Industry Tips

Scaling Your eCommerce Business? Read This First

If your eCommerce business has become stagnant, it is important to explore effective strategies for scaling up successfully. A smart and sound approach is necessary to minimize risks and to grow profitably.

The following are some of the most effective strategies for scaling your eCommerce business to optimize revenue and performance.

Explore Additional Distribution Channels

One of the safest and often most efficient ways to scale in eCommerce is by finding new delivery platforms. If you primarily sell on your website or via Amazon, for instance, research Shopify, Etsy and other marketplaces to evaluate the risks and rewards of promoting your products on these channels as well.

Each online marketplace has different features, promotional options, fees and customer bases. Research before you attempt to scale in this way to avoid diluting the impact of your efforts.

Target New Markets

If you have saturated an established market with a great product or products, consider whether a new market could benefit from them as well. With a proven product, scaling in this way involves the successful formulation of a marketing mix that appeals to your new audience.

In some cases, you have to focus on different benefits to attract interest from a new market. You may also need new creative strategies and delivery channels to get your brand in front of new customers.

Go Global

As an extension of the new-market approach, take your domestic operation global. If particular types of consumers value your products domestically, those with similar needs in foreign markets would likely value them as well.

The world wide web and the major eCommerce marketplaces, like Amazon, are already effective at creating a globalized marketplace. Your job is to geo-target campaigns that speak to the precise interests of people in each foreign market you want to target. Payoneer’s online payment processing solution is set up to simplify global scalability for eSellers by reducing risks and lowering fees for collecting payments on international sales.

Enhance Your Product Offerings

There are a few ways to increase your inventory to earn more business. You can diversify your product portfolio by adding new products you believe your established market would value. Optionally, add similar solutions at different price points to improve your chances of attracting customers from multiple demographic and economic segments.

Utilize Efficient Marketing Strategies

Search engines, social media channels and email are three effective, affordable and low-risk communication options for scaling your business’s reach. Publishing quality content regularly allows you to appear in more search queries without any new advertising investment.

Organic and low-cost ad posts on social networks allow you to target precise customers that match your product benefits. Earn more repeat business and referrals by converting visitors and new customers into email subscribers.

Conclusion

These are some of the best ways for eSellers to achieve optimum success in scaling their business. Identify the strategies with the best risk-to-reward scenarios as you move forward to drive smart growth!

Neil Kokemuller

Neil Kokemuller has been a college marketing professor since 2004. He has also been an active business, marketing and education writer and content media website developer since 2007. Kokemuller has additional professional experience in retail and small business, and holds a Master of Business Administration from Iowa State University.