As the e-commerce industry is growing at a rapid rate, getting your business to maintain a successful presence isn’t always easy. They need to develop new strategies to keep up, especially to compete with online mega retailers like Amazon, and plan for long-term growth.
Fortunately, there are still ways to grow and expand your e-commerce business. Don’t get discouraged if it’s going through a plateau or decline; you can always turn the situation around and watch it flourish. Here are some pointers to help you grow your online store and increase revenue.
1. Increase product inventory and add more information
When you add new products to your inventory, you provide more offerings and reasons for people to make a purchase in your business. Additionally, think about providing clear and detailed product/service descriptions on the site. This can help to facilitate a buyer’s decision-making process.
For instance, if you are selling shoes, add product information and video demos on how it will look like when worn and how you can style it. When you’re able to illustrate how the product adds value to the customers, this can foster a sense of trust between you and your buyers, which lead to more sales.
With more products comes the need for bigger storage space. If you’re in need of a warehouse space for rent, our property at Depot Lane offers warehouses with easy ground floor loading setup. This is a unique feature of the property as there are not many warehouses in the city that provide a similar offering. Located in Bukit Merah, it has good accessibility to other parts of Singapore due to its centralised location. At Depot Road, you can find several bustops nearby as well as train stations at Redhill MRT & Telok Belangah MRT for the daily commute. There is also an array of amenities in the surrounding area, such as NTUC Fairprice Supermarket and Depot Heights Shopping Centre to meet daily needs. There are two units available at 1,464 and 2,002 sqft – furnished with lights, 4.5m ceiling height and 15 kN/m2 floor loading capacity. Other facilities include 40-footer access, column-free layout, accessibility via AYE, and season parking for cars/small lorries and heavy vehicles.
2. Target existing customers
Businesses can have trouble growing, but sometimes it’s not necessarily due to the lack of new customers. Instead of redirecting all of your efforts on customer acquisition, focus on improving your customer retention strategy.
Loyal, returning customers have a higher conversion rate, can add more items to their shopping cart and are likely to generate more revenue whenever they visit your site. As people are already familiar with your brand, think of ways to improve their experience. For instance, coming up with a customer loyalty program can give people an incentive to spend more each time they make a purchase.
3. Optimise your site for mobile devices
The reality is people love using their mobile phones and tablets to shop online. According to a study developed by UPS, 4 in 10 mobile users have made an online purchase through their devices. And the number is set to increase, especially with 63% of millennials today who are shopping on their smartphones.
Improving your site’s functionality on mobile platforms and apps can lead to more sales. Buyers should have access to the same features as they do on a desktop, such as conducting searches, filling out order forms and making a purchase. Because it’s also much more convenient and faster, this can greatly increase the customer experience and help you get more sales.
4. Be approachable and responsive
Exceptional customer service can go a long way in helping you build brand loyalty. Always keep your buyers in mind on how you can provide an easier and more enjoyable shopping experience. This can be done by installing a live chat function on your site, for instance. Buyers can type their queries in a pop-up chat window at your site and get answers in real-time. They get their concerns addressed quickly, and you get to demonstrate your willingness to make their shopping experience more pleasant.
5. Feature your best-selling items and reviews
When someone comes across your site, it may help to give them some direction. Show new customers what people are buying the most – not everyone might know what they’re looking to buy but they might get drawn to products which are popular. You can also take this chance to promote products with the highest margins. Change it up every month so you’re always featuring a fresh set of products.
Reviews also lend credibility to your business. It would be good to post customers’ testimonies or ratings on the main page or each product page. Include their names and photos as well so you can establish a sense of trust and authenticity while reassuring buyers of your value.
As you make plans to grow your e-commerce business, there should also be a plan in place to ensure you have sufficient space to store your increasing inventory. If you need to expand the size of your storage warehouse for rent, our property at 38 Ang Mo Kio serves customers with various in-house offerings such as self-storage, adhoc weekend marketplace, event hall rental as well as warehouses. This general B1 industrial building comprises of 3 connected buildings with multiple levels and a corporate frontage. There is a feeder bus service available to the nearest MRT station, while more bus services are available within a short walking distance away. Unit sizes start from 4,902 to 6,225 sqft – with 4.5m ceiling height and 2.5 kN/m2 floor loading. Our subsidiary, is also located on the premises to offer work and storage unit options, suitable for small businesses and entrepreneurs looking for a small business space for rent. Other amenities include 4 passenger lifts, 3 cargo lifts, in-house canteen and season parking for heavy vehicles/cars.