10 Low-Cost Ways to Grow your eCommerce Business
The popularity of eCommerce has increased significantly in recent years and opportunities in this space are abundant. Yet one of the greatest struggles eCommerce business owners and entrepreneurs face is limited funds. Even with a great product and idea, the barrier to getting a small business up and running can be daunting due to the initial costs. Good news is there are many low-cost ways to kickstart your online business and reach more customers.
With the right approach and dedication, you can maximize your funds and grow your business at a fraction of the cost. Here are 10 low cost ways to jumpstart your eCommerce business:
- Leverage Social Media
Social media is one of the most powerful tools in growing your business. Establishing presence on social networks such as Instagram, Pinterest, Facebook, Twitter and YouTube gives you the opportunity to market to potential consumers while also allowing you to engage with them in a meaningful way. You can create posts and content related to your product and target an audience that is likely to make a purchase.
- Utilize Influencers
In addition to leveraging social media, you can use influencers to spread the word about your product. Depending on the influencer, you can either pay them for the advertisement or gift them with product in exchange for a post.
- Compare Your Costs
Comparing costs from platforms and suppliers will help you save in the long run. Depending on your eCommerce business, you likely need to pay for services such as web hosting and storage. Always do your research and make sure you’re getting the best deal.
- Stick to Your Budget
When running a business, it is important to make sure you’re not stretching beyond what you can afford. Before making any purchase, always ask yourself if it is necessary and whether the cost outweighs the benefit of having it. This will help you prioritize and maintain an effective budget.
- Make Use of Coupons
This is a great way to incentivize customers and attract new ones. You can create a coupon code to be used on your website, or have it printed for buyers at selling events.
- Optimize Your Website
Optimizing your website to be SEO (Search Engine Optimization) friendly is vital in order for potential customers to find you on search engines. This requires planning key words and phrases that users would likely search for when looking for a product or service like yours.
- Invest in Quality Photography
When potential customers look through your website, quality photography will be one of the first things they will see. Investing in quality photography can help you portray a professional story about your product and convince customers to purchase from you.
- Focus on Customer Service
Making customers happy is one of the best ways to retain them. When customers have a great experience with your business, they are likely to recommend it to others. Make sure your customer service is as strong as possible and even offer freebies and gifts with every purchase.
- Utilize Word of Mouth
Online word of mouth is one of the most powerful marketing tools, with 84% of people trusting word-of-mouth recommendations over what is said by a company about their product. You can use word of mouth to spread the word about your product and create awareness.
- Participate in Networking Events
Networking events, online and offline, can be great sources of finding potential customers. They provide the opportunity to meet people and to share the story of your product with them.
Having all of the resources you need to run an eCommerce business isn’t always easy, but it’s more achievable than you think. By following these tips and staying within your budget, you can take steps towards growing your business at a fraction of the cost. This can help create an online presence, increase sales and make your eCommerce business a success.