One of the most exciting things you can do is launch an e-commerce business. With billions of people using the internet worldwide, the opportunities are virtually limitless.
Entrepreneurs must concentrate their efforts on growing their e-commerce business, given the enormous opportunities at their disposal.
Scaling your e-commerce business requires intentionality, consistency, forward-thinking, and grit. We’ll look at some of the crucial steps you can take to expand your e-commerce business in this article and get the best outcomes.
E-commerce, commonly referred to as electronic commerce or internet commerce, is the term used to describe the exchange of money and data for the purpose of transacting business through the internet.
Using electronic payments, customers visit the website or e-commerce store to make purchases. When the merchant receives the payment, the product is sent to the customer or the service is rendered.
E-commerce is divided into three primary categories: business-to-business (represented by websites like Shopify), business-to-consumer (represented by websites like Amazon), and consumer-to-consumer (websites such as eBay).
Over the past few years, the eCommerce sector has experienced rapid growth. Global retail eCommerce sales in 2021 totalled more than $4.9 trillion. By 2025, this figure is projected to increase by an additional $2 trillion.
Most people are scared of venturing into the e-commerce sector because they are afraid their e-commerce business might not scale up in the competitive market.
I am here to dispel your worries as I will be sharing some fundamentals of scaling an e-commerce business and 5 steps you can take to scale your e-commerce business
Fundamentals of scaling an e-commerce business
Imagine your online store as an apartment building or a home to better comprehend the foundations of scaling an e-commerce business. A firm foundation is necessary before you can construct a sturdy building.
After that, you’ll need labour and building supplies to assist you get moving on finishing the job. The last touches and design particulars come next.
This also applies to your e-commerce store also, you must ensure that the foundation of your store is solid and top-notch in terms of the website, customer support, design, User experience, product quality etc.
However, there is no limit to how much you may expand your e-commerce firm if you are sure of your organizational roots.
5 Steps to scale your e-commerce business
- Develop an effective marketing plan: Creating a successful marketing plan is essential because without people knowing your business exists, you cannot grow it. There are many different types of marketing, and there is no “one-size-fits-all” approach, but a handful stands out for e-Commerce firms in particular. Integration between your POS, e-Commerce and marketing platforms is essential for bringing in new clients while also keeping your current ones happy and getting them to spend money with you again. These days, digital marketing is a wonderful tool that accomplishes so much more than just bringing customers in the door.
- Identify your customer’s journey: There are several social media platforms that might act as your sales funnel depending on what your product or service is. Understanding these and how users interact with them is crucial; this is what is meant by the phrase “customer journey.” How does your ideal consumer come across your product in a social media advertisement? What inspires them to click the ad to find out more?
- Embrace Automation: There is a lot of work involved in growing an online store. You could find that you need more time than normal to complete a few activities since they are beyond your capabilities. Automation will help you reduce the time and resources needed to do these operations, which is essential if you want to scale your e-commerce business. By doing so, you’ll be able to make the most of your resources and free up time for important projects like coming up with marketing strategies and content. Automation can be as simple as setting up automated emails or as complex as using Photoshop’s automation tools to automate your product designs.
- Raise the Bar on Your Customer Service: In addition to the typically automated emails and live assistance, you should be searching for methods to enhance the e-commerce customer service that will help you grow your company. Going above and above will help you stand out from the crowd. Making a top-notch loyalty program that rewards current customers while encouraging continued client growth is a great strategy to increase your loyal customer base
- Spend some time planning out your supply chain: Since the COVID-19 pandemic, the global supply chain has dominated news stories because of higher costs, delays, and other difficulties. 35% of sellers spend at least seven hours each week working on the freight and logistics side of their business, according to a recent survey we conducted. Experts in e-commerce point out that while this hasn’t always been the case, investing time in your supply chain strategy today allows you to outperform your rivals.