How to Grow Your Ecommerce Business Effectively

Are you launching a new online business or trying to gain an even online marketing presence and grow? You don’t need us to tell you that the process is fraught with pitfalls. Growing in an increasingly online market means you need to have an enticing business proposition, ensure your customers can find you, and that they get what they want quickly.

When looking into ecommerce companies and how to grow an ecommerce business, it may seem complicated at first and not without serious challenges. However, there is plenty of opportunity for ecommerce implementation.

According to Statista, revenue in the ecommerce market is expected to reach well over $3.178 trillion in 2024, with growth forecasts reporting a projected market volume of $4.9 trillion by 2029 [1].

So, you have your idea ready to go and an online site, or you have a store but in-store sales aren’t cutting it, or you are starting to feel stagnated. What do you do? In this article, we examine practical approaches to growing an ecommerce business.

As competition grows, growing an ecommerce business becomes a priority, and not just for physical store owners looking to reach a wider audience. Over time, many businesses have trailblazed the path for us, revealing new and innovative ways to inject traction into a business.

Here, we have collected some of the most effective ways to grow your ecommerce operation.

Understand your goals

Before getting into growth strategies, it is essential to start with a roadmap. That mainly entails defining specific goals tailored to your business. This boils down to acquiring customers, retaining them, and growing revenue.

For instance, in terms of customer acquisition, you can set targets for the number of new customers you want to attract or sell online to within a set timeframe. This can be measured with new traffic, sign-ups, or conversion rates.

Customer retention strategies involve keeping existing customers engaged and coming back for more. You can offer loyalty programs and personalized recommendations or provide excellent customer service to lock down long-term relationships.

Offer upsells and cross-sells

Upselling and cross-selling are effective techniques for increasing the value of customer transactions and repeat business. Your job is to convince the customers to purchase a higher-priced or upgraded version of the product they are interested in or recommend complementary or related products to accompany their initial purchase.

Upselling and cross-selling strategies are best built around the concept of personalization. Start by knowing as much as possible about your existing customers and their purchasing behavior to tailor recommendations to match what they prefer or are looking for.

An example would be a customer looking to buy a gaming console. You can then suggest a more powerful version with better graphics, storage space, refreshed looks, a stand for the controller, and even games.

Timing is crucial in upselling and cross-selling, as it lets you present relevant offers strategically during the customer’s journey through your site. You can do this during checkout, after a successful purchase, or at the bottom of single product pages.

Additionally, you can offer customers discounts, bundle deals, or free shipping, among other perks, to incentivize them to add more items to their cart and increase the overall order value.

Explore new sales channels

When trying to grow, you want your customers to find you everywhere or where you are best positioned to attract and retain their attention.

While most people benefit from appearing across all sales channels simultaneously to increase their coverage and reach, some might do their best on just a few channels.

So, what are the powerful and effective channels you can explore when searching for answers to “how to grow my ecommerce business?”

Email

Email is not going anywhere anytime soon and remains a powerful tool for engaging with customers and driving sales. Segmenting your email list based on demographics, purchase history, engagement level, and other relevant factors allows you to target and personalize communication.

Automating the process, such as with welcome sequences, reminders (for an abandoned cart, for instance) and post-purchase follow-ups, can further enrich it by helping nurture leads and guide customers through the sales funnel.

Paid ads

Paid advertising on platforms like Facebook Ads, Google Ads, and Instagram Ads can be an instant boost that lets you speak to a larger and more granularly target audience to drive traffic to your ecommerce store.

Experiment with different ad creatives, headlines, and targeting parameters to optimize your paid ad campaigns and achieve an ideal return on investment.

Promo

Promotional campaigns, such as limited-time offers, referral programs, and bundle deals, can be leveraged to create a sense of urgency and incentivize customers to check out what you have. You encourage customers to take action and complete purchases by offering exclusive rewards or discounts.

Social media

Social platforms like Facebook, Instagram, TikTok, and Pinterest have become increasingly popular channels for ecommerce. With features like checkouts, marketplaces, shopping ads, and shoppable posts, businesses can directly sell their products to social media followers without routing them to a separate website.

If you can reach and grow an audience, you can capitalize on an ‘on-tap’ and impulsive purchases-driven market with engaging content.

Influencer marketing

Influencer marketing is social media but with a personal touch. While you could grow an audience, it is sometimes more prudent to partner with social media influencers who speak to a market that wants to buy what you have. That way, they hear it from a voice they trust, lending you more credibility, driving up engagement, and sending more traffic to your online store to impact revenue positively.

Mobile commerce

Also known as m-commerce, mobile-based sales have become an essential channel for ecommerce businesses. Optimizing your store for mobile devices and offering a seamless mobile experience can allow you to tap into the growing number of mobile shoppers.

According to Statista, mobile ecommerce sales hit $2.2 trillion in 2023, making up 60% of all ecommerce sales worldwide. The numbers keep climbing, with expectations to hit $3.4 trillion by 2027 from around $982 billion [2].

