When the pandemic was at its height, a lot of companies shifted to eCommerce. It allowed them to stay competitive, despite the restrictions that the pandemic put on them. The results were awe-inspiring, as seen in the eCommerce report from the US Census. In the 4th Quarter of 2020, companies earned $245.28 billion. The numbers also showed that for every five dollars of consumer spending, one dollar went to eCommerce.
But that year has passed, and the world is approaching recovery. With the world changing, your investment in eCommerce needs to grow. Here are some potential strategies on how to boost and develop your eCommerce sales even further.
Ensure Mobile Access
Everyone has either a smartphone or a tablet nowadays. That is very important for eCommerce strategies as companies move into the future. Statistics show that the mobile part of the eCommerce sales is at 45 percent and growing. To better prepare your company for it, you should adapt your site to handle smaller screen sizes better. Responsive web design allows the device to determine how the website presents itself, allowing an optimal browsing experience without needing an alternate site.
This is much better than having alternate sites to access. With a mobile presence, customers don’t have to scramble for a desktop to make an order. They open the site on whatever device they have and start buying. The ease of ordering will ensure that customers will love it.
Diversify Offerings
If you want to sell more, you need to offer more. This is the approach of companies like Lakeside Manufacturing. Instead of sticking with one product, they reach out and develop products for various industries. It can be surprising how many industries you can branch out into. The aim is to have multiple income streams so that there will still be enough to keep the company running if one fails. Developing new products can be a challenge, but it can be worth getting new products in.
Investing In Social Media
Many of those who would be willing to buy via eCommerce are between 18 and 34. Selling to that particular demographic requires advertising to them in the right place: social media. Stepping up your social media marketing efforts shouldn’t be too hard. Create a Facebook page and presence on other platforms. This is not going to be easy. For one, you need some professional graphic artists. A lot of social media presence is visual, so you need people to create the right images and visual presence.
Start Rapid Customer Research
In the past, customer research took months. But that can be a disadvantage in a market that requires quick decisions and releases. This is where rapid customer research comes in. Some trends and fads burn out in a matter of weeks in the internet age. This requires a solid team working on quick research. Ideally, you need to have a report on a product within a week. This allows for implementation and release in a short period. This time turn-around time can ensure that your eCommerce store stays relevant.
Allow Multiple Payment Options
Customers can’t buy from you if they can’t pay you. The traditional mode of payment when it comes to eCommerce is credit cards. This is the simplest option. But it can also be dangerous. If your data center gets breached, then hackers would have access to customer data, which includes credit card numbers.
To prevent this, you’ll need to beef up security. But you can also choose to use options other than a credit card. Accepting digital wallets can be a good addition, giving customers who don’t want credit cards the ability from you. You can also start supporting cryptocurrencies. Digital cash is becoming more and more popular and allows for seamless transactions. With more payment choices, more customers would be able to buy from you.
Offer The Right Price
There is also the matter of pricing. Many people hesitate to buy something because they can’t afford it. This is where dynamic pricing comes in. With this pricing model, the price adjusts to demand. Low demand can mean a lower price to attract customers. Higher demand means higher prices. To implement this, you’ll need software that will adjust prices depending on competitor monitoring and market analysis. This can potentially increase revenues by 25 percent.
Growing and developing your eCommerce potential should be the focus of your efforts in 2021. This allows you to grow and build up your business. Bouncing back from the pandemic losses will be even faster with the right implementation of these changes.
