4 Growth Tips For Traction-Stage e-commerce Businesses
The eCommerce market may be huge — and growing — but that doesn’t make finding success a walk in the park. Indeed, quite the opposite. The sheer amount of competition means that finding even a semblance of success in e-commerce can be challenging. One study suggests that around 90% of e-commerce brands fail within the first four months.
The upside is that brands that can navigate the tricky first 6 months may just find themselves in a strong position to get a real foothold in the e-commerce sector. Taking the right steps at this critical juncture really can be the difference between becoming another statistic and experiencing long-term success.
If you’re in this position, then take on board the following strategies, which should help guide you in the right direction.
Figure Out Your Products
It’s hard to know what will sell and what will be left on the shelves when you first start. Now that you’re six months in, you should have a good idea of what’s selling and what’s not — all you need to do is look at the data. By focusing on the products that make sales and getting rid of the ones that you don’t, you’ll be maximizing revenue opportunities and also be moving one step closer towards discovering what your store’s product makeup should be. Just remember that it’s also recommended to continue experimenting with products — you might just stumble upon one that becomes your best seller.
Rent a Dedicated Space
Part of the appeal of running an e-commerce business is that it’s usually possible to get started from your home. By the time you’re six to twelve months in, however, you’ll usually be ready to move in somewhere else. Finding a small warehouse for rent will allow you to stock more products and improve your shipping process, while renting a desk in a coworking space can also help you to work more productively and look/feel more professional. Many great businesses begin their life in the founder’s home — but at some point, it’s time to move on.
Switch Up Your Marketing
You’ll probably attribute a big percentage of your current success to your marketing strategies. Now that you’ve found some success, it’ll be time to play around and see which other marketing strategies might work for you. You may have made plenty of sales through Instagram marketing, but what about Google or Facebook ads? While you’ll want to keep your current strategy in place, there’s a lot of value in playing around with other platforms. It could be the key to significantly expanding your customer base.
Focus On Existing Customers
Most growing businesses focus their time, money, and energy on attracting even more customers. However, there can be a lot of value in focusing on your existing customers, not just on acquiring new customers. Long-term success is built on having repeated customers, not one-time customers. They’re also much cheaper to market to. Put together a strategy that turns your single customer into a loyal client, and you’ll find that revenues continue to move upward.