In this article, we will discuss essential steps required for expansion in E-Commerce Growth.
The pandemic has contributed to the push of E-commerce, reaching double digits in 32 countries around the world. The three biggest markets for E-Commerce are the United States, China, and the United Kingdom. Yet, the competition is high within these markets, and many small online shops struggle to create a sustainable profit. Ultimately, with over 26 million online retail sites in the world, it is easy to see why stores with a small presence can’t make it. Nevertheless, the demand for E-commerce is still growing, and the sector is expected to account for over one-fifth of the total global retail sales by 2023.
So how can small online stores grow their presence and increase their order volume?
Study your market
Understanding who your audience is and how they shop is instrumental to your growth. Entrepreneurs rely on market data, such as E-commerce industry reports and statistics, to gain a better overview of global and regional trends and expected growth in different locations. For instance, customers in Europe may display different shopping behaviors and preferences compared to US shoppers. If you wish to expand to a new market or even within y our existing market, you can’t afford to neglect data analysis.
Make cyber security a priority
There is no denying that cyber attacks are not slowing down. In fact, Internet criminals tend to target small businesses because they are more likely to have security weaknesses. Unfortunately, cyber security threats can bring small ventures to bankruptcy. Therefore, it is essential to ensure you’ve taken all the necessary steps to protect your team and your livelihood. What are the most common cyber security risks for E-commerce businesses?
- Exposed customer data, including confidential information and payment information, through ineffective website security
- Emailing mishaps when a team member accidentally makes customer’s data visible, such as email address and names
- Data breach or leak through a third party
So, make sure your team and suppliers are trained and equipped to avoid issues.
Reach out to influencers
Can an influencer transform your E-commerce reach? Marketing experts agree that influencers have a higher engagement rate on Instagram compared to specialist brand accounts. Influencers can often outperform brands in some of the most common E-commerce topics, such as fashion, beauty, and retail. In other words, the question is not whether or not you should work with influencers.
The question every small E-commerce business needs to ask is: How do I find the right influencer for my brand? Typically, you can already spot influencers when researching your customer demographics on social media, as many are likely to count among their followers. Contrary to common belief, working with a micro-influencer who’s relevant to your brand strategy doesn’t have to break the bank. So, it’s worth investigating this option to grow your reach and brand awareness.
Building a platform for E-commerce expansion is no easy task. As a business, your priority to enable expansion is to do the groundwork:
- Understand the trends in your specific market.
- Protect your business from cyber attacks.
- Boost your brand.
Yet, these are only the first steps of your expansion journey. There’s a lot more to consider when it comes to IT requirements, shipping solutions, customer service excellence, and E-commerce content.
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