eCommerce businesses should ensure they are prepared and ready for growth as we enter 2023 by scaling their businesses. Scaling your eCommerce business can lead to increased revenue and exposure to new customers. In this article we will discuss how to scale your ecommerce business.
As a result of the pandemic, Internet retail increased by 47 percent in 2020. Since then, the ecommerce world has shown no signs of slowing down, with predictions for the global eCommerce market to increase by 14 percent year on year through 2027.
In order to expand successfully, ecommerce business owners should capitalize on the growth opportunities offered by the eCommerce market over the coming years.
With consumers being sceptical and cautious in the current economic climate, eCommerce brands must focus on forming genuine connections, targeting their SEO, and exploring new digital marketing opportunities in 2023.
You can scale your eCommerce business in 2023 by following these tips and critical tasks:
Authenticity is key for Ecommerce businesses
A new study reveals that consumers today are equally concerned with price, product, and convenience. However, they also want retail brands to contribute positively to society, be sustainable, and be purposeful.
In order to grow your business, you should have an authentic brand. By being true to who you are and what you believe in, you humanise your brand, thereby creating a sense of value and authenticity.
Also, authenticity separates you from your competitors in a crowded market and helps you stand out. A brand’s consistency and honesty builds a strong and memorable message that engages the reader and drives sales. On average, consumers receive 10,000 marketing messages per day but remember less than 100.
Focus on your cost per click (CPC)
Paid advertising plays a huge role in your marketing strategy. Paid marketing is key to a successful ecommerce business. By having a consistent and cost effective digital marketing campaigns will ensure your business scales.
You need to find the right platform for you, whether that is facebook, google, tiktok or instagram. You want to keep revisiting your paid ads to ensure that the pay per click is much lower. As your pay per click reduces the more profitable your business will become. You need to optimize resources to ensure that you do not over pay for paid advertising.
To do this you need to have relevant content, a strong website and a decent product line. This will help lower your CPC and ultimately your ad spend.
Make SEO a priority for your online business
In an eCommerce business, SEO, or search engine optimization, plays an important role to scale revenue and market share. It’s a long-term strategy that increases your business through keyword searches, backlinks, and web page optimization.
To rank competitively and benefit from organic search results, you need to do keyword research since 48 percent of online shopping begins with a search engine. That means you need to find out the relevant keywords which will drive people to your landing pages.
SEO is not instant and you may have minimal resources, but by completing several tasks regularly will allow your business to have steady growth. A lot of SEO involves outsourcing the content writing and on page content.
By 2023, SEO goes beyond simply ensuring your website is optimized. It is estimated that 40 percent of Gen Z searches through social media instead of Google, so ensure your brand aligns with algorithms and utilizes built-in selling features to increase exposure and discoverability.
Collaborate with influencers
In an era of rising social media presence, eCommerce brands should consider collaborating with influencers to reach bigger audiences, increase website traffic, and improve customer relations.
Identify influential people who represent your brand. Do not discount micro-influencers with smaller but more engaged, connected, and niche audiences.
In many cases this may be a large part of your marketing budget. Influencers who use a social media platform with a niche audience will allow you to reach your target audience.
Your eCommerce brand can be promoted on social channels through live online shopping, videos, reviews, and giveaways.
Adapting your business model to reflect current online retail trends will be essential as influencer marketing booms in 2023.
Keep an eye on your cash flow
By reviewing and projecting cash flow, online retailers and sellers can scale business growth. Managing business growth requires knowing how your decisions today will affect your cash flow tomorrow, whether you are investing in social media campaigns, launching new products, or hiring employees.
Having a strong cashflow ensure you have a solid foundation, in the ecommerce world revenue growth is seen as the main driver. However, ensuring that your business generates a positive cash flow is key.
Creating strategies and plans that secure and scale your business requires reviewing your cash flow and seeing the long-term effects of your business decisions.
With our eCommerce accounting services, we take care of your financial management and cash flow statement tax filing so that your online business is successful.
Put the customer first when they come to your ecommerce store
If you don’t provide your customers with quality support and assistance, they are unlikely to come back to you or recommend you.
In 2023, you should always put your customers first if you want to scale your eCommerce business. Increase customer retention, improve trust, and build a positive reputation by providing excellent customer service, quick response times, and a simple purchasing and returns process.
To scale your business you need to ensure that you a great customer experience, most customers will look at negative reviews and base their buying decision off this Therefore its key that you start gathering feedback from the very beginning. Reviews will build brand trust, so you need to make sure you display customer reviews which shows an awesome customer service and customer satisfaction.
Poor customer service will show on your customer feedback and reviews. This will impact the conversion rate on your online store. You want to focus on your reviews and encourage customers to leave positive feedback.
Other things you can look at is by having phone support, a loyalty program and helpful email campaigns.
Contact your ecommerce accountant today
Your Ecommerce Accountant works with multiple ecommerce platforms and are one of the leading accountants in the ecommerce industry. We will help you as your business grows. perform your accounting and tax so you can focus on scaling your ecommerce business. So get in touch and find out how we can help your business grow.