8 eCommerce Growth Strategies to Adopt in 2024
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Ecommerce development company in the usa

Have you ever considered which eCommerce strategies you can apply to your business to attract more customers and higher ROI? eCommerce is thriving, and it is a severe matter of concern if your business fails to implement the new tactics. 

Statista report shows that the eCommerce industry has reached an estimated $5.8 trillion in 2023. 

So, whether you are a new or established eCommerce business, you must keep up with the latest strategies to stay ahead of the curve.

Don’t worry! In this blog, we’ll explore the 8 eCommerce growth strategies to adopt in 2024 that can help your business to thrive.

Embrace Personalization in eCommerce. 

eCommerce needs to be personalized, especially now that online shopping is becoming routine. As it becomes more typical every day, people will soon be ready to switch to new brands. This change usually happens because of changes in priorities, the economy, or stores closing.

Personalization in eCommerce means making interactions and experiences more personal on eCommerce sites by offering customized experiences. This opens new opportunities with material, video, or purchase suggestions, allowing buyers to see more.

Shopping history, demographics, and psychographics are used to make suggestions based on how people browse and what they buy. Buyers, mainly younger buyers, are ready to share personal information like their style, tastes, and family needs to have better, more personalized shopping experiences. 

Benefits of eCommerce Personalization

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  • Higher Average Order Visits (AOV): Most customers who have already purchased it before return to the recommended products rather than non-recommended products. Returning customers spend more, with an average AOV about 5% higher than first-time buyers.
  • Better Conversion Rate: A study says that more visitors turn into customers for personalized products than the average selling page.
  • Increase Customer Loyalty: When Personalization is done right, it leads to more sales and loyal customers. Experts say that brands that understand their customer’s needs affect their loyalty. 
  • Omnichannel Personalization: With omnichannel Personalization, retailers can connect online and offline interactions. For example, they can link viewing habits online to shopping habits in-store. This creates a POS feedback loop that ensures online product suggestions reflect in-store sales (and vice versa). 

Optimize for Mobile Commerce

Learning how to optimize your eCommerce site for mobile devices can significantly improve its speed and customer satisfaction, no matter how long you’ve been selling online or how new you are to eCommerce.

Statista’s Market Insights showed that mobile eCommerce sales topped $2 trillion in 2023, accounting for 60% of all eCommerce sales worldwide.

How often do you shop online from your computer these days? Your mobile device is most likely always with you when you go shopping. This is why optimizing mobile commerce is so important. Mobile app development company in Chicago can help you with mobile-friendly eCommerce sites.

Benefits of Mobile Commerce

  • SEO and Mobile Dominance: According to studies, a big chunk of all online sales are now made on mobile devices, and this trend will only increase. If you make your site mobile-friendly, you can reach many people who shop while on the go. 
  • Customer Comfort: Mobile shopping is the easiest way to do things. Customers can look at goods, make choices, and buy immediately, all from their mobile devices. People want things easily accessible, and mobile commerce meets this need.
  • Higher Conversion Rates: Studies show that well-optimized mobile commerce has better sales rates, which is the number of users who buy something. You should see more sales if you remove any problems during mobile shopping.
  • Enhances Brand Image: A professional mobile commerce experience makes your business look good. It reveals you are skilled, focused on the client, and aware of recent fashion trends. 

Open-Source Solutions

Open-source eCommerce technology offers a unique blend of speed and freedom, unmatched by any other solution. These distinct advantages are crucial in today’s dynamic market. By leveraging open-source solutions, eCommerce industries can swiftly respond to market demands, bypassing the time-consuming process of building a business from scratch. These technologies, known for their flexibility and cost-effectiveness, provide access to a plethora of ready-made tools. Importantly, open-source platforms are equally beneficial for both budding startups and established enterprises.

Many open-source eCommerce systems are built around user interface features like product listings, checkouts, and account management. These parts fit easily into current IT systems and connect to outside ERP, CRM, or Business Intelligence tools, which makes operations run more smoothly. Open-source content management systems and product information management tools offer flexible setups that can be changed to meet the needs of different platforms and product catalogs.

The flexibility of open-source solutions is most useful for businesses that use a freely separated design. This allows the company to grow quickly to meet changing market conditions and rising demand, keeping it competitive.

Realizing the full potential of open-source technology necessitates the employment of skilled engineers. These professionals play a pivotal role in tailoring the software to the unique needs of each business, thereby mitigating security risks and ensuring the smooth operation of eCommerce processes.

