You undetsand the importance of growing your e-commerce store as a business owner. If you can increase your revenue, you can create more jobs for people and help your community.
However, if you're like many other small business owners worldwide right now, you may be wondering how to do so in this recession.
In this substack, I'll explore how to grow your e-commerce store during a recession by looking at some common ways that small business owners have succeeded during these difficult times.
Recognize and respond to consumer needs.
As an e-commerce business owner, you should be aware of the needs and concerns of your customers. The recession is when consumers are more conscious of their spending habits.
If a customer doesn't buy from your store, what are they looking for? Do they want to save money? Are they hesitant about making any purchases right now? What would make them comfortable to purchase from your site in this environment?
If you listen carefully to what people say—and then respond accordingly—you'll find that even in times like these, there are still ways to increase sales and grow your business.
However, first things first: Be proactive rather than reactive.
Don't wait until someone complains or sends back an item; ask questions and listen attentively so that if something is bothering them (or if there isn't), it's addressed as quickly as possible before any damage has been done.
Become more customer-centric
In a recession, your customers are looking for that great deal. Provide it, so they have more reasons to shop with your store.
They also want to feel like they have the power to make their own decisions, so make sure they have the resources they need (like customer service phone numbers and live chat) available on your website and through other channels if possible.
Finally, consider how much quality matters when it comes to it: even if someone is considering buying some cheap knockoff version of something, if there isn't a lot of difference between what they're getting and what they could get with something better-made, then why bother?
By thinking about these factors in terms of how each will affect both users and business goals overall—rather than just thinking about one thing at a time.
As a result, you can create an effective plan for growing your e-commerce store in a recession by focusing on what's truly important: Making sure your customers feel good about buying from you every step along their journey across all channels.
Take a hyper-focused approach.
Another effective method for growing your e-commerce business in a recession is to take a hyper-focused approach. As with any business, the best way to start is by identifying your strengths and using them to your advantage.
If you're selling a product or service that's new or unique, this can be incredibly lucrative because it will allow you to act as an innovator in your space. First movers have an opportunity for higher sales volume since they're not competing directly with other retailers offering similar products or services when customers are considering their purchase options.
If there's already existing competition around what it is that you're selling (or thinking about selling), focus on being the best in class at what it is that makes them different from one another—whether it's the price point, product quality/features or customer experience.
In addition, make sure that regardless of where potential customers look online when researching their purchase decisions—whether through search engines like Google or social media platforms like Facebook and Instagram--they find only positive reviews about how great of an experience people have had shopping with your online store.
Turn your website into a destination.
Turning your e-commerce website into a destination means people want to go there for more than just shopping. They want to be entertained and educated, and they want to find out about new products and services.
Achieve this by making your site a one-stop shop for all things related to your brand, including:
News: Keep customers up-to-date with the latest product releases, industry news, and company milestones.
Product information: Tell customers everything they need to know about your products before they buy them.
Community forums: Encourage discussion among customers by hosting forums where they can talk about their experiences with various products or recommend new ones.
Add a loyalty program.
Adding a loyalty program is a great way to keep your customers coming back for more. It’s also a simple and easy way to show them how much you appreciate them as repeat customers.
Here are some tips on how to add a loyalty program to your e-commerce store:
All you need to do now is decide on one of the two primary types:
Discount programs: E-commerce businesses often use this program to reward their customers with discounts or other benefits like free shipping or product samples when they spend more money during each purchase.
Reward programs: These programs give customers something extra for spending more money than usual such as gift cards or other rewards like free shipping or product samples when they spend more on each purchase.
Which one will work better for you, anon? 🤔
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