chatbots and email automation, help streamline customer service, sales, and communication processes. Using these tools, you will experience increased sales, a hike in customer acquisition, and improved customer retention too.