Focus on Customer Retention

Because customers have so many choices in today’s eCommerce world, the customer retention rate is significant for brands. Switching to a rival is easy since many options are only a click away. A high return rate means your goods are well-liked and have loyal customers.

Customer retention rates can compare information about new and old customers to see how long a buyer stays with a business. Finding out how well you’re getting new people and how many are coming back is helpful. This helps you determine how satisfied and good the customer experience was.

Customer Retention Strategies for eCommerce Business

  • Email Marketing Campaign: It’s important to have email marketing strategies, especially for online stores. Once a customer buys something, the business can send them a welcome text to thank them for being a part of the family. In addition, you can give people short text messages with links that take them straight to the page. 
  • Customer Satisfaction: Offering extra services to customers helps them remember your business. But know that it shouldn’t just happen once. To get sales, you need to do more than one thing. One way is to offer free trials or send free samples with every sale. 
  • A Strong Presence On Social Media: Customers stay with you or start depending on others based on how well you do on social media. It is essential if you want to reach Gen Z or Millennials; this idea works for them. It’s crucial to interact with your customers to solve their real-time issues.
  • Set Up A Rewards Program: The reward program would help you to recall your customers to your site. Whether it’s savings, free stuff, or prize points, being a customer feels good, and you should encourage them to join again or for the first time. 

Utilize Data Analytics

Collecting, evaluating, and managing vast amounts of data is known as data analytics. For eCommerce businesses, data analytics means finding out the customer’s online behavior so that you can help them shop online better.

Professionals in marketing and sales strategy may use data analytics platforms to collect data for analysis. These platforms link to the company’s online shop, related websites, social media accounts, and sponsored ads. Many analytics tools give marketers real-time information to change ads based on customer behavior.

Retailers need a mix of crucial data-related technologies, like a data center, a CRM system, and a Data Management Platform, to get a complete picture of each customer.

Data Warehouses

Data servers are not just about making your online store function better. They also enable the use of predictive data, which can guide you in making informed decisions and monitoring your ads more effectively. Additionally, tools like conversational eCommerce can enhance your sales performance.

Customer Relationship Management

A CRM system tracks customer interactions with e-commerce sites. CRM data is critical in the big picture because it lets the owner boost groups with known customer information to help with marketing.

Data Management Platform

A Data Management Platform (DMP) helps stores make thorough profiles of their customers by combining data from both online and offline sources. DMPs track customer information, like demographics, buying habits, and other details, helping businesses learn more about the people they want to reach.

Collaborating Online Store and IT Infrastructure

Legacy systems that are hard to use can slow the growth of your online business. Running a combined business plan that brings in sales is easier if your systems are separate. On the other hand, the end-to-end interface connects your store, back office, and online shopping systems, putting all of your essential user and product info in one place.

The best way to reach your integration goals is to get an all-in-one system with the right tools for your business workflows. If this isn't possible, you can use APIs to set up two-way data sharing.

Regarding shopping, three main business methods can make or break an e-commerce business.

Warehouse Management System (WMS)

WMS software is essential to the supply chain because it lets you see the whole inventory and delivery process. Companies can ensure that their resources work perfectly by connecting this system to other internal software. This includes both high-level decision-making and implementation at the warehouse level.

The following data hubs are often connected to a warehouse management system:

  • Inventory management software makes it easier to keep accurate records and turns over stock more quickly.
  • Order management software—allows for predicting stock levels, makes it easier to route orders from a particular center, and keeps all sales outlets current on inventory.
  • Enterprise management software reduces the time it takes to complete orders, speeds up bills, and creates a smooth flow of transactions.

Customer Relationship Management

By connecting your store to a CRM, you can keep track of all customer contacts with your platform in one place. This will help your digital marketing strategy and sales. If you connect your e-commerce shop to a CRM, you can easily keep track of important customer information like buy records and contact information. This helpful information can make shopping more enjoyable, help customers, and boost sales.

Also, looking at your buyer's character and buying habits, payment methods, and other details helps you decide what products to offer and whether the buying process needs to be changed. With inventory data and CRM insights, you can accurately guess how much inventory you will need based on how quickly items have been sold in the past.

Enterprise Resource Planning

An ERP e-commerce connection lets a company's front-end website and back-end ERP system share data without problems. They can talk to each other in real time, syncing data about goods, sales, shipping, inventory amounts, etc.

