Scaling your eCommerce business provides many benefits, including increased revenue and exposure to new customers, and as we enter 2024, eCommerce businesses should ensure they are ready and prepared for growth.
In 2020, internet retail increased by 47 per cent due to the significant impact of the pandemic. Since then, the market has shown no signs of slowing down with the global eCommerce market predicted to grow 14 per cent year on year to 2027.
As the eCommerce market continues to grow over the coming years, it is important for online retailers and sellers to capitalise on the growth opportunities for a successful expansion.
Due to the current financial climate, consumers are reserved and sceptical, so in 2024 eCommerce brands need to focus on forming genuine connections, targeting their SEO, and exploring new digital marketing prospects.
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How to scale your eCommerce business
Scaling an eCommerce business involves expanding operations to accommodate growth while maintaining efficiency and profitability.
Examples of scaling an eCommerce business include investing in infrastructure, expanding product offerings, and adapting to market trends, consumer preferences, and industry developments.
By considering your business goals, you can take a strategic approach to scaling your e-commerce business and follow steps to expand reach and success.
When to scale your eCommerce business?
Knowing when the right time is to scale your eCommerce business is essential for sustainable growth.
Consistently growing in revenue over an extended period, having stable and efficient operations, and a strong customer base, are all positive signs that it may be the right time to scale your e-commerce business.
Other indicators that can help you evaluate the readiness of your eCommerce business include:
Access to capital and resources
Strategic goals and vision
Capacity for expansion
Customer satisfaction
Market demand
5 Tips to Scale Your eCommerce Business
Here are five tips to help you to scale your eCommerce business in 2024:
Show authenticity
Like ever, today’s consumer is concerned about price, product, and convenience, however new research explains they also want retail brands to be sustainable, purposeful, and to contribute positively to society.
Being an authentic brand can significantly help to build and scale your business. By staying true to your brand values and being honest about who you are and what you believe in, you humanise your brand which creates value and raw connection.
In addition, authenticity separates your brand from competitors and helps you to stand out in a crowded playing field. On average, consumers receive around 10,000 marketing messages per day but remember less than 100. Showcasing brand consistency and honesty builds a strong and memorable message that engages the reader and increased sales.
Develop your SEO
SEO, search engine optimisation, plays a powerful role in an eCommerce business to scale revenue and market share. It is a long-term strategy that boosts your business through keyword searches, backlinks, and web page optimisation.
Forty eight per cent of online shopping begins with a search engine, so it is important you perform keyword research to rank competitively and benefit from organic search.
In 2024, this goes further than just website SEO, ensure your social media also has a developed SEO plan. Studies suggest 40 per cent of Gen Z search via socials over Google, so ensure your brand aligns with algorithms and takes advantage of built-in selling features for increased exposure and discoverability to scale your business.
Consider influencer collaborations
As social media presence continues to rise, eCommerce brands should consider influencer collaborations which can scale a business by reaching bigger audiences, increasing website traffic, and improving customer trust.
Ensure you identify influencers who represent your brand. It is important not to dismiss micro-influencers who have a smaller yet more engaged, connected, and niche audience.
Live online shopping, video, reviews, and giveaways are just some of the ways influencers can promote your eCommerce brand on social media.
Influencer marketing is predicted to boom in 2023, and as an eCommerce business owner, you should adapt your business model to reflect current online retail trends.
Review your cash flow
Online retailers and sellers can scale business growth by reviewing and projecting cash flow. When investing in social media campaigns, launching new products, and hiring employees to manage business growth, it is important to ensure you know how today’s decisions will impact tomorrow’s cash flow.
Reviewing your cash flow allows you to see the long-term effects of your business decision-making and create strategies and plans that secure and scale your business.
At Unicorn Accountancy we are eCommerce accountants who help make your online business a growing success. We offer eCommerce accounting advice, financial management, bookkeeping, cash flow statement, and tax filing services to support and scale your business.
Take a customer-first approach
The quality of customer support and assistance is a key consideration when scaling a business. If your customer is not satisfied with the service and customer support they receive, they are unlikely to return or recommend your brand to friends.
Therefore, to successfully scale your eCommerce business you should always take a customer-first approach in 2023. Ensure your customers are happy by providing excellent customer service, quick response times, and simple purchasing and returns processes for increased customer retention, improved trust, and a positive reputation.
To maximise the scalability of your eCommerce brand, get in touch with Unicorn Accounting today.
Why choose Unicorn Accounting?
Ensure you keep on top of your finances and tax obligations by outsourcing to an accountant. This means that you don’t need to worry about your end of year accounts, payroll, or bookkeeping requirements.
At Unicorn Accounting we are e-commerce accountants who help make your online business a growing success. We offer e-commerce accounting advice, financial management, bookkeeping, cash flow statement, and tax filing services to support and scale your business.
Our team of accountants and Xero-certified advisors have experience working with both small start-ups and family-run online stores to large-scale, international retail and e-commerce brands.
If you’ve got an online store, we have the best solution for you. Providing you with a financial arm to your business through our sector experience, and skills with innovative technologies.
To see how we can help you maximise the scalability of your e-commerce brand all year round, get in touch with Unicorn Accounting today. Or click here to get a free quote.
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