Growth is the goal for many businesses, whether you are just starting out or looking to scale-up after a few years of trading.
However, growing an ecommerce business rather than just sustaining it can be much more difficult than you think.
You will probably have devoted much of your early time in business to building a customer base, proving your business model is sound and your products or services deliver value, and getting the proper structure in place to ensure it remains viable.
Once these have been established, diversifying your product or service offering, adjusting your pricing and exploiting new markets are just some of the ways your business can acquire more customers and grow.
Here, we take a closer look at how you can scale-up your ecommerce business and the crucial role that online payments play in helping you achieve growth.
Why do I need to scale-up my ecommerce business?
One of the best things about ecommerce is the opportunities for growth it offers that traditional ‘bricks and mortar’ businesses don’t.
Advances in ecommerce technology mean that with the right website and marketing, you can take your products and services around the world in an instant.
So, if you want to grow your ecommerce business, then scaling up your activities is essential.
However, it’s essential to ensure any business growth is sustainable over the long term.
Getting the right processes and technology in place to help you service that growth is vital.
If you’re so overrun by orders that your website crashes, or you can’t fulfil them all, you can lose customers and damage your brand.
In the same vein, if you’re looking to scale your ecommerce business but the online customer experience you offer isn’t smooth and seamless, this can also have a negative effect, leading to lost customers and sales.
In general, your ecommerce website must be able to cope and keep up with increased demand as your business scales.
A key part of this is the payment technology you use, which should make it easy for your customers to purchase your products and services.
How to speed up your online payments
When it comes to speeding up your online payments, technology is key.
In order to deliver the flawless purchasing experience your customers are looking for, the way you accept payments needs to be quick, convenient and straightforward.
The more obstacles you place in the customer’s way, the more chance they have of abandoning the transaction before clicking buy.
So, it’s vital you choose the right online payment platform.
Integrating a secure and compliant payment platform into your website or ecommerce store will enable your business to quickly and seamlessly accept and process card, PayPal, Apple Pay and Google Pay transactions.
It will help you identify and prevent fraudulent activity, manage data protection and streamline your operations to drive revenue growth and maximise sales.
However, payment acceptance technology can go deeper than just speeding up your online payment processes. It can also help streamline your business operations and optimise performance in other areas, including:
By integrating your payments platform with your inventory management system, you can get a complete and real-time overview of the stock you hold, both in-store and in your warehouse. This can be crucial for businesses that offer online and offline sales, where keeping track of what each channel is doing can cause issues. Full, real-time visibility of both will ensure you can always fulfil all your orders, so you don’t disappoint your customers.
Accounting and bookkeeping
Processing all your payments via a single, integrated platform makes it easier to monitor and manage your financial operations and reduce the amount of time your finance team spends on accounting, bookkeeping, invoicing, and other financial processes.
An online payment platform will enable you to collect and analyse detailed demographic information on your customers, which can help with your future business planning, sales and marketing activities.
Tips to grow your ecommerce sales
When it comes to scaling up your ecommerce business, growing your sales is essential. However, in a crowded and competitive marketplace, where every online business is fighting for attention, standing out from the crowd can be challenging.
Here are a few tips to get you started.
Know your audience
Knowing who your ideal customers are and understanding what they want from you and what motivates their decision-making is crucial for scaling up.
Business moves quickly, and the chances are that as your business has grown and developed, so have your customers. So, it’s important to regularly research your target audience and tweak your product, offering and marketing message to their needs as you go along, otherwise you may be left behind.
By knowing and understanding your audience, you’ll be able to focus your efforts on their needs and preferences to tailor your offering and develop a competitive edge.
Develop your niche
In business, it’s hard to be all things to everyone. But you can be some things to some people if you develop your niche enough.
Once you understand your audience, narrowing your focus to meet their needs will enable you to increase your market share, customer base and revenue while reducing your marketing and acquisition costs and narrowing your competition.
Showcase your USP
Once you have understood your target audience and developed your niche, it’s time to make a stand and show the market what sets you apart from your competitors.
A unique differentiator will make it much easier for your business to communicate your value to potential customers. It will set you apart from the competition and, ultimately, win more business.
Focus your marketing
Now you’ve got a better understanding of your ideal customers, your niche and the value you add, it’s time to refine your marketing to make it as appealing as possible to your target audience. Questions you should ask yourself include:
- What marketing channels do they use?
- What messages do they respond to?
- How do they like to be sold to?
The latter point is particularly relevant when it comes to payment processing. The easier you make it for customers to buy from you, the more likely they will do.
So, getting the right online payment system in place for your ecommerce business is vital.
Understanding your marketing and the direction it’s headed is key. If you can predict where the demand will lie in future, you can tweak your products, services and offering to ensure you can always meet your customers’ expectations.
Trends come and go as tastes change and new solutions come onto the market. If you can stay ahead of the curve, it will give you a massive advantage over your competitors.
How Payaro can help
We provide fast and secure card payment and EPOS solutions which use the latest technology to help your business grow – whatever sector you’re in – while making a positive impact.
We’ve made it our mission to work with like-minded customers to help them achieve their Corporate Social Responsibility goals and give something back with every payment they take.
Our ground-breaking technology allows our customers to make a donation of their choice to one of our designated community partners with every transaction.
It means your business can give back while you grow.
For a free consultation, so we can understand your business requirements and develop a secure payments solution that helps you reach your sales goals and your CSR objectives, get in touch today.