Invest in Sustainable Practices

Sustainability eCommerce changes how the industry typically works by reducing the environmental impact of shipping, waste, and packaging. For example, have you ever received an order from Amazon or another eCommerce brand that came in a big box with single-use plastics all over it? This is precisely what sustainability eCommerce aims to stop.

Are you willing to implement sustainable practices in your online business? If so, why not contact an eCommerce development company in Chicago? 

Benefits Of Investing in Sustainable Practices

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  • Attracts More Customers: More users use sustainability to decide whether to support a business. From 2016 to 2021, Google searches for “sustainable goods” rose by 71%.
  • Cost Saving: Companies can save money using clean energy in their stores and workplaces, especially if they switch to solar or wind power. So, using electric cars to deliver online purchases can also save money on gas.
  • Attracts More Employees: The IBM Institute for Business Value (IBV) poll found that 71% of workers and job seekers think companies that care about the environment are better places to work. And almost half of those polled said they would work for these groups for less money.
  • Helping Businesses for the Future: As time passes, fossil fuels will run out, so companies will soon have to switch to more environmentally friendly methods. These changes have already begun, with governments worldwide putting stricter rules on businesses that don’t care about the environment.

Collaborating Online Store and IT Infrastructure

Legacy systems that are hard to use can slow the growth of your online business. Running a combined business plan that brings in sales is easier if your systems are separate. On the other hand, the end-to-end interface connects your store, back office, and online shopping systems, putting all of your essential user and product info in one place.

The best way to reach your integration goals is to get an all-in-one system with the right tools for your business workflows. If this isn't possible, you can use APIs to set up two-way data sharing.

Regarding shopping, three main business methods can make or break an e-commerce business.

Warehouse Management System (WMS)

WMS software is essential to the supply chain because it lets you see the whole inventory and delivery process. Companies can ensure that their resources work perfectly by connecting this system to other internal software. This includes both high-level decision-making and implementation at the warehouse level.

The following data hubs are often connected to a warehouse management system:

  • Inventory management software makes it easier to keep accurate records and turns over stock more quickly.
  • Order management software—allows for predicting stock levels, makes it easier to route orders from a particular center, and keeps all sales outlets current on inventory.
  • Enterprise management software reduces the time it takes to complete orders, speeds up bills, and creates a smooth flow of transactions.

Customer Relationship Management

By connecting your store to a CRM, you can keep track of all customer contacts with your platform in one place. This will help your digital marketing strategy and sales. If you connect your e-commerce shop to a CRM, you can easily keep track of important customer information like buy records and contact information. This helpful information can make shopping more enjoyable, help customers, and boost sales.

Also, looking at your buyer's character and buying habits, payment methods, and other details helps you decide what products to offer and whether the buying process needs to be changed. With inventory data and CRM insights, you can accurately guess how much inventory you will need based on how quickly items have been sold in the past.

Enterprise Resource Planning

An ERP e-commerce connection lets a company's front-end website and back-end ERP system share data without problems. They can talk to each other in real time, syncing data about goods, sales, shipping, inventory amounts, etc.

Getting Ready for Immersive Technology

As per the Global Market Insight report, the immersive technology market is valued at $33.2 billion in 2023 and is estimated that it will reach up to 24.5% higher by 2024 and 2032.  

Virtual reality (VR) and augmented reality (AR) are two prime immersive reality technologies that are changing the way people shop online, making the shopping journey even more interesting and captivating. After implementing these technologies, businesses can offer more interactive shopping experiences to their customers like virtual displays and personalized suggestions. 

Customers can try out the products virtually by sitting at homes, which makes the shopping experience more interactive and engaging. VR helps customers feel more confident and less hesitant to buy by letting them try on clothes and see how furniture will look in their homes.

Augmented reality, on the other hand, adds digital information to the real world so that people can see items in the places they already know. Customers can make better buying choices when they can see and customize products better with this technology.

Wrapping Up!

As we have reached the end of this blog, you might have understood why eCommerce businesses need strategies to thrive in the industry. Implementing these strategies can attract more customers to your eCommerce store.

First, implement some of the strategies in your business, see how they work for your eCommerce business, and then move on to the others. 

That’s how you build your brand.

If you are looking for a custom software development company in the USA for your next project, contact eComstreet today!

Author

Suranjana Patar

She specializes in translating technical jargon into accessible language, she possesses a knack for crafting manuals, guides, and documentation that resonate with diverse audiences. With more than 4 years of experience in Technical Content Writing, she excels at distilling intricate information into reader-friendly content, ensuring every piece is informative and user-centric.

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