It is little surprise that many entrepreneurs seek to enter the e-commerce market when starting a new business. Few sectors of business have enjoyed the same level of market growth as in e-commerce.
At present, the global e-commerce industry is valued at approximately $6.3 trillion and is expected to continue to grow at a CAGR of 14.3% from 2020 to 2027. In an age where billions of consumers have smartphones, online purchases can be made with a few swipes, keystrokes, and gestures from virtually any location with internet access.
If you have already ventured into the world of e-commerce and have successfully navigated the first crucial year of trading, you may be looking for strategies that will allow your firm to enjoy sustained growth. This article seeks to assist in this respect by outlining some top tips that will help your small e-commerce firm grow.
Expanding your business when working from home
Many small e-commerce firms rely on a small team of dedicated staff or even just one person. In the first few years, the operation is likely to be run from a home office rather than from a rented business premises.
However, one key facet of running an effective e-commerce firm from home is being able to rely on fast internet access that allows you to deploy and manage multiple online applications and website widgets.
Put simply, if you do not have fast and reliable internet, you may be limiting the growth potential of your website and what can be achieved from your home office. If you recognize that your home internet needs to be upgraded and you are based in Connecticut, search online for Connecticut internet providers that can offer fiber internet connectivity. Fiber internet access is the current “gold standard” in online access.
Download speeds can reach up to 5 Gig per second and this allows highly data-intensive applications to be run concurrently from your home office, whilst undertaking other online activities such as making video calls or attending online business conferences. Put simply, invest in superfast fiber internet for your home office and you will be taking a significant step in future-proofing your home office setup.
Leverage the power of social media marketing
For smaller e-commerce firms, their owners do not have large advertising budgets that could facilitate expensive TV advertising campaigns.
However, it is still possible to reach a large target audience without spending a fortune. Consider that an estimated 5.04 billion people use social media channels in 2024. In addition, social media ad campaigns can cost from as little as a few dollars to run.
Simply put, social media marketing can be an incredibly cost-effective way to reach a large target audience. Create short but memorable adverts that feature the product you wish to promote. Ideally, you will want to insert a hyperlink into the ad that takes the interested potential customer to the web page of the item you are promoting.
This can be a highly effective way to convert consumer interest in your product into a sale. Conduct market research to ascertain which social media channels (and which specific sub-sites) your target market frequently uses. Use this information as the basis for tailored social media marketing activities that are designed to foster improved sales revenues and support sustainable business growth.
