Redefining Your Ecommerce Business Growth Strategy to Earn More Profit in 2024

Say Goodbye to old tactics. Let’s explore the latest ecommerce business growth strategies to deliver a positive user experience and satisfy your customers.  

Ecommerce has become a crucial part of the global retail framework. According to eMarketer statistics, in 2020, the online market share was at 17.9%. The figure is expected to reach 20.3% by the end of 2024, accounting for $5.542 trillion. The ecommerce market share will grow to 23.6% and $7.391 trillion by 2025.

This is an impressive growth. The increased accessibility of internet access and affordability of mobile devices has made it easier for people to purchase products online. There are approximately 24 million ecommerce websites available. In this competitive ecommerce business world, bringing quality traffic to your online store and converting more visitors and maximizing ecommerce sales has become a daunting task.

With the right ecommerce business strategies, you can increase sales and grow your online business. If you are wondering how to redefine your ecommerce business growth strategy, here are some new strategies you need to implement to fulfill your conversion and sales goals.

Design a Customer Journey Map

Understanding your customer experience is critically important, especially when it comes to ecommerce business. Finding what your customers want, why they land on your website, their preferences, and buying trends can be challenging. According to a survey conducted by Baymard Institute, more than 70% of online shoppers abandoned their shopping cart in 2021.

Performing qualitative research is important to understand their preferences and needs of each customer segment type. By analyzing customer feedback, you can find the buying habits and individual customer behavior to make changes in your marketing strategy.

Remember, the goal of creating a customer journey is to keep your customers loyal, engaged and happy.  Based on the qualitative data, ecommerce marketers can design a better customer journey map for different segments. It will help you retain customers, maintain their interest and achieve a high level of satisfaction.

You can create a customer journey map by following these points:

• Creating an objective for the map
• Create buyer personas and what do they want to achieve
• List out all the touchpoints
• Identify the elements you want your map to show
• Find the resources you want to collect qualitative data

Offer a Stellar Onboarding Experience

Customer onboarding is the most important process that helps marketers get new and more users while making them feel comfortable with your website. Offering an exceptional customer onboarding experience makes customers’ lives easy. If delivered well, onboarding experience can generate positive emotions in first-time customers and give them clarity about the order.

How you onboard your customers can make or break your website image. Delivering a positive onboarding experience can build a strong relationship with your customers, reduce customer churn rate and convert users into loyal customers. If your customers are satisfied with the first experience, chances are they will definitely place a second order and become your repeat customers.

Make Tweaks in Your Customer Loyalty Programs

Your customers want special treatment. They want high-quality products, excellent customer service and memorable user experience. Encouraging repeat purchases will increase brand awareness and keep them reminded about the positive impact your brand has on your customers’ lives. Believe it or not, customer loyalty programs are the most important ecommerce business strategy that can help your business grow and boost sales. 

Offering a customer loyalty program helps you improve your customer lifetime value, increase engagement and foster satisfaction. To make your customer loyalty programs more interesting, you can add different engaging elements such as rewards, gamification, benefits, and more. You can add interesting elements as per your customers’ preferences and behavior.

A survey suggests that customers who are a part of your loyalty program, are 47% more likely to make repeat purchases from your brand. You can make your customer loyalty program pretty interesting by following these simple tips:

• Offer valuable rewards
• Provide welcome points
• Add gamification features
• Offer tempting discounts

Create a Personalized Experience

Okay, it is very important to offer a personalized user experience to set your ecommerce brand apart. Ecommerce personalization involves a number of things such as personalizing your website design, personalizing content and creating personalized email campaigns to satisfy your customers.

Personalizing your website design is one of the most important ecommerce personalization strategies to improve your marketing and sales campaigns. Use customer data to make significant changes in your website design and personalize the customer experience.

Implementing changes in your website will make it easier for your visitors to find exactly what they want from your online store. For instance, you can implement relevant suggestions on the ecommerce site based on the browsing history and buying pattern of your customers.

Ecommerce personalization, if done right can help you create a positive shopping experience, boost revenue, fulfill your marketing goals, and drive more conversions. A web design company can help you make significant changes in your website design to personalize the user experience for your ecommerce store.  

• Create discount offers based on user behavior
• Display upsell, cross-sell and downsell offers at the time of checkout
• Dynamic on-site personalized product recommendations

Optimize Your Products

A product optimization framework is important for customer-centric ecommerce brands. It is an effective strategy that helps ecommerce marketers understand whether their product assortment is working well or acquiring new customers, transforming new customers into repeat customers. Unfortunately, many ecommerce marketers don’t perform product optimization research which may lead to poor product performance.

This strategy is effective to identify the sticky products your customers like most. This way, you can create more refined and better product campaigns for your new and existing customers. It helps you create better customer experience around the most popular products and generate loyal friends.  

Wrap Up

If you are still following the old tactics, now is the right time to revise your growth strategy and implement new strategies in your ecommerce website design to generate more revenue and growth. Experiment with all the above-listed ecommerce strategies and find the one that best fit your target audience and attract your potential customers. Focusing on the right strategies can help you build an engaged and loyal base of customers and achieve your online store sales goals in 2024 and beyond.