7 Game-Changing Ecommerce Tips for Your Business 2024

Revenue. Brand Awareness. Business Growth.

Or, simply put: Profit. Recognition. Increased Profit.

This is what a game-changing ecommerce strategy can do for your business. But here is the tricky part - which strategy to follow and let's address the elephant in the room - can you afford to do so?

The answers are - “We will guide you today” and “yes.”

Well, the truth is it does not matter whether you are a small retailer or just starting your Shopify store, basically anyone can follow these strategies to grow their ecommerce business. 

Confused how? Let’s learn. 

The 7 Best Strategies To Grow Your Ecommerce Business in 2024

The increasing boom in ecommerce business (courtesy to covid) has led to the rise in competition among businesses. 

We have handpicked 7 best strategies that you can use in Shopify, one of the best ecommerce platforms to make your mark in the industry.

#1 Use the power of AI 

Surprised? We don’t think so!

According to a recent research, 80% of consumers will stop doing business with a brand after just two bad encounters. You can say that there is very little room for error. 

Even though you may not have as many in-person encounters with your consumers as you would want as an ecommerce business owner, you still have the chance to give them an exceptional experience.

The care and attention you'd provide in a physical store can be simulated with the aid of several AI tools. 

The following five methods can help you tailor these tools for the best return on your investment:

• Develop a ‘can’ system to organize standardized responses for user support.
• Create an indexed help center to address the most frequently encountered customer issues.
• Integrate chatbots and virtual assistants to provide instant responses to customer inquiries.
• Improve your site's search engine for natural language queries and popular keywords.
• Leverage predictive algorithms based on past user behavior to make personalized product recommendations.

#2 Improve your recurring purchase rate

According to a survey, during the last ten years, the customer acquisition costs (CAC) of ecommerce businesses have increased by 222%. Furthermore, businesses lose $29 for each new client they bring on board.

Thus, recurring purchases are essential to maintaining a good balance between customer lifetime value (LTV) and CAC in order to mitigate this issue. 

Here are effective strategies to achieve this balance:

• Offer personalized product recommendations based on items in the current cart.
• Provide exclusive incentives for your best customers, such as discounts on preferred products.
• Include an upselling page that features related, low-cost items.
• Distribute future-use coupons, freebies, and loyalty points.
• Develop a targeted program for push notifications and promotional email reminders.
• Create a system for post-purchase content, including product usage tips and video guides.

Most importantly, as consumers demand quick and easy online shopping, choose payment gateways that enable a smooth transactional experience.

You can also read our tips on how to increase the speed of your Shopify store. 

#3 Build your funnel

An ecommerce funnel shows you how a customer moves through the stages of your website, from their first contact to their final transaction. Usually, it is separated into three phases: upper, middle, and lower. Every phase uses distinct tactics to improve client awareness, consideration, and, in the end, conversion.

An e-commerce funnel illustrates the various stages of a customer's journey on your website, detailing how they progress from initial contact to making a purchase. It is typically divided into three stages: top, middle, and bottom. Each stage employs specific strategies to enhance customer awareness, consideration, and ultimately, conversion.

Here’s a breakdown of how an ecommerce funnel operates:

1. Awareness Stage:
• Customers discover your website through channels like social media or search engine optimization (SEO).
2. Consideration Stage:
• Visitors sign up for your newsletter to receive a discount, indicating interest in your products.
• They explore the site, add items to their cart, but may abandon the cart before completing the purchase.
3. Action Stage:
• An automatic alert is sent to remind them of their abandoned cart, encouraging them to return.
• Once they place an order, you send an email confirming that their order has been received and shipped.
4. Post-Purchase Engagement:
• After delivery, you follow up with a survey to gather feedback on their experience.

 A well-designed sales funnel promotes regular interaction and improves user experience—two factors that are critical for increasing conversions. With techniques like abandoned cart alerts and client satisfaction surveys, think about building your own funnel.

#4 Experiment with social media platforms 

In the current digital environment, ecommerce companies frequently find success on various social media networks. For example, some people might succeed on TikTok and Instagram but find it difficult to make an impression on Facebook.

However, maintaining a comprehensive social media strategy across multiple platforms is essential for several reasons:

Increase Your Influence: Having an extensive presence across three or four platforms makes it easier for customers to find your company.

