6 strategies to help you grow your ecommerce business

Ecommerce businesses have the potential to grow quickly with more and more people are opting for online shopping. However, given the increasing number of players in the e-commerce market, it has become highly competitive. So, if you are running an ecommerce store, you have to consider various aspects of cash outflow. Not only do you have to spend on branding and product development, but you must also consider marketing, packaging, and shipping costs. With some strategic planning, here’s how you can effectively grow your business: -

Hire more

E-commerce companies need to build an efficient team to manage tasks and operations. Some key roles you need to hire include director of eCommerce, Web Developer, Digital Operations Manager, IT Technician, Logistics Manager, Inventory Manager, Inventory Associates and Customer Service Representatives.

Invest in automation

As an e-tailer, you execute multiple small tasks every day. Besides being time-consuming, routine tasks can affect your productivity and slow down growth. With e-commerce automation software, you can perform repetitive tasks and processes with minimal effort. And such technology will ensure error-free data. This, in turn, leaves you with more time to focus on high-value work like product development, sales, marketing and business expansion.

Making payments simpler

While shopping online, customers expect quick and easy ways to make payments. Debit/Credit card, Netbanking, Mobile Wallets, Cash on Delivery, UPI based payments—are the common payment modes. Thus, to make your website appealing to customers, you must offer multiple payment options. Besides this, the payment process should be easy, secure and with just a few simple steps. A long checkout process might make customers leave your website. And forcing them to sign-up for an account can lead to cart abandonment, so make payment simpler by allowing them to check out as a guest.

After successful payment, design a system where your customers get instant email and SMS confirmation with their order status.

Building a brand on social media

Digital marketing on social media platforms like Facebook and Instagram play a vital role in driving e-commerce sales. Leverage the reach of social media as it is the primary source for attracting new customers. It is also the easiest way of connecting with potential customers. You can also try influencer marketing. And note that building a consistent design across all your social media pages will help in instant brand recognition.

Reselling to old customers 

While every business strives to gain as many new customers as possible, retaining your current customer base is a lot more affordable because you already know that they love your product. Hence, find methods of improving sales with your existing customers. With HDFC Bank SmartHub, a zero-investment payments collection platform, you can curate offer packages and discounts for your customers, and share it via email, SMS or Whatsapp.

You can also offer loyal customer rewards by giving customers loyalty cards, entitling them to free services or products for a minimum amount of purchase. This common technique ensures that your customers keep coming back to you and can help you significantly boost sales and profits.

Adding brand value by offering freebies and personalised experience

E-commerce shoppers seek experiences that cater to their needs. To tap on this demand, capture individual shoppers’ interests and preferences and generate a product selection and shopping experience led by promotions tailored to them. For example: offer auto-generated discounts on their birthday or anniversary and personalised packaging on all orders to make your customers feel valued and appreciated.

While these strategies sound easy, implementing them requires monetary resources and cash flow can be an issue when trying to allocate funds for each aspect. In such a case, HDFC Bank Business Loan can help you scale up without affecting your business finances. These loans are designed to cater to all your business requirements. You can avail a Business Loan up to a maximum amount of Rs. 75 lakh at very affordable interest rates and conveniently repay it over the course of 12 to 48 months. HDFC Bank Business Loan also offers Overdraft facility with any security. Check your Business Loan eligibility online or at any branch in just 60 seconds.

Looking to apply for a Business Loan? Click here to get started!

Read more here on how outsourcing can help your business grow.

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Business Loan at the sole discretion of HDFC Bank limited. Loan disbursal is subject to documentation and verification as per Banks requirement.