Subscription commerce

The subscription commerce model provides customers with the convenience of recurring product or service delivery. You can generate recurring revenue and cultivate long-term relationships by offering subscription models where applicable.

When looking into how to grow ecommerce with this model, consider subscription boxes, meal kits, software-as-a-service subscriptions, and membership programs to cater to different customer needs and industries.

In addition to these ideas, you can leverage our ecommerce consulting expertise to enhance your online sales performance, optimize customer experience, and streamline your company’s operational efficiency.

Offer ecommerce gift cards

Ecommerce gift cards have emerged as a popular and easy-to-use option for gift givers and recipients. The convenience of online shopping and the flexibility to choose the perfect gift have made consumers more open to using digital gift cards for special occasions.

As an ecommerce business, offering gift cards offers benefits, including acquisition, increased sales, and successful ecommerce brand exposure to new potential customers. You can take this further and offer customizable gift card options featuring diverse denominations, designs, and personal messages to cater to a more diverse customer pool.

Promotional strategies such as holiday-themed campaigns, limited-time offers, and cross-promotions with other products can help increase gift card sales and boost overall revenue.

Integrating gift card functionality into the ecommerce platform’s checkout process ensures customers have a seamless purchasing experience. At the same time, tracking and redemption mechanisms help you manage and see customer purchases and monitor gift card usage effectively.

In essence, gift cards present a way for you to sell more of what you offer and an opportunity to get closer to your customers, strengthen relationships, and inspire loyalty.

Launch live stream shoppable events

Technological advances have made live-streaming a shoppable event more accessible. This interactive approach to ecommerce marketing combines the power of live video with the convenience of shopping online.

Organizing such an event allows your business to engage with its target audience in real time, showcase products, answer questions, and offer promos. How do you do this?

You can check out how to use social platforms such as Facebook Live, Instagram Live, and dedicated live commerce platforms to reach a broader audience and drive sales through compelling livestreams.

Incorporating features such as Q&As, live chat, and product demos can empower brands to create immersive experiences that draw in viewers and encourage immediate purchasing decisions.

Every stream requires extensive planning and strategizing to present the best content. As such, it is imperative that you monitor content scheduling, scripting, and technical setup.

Measuring the success of such events is also crucial and easy. It involves tracking viewership metrics, engagement, and conversion rates to optimize subsequent streams.

Overall, livestream shoppable events offer businesses a unique opportunity to connect with the target audience in a relatable way, showcase products in an engaging setting, and drive sales in real-time as you watch your ecommerce business grow.

Provide great customer service

The competition in ecommerce means that in order to stand out, businesses must provide exceptional customer service. Businesses that put responsiveness, empathy, and problem-solving first can stand out in this competitive environment and build lasting relationships with new and old customers.

Responsive communication across multiple channels, including email, phone, live chat, and social media, ensures customers get information and assistance on time.

Empathetic listening and understanding help customer care agents address issues with care and consideration, inspiring your audience to trust and be loyal to your brand into the future.

The communication channels should also be set up to give customers information and solutions on time. As a business, you are charged with empowering your agents to be knowledgeable and efficient in resolving problems quickly and effectively.

You can also consider proactive support initiatives, such as outreach and problem-solving, to show your customers that their satisfaction is important to you and to prevent issues from getting out of hand.

Another way to improve customer service is to engage with customers’ feedback in a polite, action-oriented and useful way.

By continuously refining your customer service processes to deliver exceptional experiences, you can create positive interactions that leave a lasting impression on customers, who will be inclined to return and even refer you to their friends.

Reduce expenses

Part of optimizing your business is ensuring that your operational expenses are kept to a minimum without sacrificing quality. To grow ecommerce business operations, consider the following directions:

Marketing automation

Marketing automation tools make it easy to complete tasks such as social media management, customer segmentation and analysis, and email marketing. Automating some business processes can save time and resources while maintaining consistent customer communication.

AI (artificial intelligence)

AI technology can optimize some of your operations to make them more accessible, faster, error-free, and convenient. They include processes like inventory management, customer service, and price optimization. By leveraging AI algorithms and machine learning, businesses can use insights from data to minimize business costs and boost efficiency.

Chatbots

With the rise of ChatGPT and similar tools based on the same technology or idea, it has become increasingly clear that it can be leveraged for chatbots to great effect. Implementing chatbots on websites and messaging platforms can lower customer service costs while improving response times and availability.

Outsourcing non-core functions

Another way to lower business costs when looking at how to grow your ecommerce business through cost-efficiency is outsourcing non-core functions such as accounting, fulfillment, customer service, etc. This strategy allows ecommerce businesses to focus on their core competencies while leveraging their expertise and resources as specialized providers.

Negotiating better terms with suppliers and vendors

Negotiating better terms with suppliers and vendors can reduce procurement costs and boost profit margins. You can use your purchasing power and solid relationship building to negotiate mutually beneficial terms and conditions. This can include payment terms, collaboration with the supplier, volume discounts, and so on.

Implementing energy-efficient technologies and practices

Energy is expensive. For any business looking to cut costs, energy-efficient technologies and practices can be used to reduce utility bills and cut back on environmental impact.