Reduce Competition: Rivals are probably exploring their own tactics. If you neglect a channel, they might seize the opportunity to dominate that space.

Stay Top of Mind: Being active across a variety of channels helps you stay in front of prospective consumers' minds and minimizes the likelihood that they will choose one of your rivals.

Utilize Diverse Audiences: Various demographics are catered to by each platform. Connecting with a larger audience is possible when you engage through many platforms.

Optimize Interaction: Diverse platforms present unique chances for interaction. You can test out different content kinds and forms by widening your presence to evaluate what appeals to your audience the most.

#5 Automation in marketing

For ecommerce companies, outreach automation and marketing are frequently undervalued growth tactics. Larger merchants could assume they can succeed without it, while smaller businesses might think it's beyond their budget. But this kind of thinking may hinder growth. 

Our experience has shown that ecommerce companies can gain a great deal from marketing automation by:

Accelerating Internal Time to Value: Eases core operational tasks, enabling faster results.

Improving Audience Segmentation: Enables more accurate segmentation according to specific demographics and indicators.

Managing Engagement Triggers: Allows efficient coordination of the customer journey

Tip: You can also go through our guide on Shopify markets’ features that will help you scale your brand on a global level. 

#6 Learn to manage the expectations of your customers

Consumers want to be heard, particularly when they are having problems, and sometimes automated chatbots just aren't cut for it. There are situations when the solution can only be found through actual human interaction.

To balance automation with personal support, here’s a structured approach to improve your customer service process:

Use Automated Responses for Common Problems

Start with an automated response system that provides default fixes for common issues. This helps to quickly answer simple questions and saves time.

Escalate to Human Support When Needed

Send the customer to a chat or text-based channel for customized assistance if the automated system is unable to fix the issue.

Ask Clear, Targeted Questions

Ask direct questions to identify the problem immediately and simplify the process while interacting with consumers.

Balance Personalization with Efficiency

Combine pre-written content with customized answers. This makes the transaction easier and guarantees that the client feels appreciated.

Create Interaction Templates

For frequent encounters, create macro templates to expedite response times without sacrificing quality.

Categorize and Prioritize Support Requests
Implement an internal system that categorizes tickets based on urgency. This ensures that high-priority requests receive immediate attention.

Guide Customers to Faster Support Channels

If relevant, direct customers to alternate messaging channels where they can receive quicker assistance.

Manage Expectations Professionally

Sometimes customers ask for things beyond your capability to deliver, like additional discounts or gifts. Be clear about what you can offer and always maintain a polite, professional tone.

#7 Leverage the power of videos

According to a HubSpot study, among content marketing formats, short-form videos have the highest return on investment (ROI), offering a significant potential for ecommerce expansion.

The following are suggested video length for well-known platforms:

• TikTok: 11-17 seconds
• Instagram: 7-15 seconds
• YouTube Shorts: 15-60 seconds
• Snapchat Spotlight: 5-60 seconds

To maximize effectiveness, remember to:

• Use vertical formats for mobile viewing.
• Avoid third-party material or watermarked content.
• Incorporate trending elements (soundbites, filters, animations).
• Showcase your products in action.

Frequently Asked Questions

Which ecommerce strategy is best for my business?

Choosing the right strategy depends on your specific business goals, target audience, and current market conditions. Consider analyzing your customer data and sales patterns, testing multiple strategies on a smaller scale, and monitoring their effectiveness. It’s also beneficial to stay informed about industry trends and competitor actions to adjust your approach accordingly.

Which tools can help me implement these strategies?

There are several tools available to help implement these strategies effectively. For automation and customer support, consider platforms like HubSpot, Zendesk, or Shopify’s built-in features. For social media management, tools like Hootsuite or Buffer can enhance your efforts. Additionally, using AI-powered analytics tools can help you gather insights and optimize your campaigns.

How can I check the success of my strategy?

Success can be measured through various key performance indicators (KPIs) depending on the strategy you implement. Common metrics include customer acquisition cost (CAC), customer lifetime value (LTV), conversion rates, return on investment (ROI), and engagement rates on social media. 

Author

Gopi Radadiya

Gopi is a vital part of our Shopify marketing team, always ready to create ecommerce solutions for our clients. When she’s not busy solving Shopify puzzles, you’ll find her exploring new tech trends and sharing her knowledge with the community.