Growing a small business is no easy feat. Knowing where to focus your limited time and resources like Common Thread Collective can be challenging with many competing priorities. If you’re looking to grow your ecommerce business in 2022, these are the five areas you should focus on.
What Is Ecommerce?
Ecommerce, also known as electronic commerce or online commerce, refers to buying and selling goods or services over the internet. With ecommerce, businesses of all sizes can reach a global audience of potential customers and conduct transactions without needing a physical storefront.
Ecommerce has become increasingly popular in recent years, as technological advances have made it easier for businesses to set up and operate online stores. According to a report from Statista, global retail ecommerce sales were expected to reach $4.13 trillion by 2020.
Types of Ecommerce Businesses
There are four main types of ecommerce businesses:
- Business-to-Business (B2B): B2B ecommerce involves transactions between two businesses, such as between a manufacturer and a wholesaler or between a wholesaler and a retailer.
- Business-to-Consumer (B2C): B2C ecommerce refers to transactions between businesses and consumers, such as between an online retailer and an individual customer.
- Consumer-to-Consumer (C2C): C2C ecommerce describes transactions between two consumers through an online marketplace like eBay or Craigslist.
- Consumer-to-Business (C2B): In C2B ecommerce, consumers sell goods or services to businesses, such as when freelance designers sell their services to companies on Upwork.
Diversify Your Product Offering
If you’re selling the same products as everyone else in your niche, it will be challenging to stand out from the crowd and attract new customers. One way to differentiate your business is to diversify your product offering. This could mean adding new product categories, partnering with other companies to offer unique products, or simply being more selective about the products you carry.
Invest In Search Engine Optimization
Search engine optimization (SEO) is one of the most effective ways to drive traffic to your ecommerce store. Optimizing your website for relevant keywords can increase your chances of showing up in search engine results pages (SERPs), ultimately leading to more website visitors and potential customers.
Offer Free Shipping
According to a report from UPS, nearly 60% of shoppers said they would abandon their purchase if they faced unexpected shipping costs. If you’re not offering free shipping, you could lose out on a significant portion of potential sales. If free shipping isn’t feasible for your business, consider submitting it for orders over a certain amount or providing discounts on shipping fees.
Increase Your Social Media Presence
Social media is a powerful tool that can be used to reach new audiences and drive traffic to your ecommerce store. Consider investing more time and resources into promoting your store on social media platforms like Instagram, Facebook, and Twitter. In addition to organic growth strategies, you can also use paid ads on social media to reach an even wider audience.
Improve Your Website’s User Experience
If potential customers visit your ecommerce store and have a negative experience, they’re likely not going to make a purchase. That’s why it’s essential to continuously assess and improve your website’s user experience. You can improve the user experience on your website by simplifying the checkout process, ensuring all links are working and that pages load quickly.
Growing a small business takes a lot of hard work and dedication. Suppose you’re looking to grow your ecommerce business in 2022. In that case, these are the five areas you should focus on: diversifying your product offering like Common Thread Collective, investing in SEO, offering free shipping, increasing your social media presence, and improving your website’s user experience. By focusing on these critical areas, you’ll be well on your way to achieving success in the coming year.