6 Ecommerce Growth Strategies You Can Implement In 2023

Anyone running a business in the 21st century can no longer ignore the power of the internet. To succeed, you must use the internet to your advantage. Statistics show the e-commerce market is expected to grow to $6,390 billion by 2024.

E-commerce does not end with simply developing an online store. You should develop strategies to grow the business, regardless of your competitors. This blog will disclose six various e-commerce growth strategies to your benefit.

What Are E-commerce Fulfillment Services?

Before moving to the actual growth strategies, it would be essential if you first understand ecommerce fulfillment services. Don’t let the long-term scare you, e-commerce fulfillment services simply refer to receiving, picking, inspecting, packing, and shipping items as customers order.

One of the most crucial activities in the e-commerce business is to increase concentration on selling, lowering shipping costs, reducing operational costs, enhancing customer experience, increasing shipping speeds, and expanding your customer base.

There are three main types of e-commerce fulfillment models, including:

• In-house fulfillment involves storing and shipping orders from your usual place of operation.
• Third-party fulfillment applies to e-commerce businesses that require supply chain management.
• Dropshipping is an e-commerce fulfillment model whereby orders placed by your customers are forwarded to a supplier who then picks, packs, and ships them directly on your behalf.

Each of the above fulfillment models has unique advantages and drawbacks. Thus, businesses should be cautious when choosing which to apply to their orders.

E-commerce growth strategies

Strategy #1: Focus on Retaining Customers

If you’re an e-commerce entrepreneur, you know how exciting it can be to see new customers regularly. However, some businesses focus more on that, forgetting about the advantage of retaining your previous customers, which is crucial. Therefore, you should always work on repeatedly making first-time customers shop with you for years.

One ideal way to retain first-time customers is by giving them positive feedback after shopping from your business. For instance, a simple “Thank You for Shopping with Us” can uplift a customer’s mood and make them return for more shopping (with a friend). You can also check up on them with a “Hello, We Miss to See You in Our Store” whenever they go for months in silence.

Strategy #2: Rewarding Loyal Customers

Customers love to feel valued! As an e-commerce marketer, you can win your customer’s loyalty and attract new ones by organizing reward plans for consistent ones. One of the practical ways to reward your loyal customers is by providing them with discounts occasionally.

You can introduce a buy one (or two) get one free purchase plan for them or develop a strategy to increase their shopping experience. For instance, if you introduce redeemable rewards for your customers, they will confidently shop more and more to gather more points to be redeemed in the future.

Strategy #3: Personalize Your Customer’s Experience

Customers across the globe crave personalization of their shopping experience more than the actual shopping process. Research shows that nearly 50% of customers will be loyal to stores where they enjoy a personalized shopping experience.

As an e-commerce business owner, you can use artificial intelligence to generate feedback and engagement with every customer based on their shopping history, location, personal preferences, and consistency. Personalization naturally lures customers back to the store, boosting its growth.

Strategy #4: Embrace Ads for Marketing

Online ads have become the most popular and effective way of marketing one’s business across the internet. Your e-commerce store shouldn’t be left behind when everybody uses digital marketing strategies. Besides generating new customer interactions, ads enhance brand awareness across various locations, cultures, and languages.

If you choose ads to grow your e-commerce store, go for ones with a massive target, not those that might appear meaningless to your customers. Additionally, video and audio localization in your ads is crucial to attracting an international customer base.

Strategy #5: Strengthen Your Social Media Engagement

In the 21st century, e-commerce businesses are incomplete without solid social media engagement initiated by the owners. Many e-commerce business owners usually create social media accounts excitingly at the company’s beginning but neglect them soon after- which is wrong.

Customers desire consistency. That’s why you should use your social media accounts to actively engage customers by responding to their questions, organizing question-and-answer sessions, and requesting their opinions on different products.

Thanks to technology, you can also use social media chatbots to manage the accounts on your behalf. Don’t forget about the giveaways, live-streaming, and story time for your customers.

Strategy #6: Diversify Your Products

Nothing excites customers more than walking into a wide range of products from different brands in various styles, shapes, and prices. Diversification of products is a crucial strategy for boosting your e-commerce business’s growth.

Even better, you can slowly introduce products they aren’t used to or it’s been a while since you had them in your store. Try this, and the results will positively surprise you!

After implementing the above strategies, you can be sure to witness the ultimate growth of your e-commerce business as the months proceed. Remember to incorporate trackers or seek the services of financial experts to measure and evaluate the success of your business within a specified period. Above all, don’t forget about customer retention, as that matters.