If we are to find one common denominator for all companies across the globe, regardless of their scale, industry, or ownership model, that would be the necessity to grow and expand. Granted a lot of established ventures are operating in profitable, limited markets and have no need to scale up at the moment.
But as soon as some new competitor stirs the water the growth and expansion are no longer options, but rather a necessity because if you don’t tap into new pools of customers, your competitors most certainly will.
So, stagnation is never a viable long-term option. With that in mind, let us take a look at a couple of important economic growth strategies that will help your company expand in 2021.
Ramp up the social media game
Over the course of the last year, the global outbreak of COVID-19 has moved a great portion of the commerce sector online and gave countless customers that have not experienced this way of purchasing before an opportunity to enjoy online stores. What’s interest to note is that, in the example of the UK, as much as 43% more Brits have found their gateway to this new digital realm through social media than the previous year. Therefore, one of the best ways to expand your potential customer base is to invest more resources into social media marketing.
Use advanced data analytics to target your audience
Expansion and increase of sales don’t necessarily have to imply expanding to new markets or luring in new customers. As a matter of fact, recent research says repeat customers spend 300% more money than new clients. So, if you are looking for an opportunity to drive your sales you should first use the opportunities lying in your backyard. How to do that? Put more effort into advanced analytics to learn about the customers’ habits and interests, use that knowledge to customize the marketing approach, personalize discounts, and choose appropriate marketing platforms.
Invest in intuitive UX
In order to purchase from your website, you need to help the potential clients to get to the checkout in as fewest steps as possible. In other words, what you need is an intuitive UX design that will serve your customers as an asset rather than an obstacle. Fortunately, examples of this practice can be found all around the web-space. For instance, we can take a look at a recently-launched European-based online store Shoppster. The platform gained a lot of popularity in the months since launch, not least because of intuitive UX designed appropriately for all age groups and customer profiles.
Utilize personalization as much as possible
We have already touched upon this topic when we talked about advanced data analytics, but it is worth reiterating – personalization sells. In the time when purchasing experienced and traded products have become uniform, digitalized and some would say cold, creating a unique experience for each customer that walks through your digital doors is one of the best ways to get some distance from the competitors. If it’s used creatively, any kind of service, small perk, or customized gifts can serve this higher purpose.
Adopt new payment options
As we have already established, driving sales can be, to a large extent, contributed to catering to clients’ needs. Expanding the set of available payment options definitely leans into this story. For instance, we are living in times marked by the growing popularity of digital cryptocurrencies and a growing number of people use the benefits of various digital wallets. Allowing all these folks to spend their money while not having to exchange their digital coins would summon a lot of goodwill around your company and give it good exposure in the more tech-savvy corners of the market.
Give your customers an option to use the benefits of AR
The AR, of course, stands for Augmented Reality, a trend that originated in the world of video game entertainment (remember the explosion of popularity of games like Pokemon Go a couple of years ago) but is now steadily slipping into the world of eCommerce. Being unable to visit the physical premises, customers need something a bit more tangible to enrich their purchasing experience. Offering them an option to take a virtual stroll through the store shelves will definitely provide something people will like going back to as often as possible.
We hope these few suggestions will help you devise a strategy that will allow your company to pick up some momentum and use the rest of 2021 for expansion and growth. But, the most important thing to take away from this conversation is that the current market is very competitive and leaves very little room for strategic errors. Allowing your competitors to tap into the yet unexploited corners of the market would definitely count as one.