In the digital era, running an e-commerce business is no mean feat. When it comes to growing an online store, you need a powerful combination of vision, determination, and strategy. Here are some tips you can use to grow your e-commerce business and stay ahead of the curve.
Go the extra mile for customers
Always go above and beyond to service your customers; a purchase on your website is not the end of a sale. Have robust service systems to collect feedback, listen to customers, and resolve grievances. After all, a happy customer will likely turn into a brand advocate – a valuable marketing asset at your disposal. At the other end of the spectrum, a single negative customer review can discourage hundreds of prospects from giving you business.
Leverage social media
Social media is perhaps the most powerful tool at the disposal of brands today. For e-commerce players, it presents a unique opportunity to develop lasting relationships with customers and turn them into lifetime brand advocates. Pick the right social media platforms that suit your business. Know where your customers are, and meet them there. More importantly, simple activity on social media doesn’t suffice. Also, focus on the content you’re creating and distributing to engage your customers.
Don’t fall into the deep discounting trap; this can really hurt your reputation. Neither should you run regular discounts if you want customers to value your brand. The secret to successful promotions – offering products at prices that encourage even the most discerning of shoppers but without attracting bargain hunters that are bad for your business.
Establish an omnichannel strategy
This is a sure-shot way to make your e-commerce store a hit with customers. Establishing an omnichannel business strategy means that instead of only focussing on a single channel (online), offer the same experience and value through multiple, well-integrated channels. This could mean that you may have brick-and-mortar stores in addition to your online store. More importantly, consistent and unified experience across channels is sure to please customers and will have them turn into brand loyalists.
Get funding right
Running an e-commerce business demands a generous amount of capital on a daily basis. Apart from just keeping the ship operationally afloat, there are a hundred other areas that need investment. While raising money from investors is how a lot of start-ups do it, understand that you’re essentially foregoing control in the form of equity when you raise VC funding. There is, however, a better alternative when you don’t want to dilute your stake in the company – debt funding.
The good news is that it is easy to secure a business loan to not just run but grow your e-commerce business. Tata Capital helps you do exactly that. Our loans for business start at attractive business rates – 19% – and are fully unsecured. With structured EMI options, custom-built business loans, and high eligibility, Tata Capital can propel your e-commerce business to success. Get in touch with us today!