Investment in sustainable infrastructure and operational improvements can lower expenses and enhance corporate social responsibility (CSR) efforts. You can start with energy audits, technology and equipment, and sourcing from renewables.

Offer special discounts

Most people are willing to check out new promotions and special discounts. It is a great way to attract customers, drive sales, and increase customer loyalty to increase ecommerce sales. Here are some ideas on how to grow your ecommerce store through this urgency-inducing technique:

• Promotional campaigns: Plan and launch targeted campaigns offering discounts on specific products, categories, or special events, including sales seasons, holidays, or other significant occasions.
• Exclusive offers: Offer exclusive discounts to customers, loyalty program members, or email subscribers. This is a great way to reward their continued support and encourage them to return and try something else.
• Flash sales: Creating a sense of urgency is a great way to spur sales. Limited-time flash sales and discount codes can create that drive and encourage customers to make immediate purchasing decisions. But it doesn’t just have to be about selling. It is also an opportunity for you to showcase your website, checkout experience, and customer service to acquire and retain new customers.
• Bundle deals: Bundling complementary products at a discounted price, offering customers added value, and incentivizing larger purchases can all add to your bottom line.

Produce quality content

High-quality content is essential to engage customers, drive traffic, and improve search engine rankings. Let’s talk about some content production strategies you need to know to grow ecommerce business metrics in your favor.

Product descriptions

Compelling and informative product descriptions can convey the value proposition of your products to potential buyers. Some of the ways you can do this include:

• Highlight key features and specifications to emphasize what sets you apart from competitors.
• Focus on the benefits instead of listing just features. It is a great way to highlight pain points and show value from descriptions.
• Use persuasive language and storytelling techniques to hook readers and evoke emotional reactions that resonate with their needs.
• Search engine optimization to improve search engine rankings and attract organic traffic.
• To build trust with potential buyers, include social proof such as customer ratings, reviews, and testimonials in product descriptions.

Visual content

With social media, especially TikTok or YouTube, visual content can provide exposure to a new market to showcase your products in the best possible light. How can you leverage this effectively? Let’s look at some ideas:

• Enlist professional, high-quality photography to highlight the best features of your products from all angles.
• Product videos can accurately represent what your product is about. Whatever form that may take, it is important to help users visualize how the product may work for them.
• Interactive content, such as 360-degree product views, zoomable images, interactive hotspots, etc. can all be used to engage customers and enhance the shopping experience.
• Maintain visual consistency in your branding and across all content to make it easy for customers to recognize your brand.

Blog posts

Blogging is another effective way to attract organic traffic, educate your target audience (especially where tutorials are needed), and establish your knowledgeability in your industry. You can create compelling blog posts by identifying topics that work for you, providing value, diversifying the format your content takes, optimizing for SEO, and promoting that content across all your channels to increase visibility.

User-generated content

User-generated content (UGC) is powerful for social engagement, building social proof, and driving conversions. It also has a greater impact on gaining your readers' trust than anything you may do yourself.

Here is a summary of how to grow ecommerce business UGC contributions and engagement levels:

• Create opportunities for UGC
• Run contests or challenges to get the ball rolling
• Showcase UGC to encourage engagement from more customers

Always get consent before featuring user content and communicate how it will be used.

Start influencer marketing

Influencer marketing has become a powerful marketing strategy for growing ecommerce businesses by leveraging the influence and reach of social media personalities, content creators, bloggers, podcasters, and so on.

How does it help you grow? Here’s a summary of the benefits to expect:

• Amplified reach and exposure across platforms and demographics
• Targeted audience segmentation for the highest impact
• Authentic endorsement and social proof
• Diverse content formats and channels
• Enhanced search engine optimization and brand authority
• Measurable ROI and performance metrics

Influencer marketing offers a highly effective and scalable marketing strategy for driving growth in today’s diverse and competitive digital landscape.

Are you ready to get your ecommerce business going? Our tailored ecommerce development services are designed to empower your business with competitive solutions such as Shopify, Magento, Salesforce and custom tools tailored to your business requirements.

Why choose us?

We offer unrivaled expertise, comprehensive full-suite solutions, data-driven consulting, seamless integration, and timely delivery.

Partner with us today and start your journey to sustained growth, innovation, and success. Tell us about your project, and let’s bring your ecommerce vision to life as a team.

Growing your ecommerce business requires strategizing and dedication. You must leverage the right tools and resources tailored to your needs and objectives.

The techniques described in this article can be used in tandem to enhance the competitiveness of your offering/pitch.

At EPAM, we understand the unique challenges of the online marketplace and provide solutions to grow ecommerce operations. Our comprehensive ecommerce website development services, vast talent pool, and industry knowledge empower you to unlock the key to sustainable growth.

Whether you are looking to build a custom platform, optimize sales channels, or boost your online brand presence, EPAM stands ready to help navigate the complexities of the digital landscape and transform your business goals into reality.

1. eCommerce - Worldwide (Statista)
2. Global Mobile E-Commerce Worth $2.2 Trillion in 2023 (Statista)