Best Ecommerce Growth Strategy You Must Apply In 2024
As the New Year 2024 has just begun, it is time to give things a new start. From homemaking to shopping and entertainment to business, everything shares an option to restart, refresh, or renovate. From a professional’s perspective, it is the best time to introduce new trends in the e-commerce industry.
When looking at the latest statistics, the global revenue of the e-commerce market is most likely to cross 8.1 trillion dollars by the year 2027. If focusing on the year passed, the number of online buyers across the planet crossed 2.6 billion approximately. It means e-commerce businesses have an opportunity to attract more customers this year.
Because the New Year brings motivation, the chances of competing in the online market are bigger. Hence, e-commerce entrepreneurs must stick to flawlessly planned strategies for business growth. Let us look around at a few interesting ideas and tactics that may help you establish a powerful e-commerce growth strategy for 2024.
Effective E-Commerce Strategies for Business Growth
Growing an e-commerce store brings plenty of hurdles for retailers. From attracting customers without a storefront to boosting sales without wasting all your time, goals are many. For this reason, we have compiled the best methods that may be of help to you.
Adapt Operational Agility
For an e-commerce company to grow unconditionally and quickly, operational agility is important. It is the finest principle that teaches professionals how to adjust their businesses to the market demands. Industry trends and economic conditions evolve with time.
Operational agility is the factor that explains a venture to grow as per customer expectations. Rather than sticking to a traditional method or business plan, owners must know what the industry demands are. This year, try to encourage your employees and create an agile workforce.
It means, from your management team to customer service agents, make sure everyone is connected. Treating customers while keeping flexibility and customization in mind. It will quickly generate revenue and increase the customer circle.
Integrate Augmented Reality (AR)
According to reports, the number of Augmented Reality active users will reach 1.7 billion by the end of 2024. Moreover, the customers of today’s e-commerce market prefer brands that provide an AR-based shopping experience. Nowadays, plenty of retailers integrate AR solutions into their platforms.
From interactive user manuals to social media filters on Instagram, businesses are tailoring customers in modern ways. Besides these, the two most popular methods adopted by market-leading brands include virtual try-ons and preview placements.
Nike Fit is the best example of virtual try-ons as it uses AR and ML to help customers find the perfect shoe size. When talking about preview placements, retailers can idealize the IKEA Place App. Since its launch in 2017, the app has gained 9.5 million active users successfully.
Utilize E-Commerce Subscription Models
Currently, many leading brands are taking advantage of e-commerce subscription models. This a revenue-generating phenomenon that benefits the retailer side and the buyer's side equally. While merchants offer subscription models to customers, they receive a monthly subscription fee in response.
The most popular types of these models include,
- Digital Content Subscription
- Curated Boxes Subscription
- Meal Kit Subscription
- SaaS Subscription
Market leaders like Netflix, Amazon Prime, Salesforce, and Spotify have been using these models for a long time now. According to Statista, the revenue of meal-kit subscriptions most likely crossed 17 billion U.S. dollars by the end of 2023. The popular brands behind this figure included Gousto and HelloFresh.
Shift to MACH Stack
It is time for e-commerce businesses to shift their monolith platforms to the MACH stack. MACH is the abbreviation for Microservices, API-first, Cloud-native SaaS, and Headless. This architecture combines the latest and rising technologies that will take industry and economy to another level.
Microservices will boost the scalability and flexibility of a business by creating quick applications. Likewise, the API-first approach will help ventures to easily interact with multiple platforms and apps providing customers with more benefits.
Besides these, Cloud-native SaaS is the current approach of many industries. This is because shifting to the cloud is the best way to evolve with the ever-changing market trends. Last, but not least, the Headless approach means to connect with customers in their comfort zones by providing them with an omnichannel experience.
Growing an e-commerce business in today’s competitive market is tedious. You require multiple strategies and flawless planning to come up with better results. The above-discussed strategies are actionable enough to help you stand amongst competitors.
Besides these, you can also use video marketing, affiliate marketing, and social media marketing to outstand others. Remember, using many methods together may not be favorable for any business.
Instead, try to work on one strategy at a time unless it shares a few results. As an e-commerce entrepreneur, what are your strategies this year? Feel free to share your feedback in the comments below about e-commerce and its growth in the upcoming years.
Frequently Asked Questions
Which sector in the e-commerce industry is most expected to grow?
The e-commerce industry has a variety of sectors like automobile, electronics, food, beauty, health, fashion, and more. As per research, the food and beverage sector among these earns the highest revenue all over the market.
What is the most expected future of e-commerce this year?
When talking about e-commerce in 2024, the industry is expected to make the best of rising technology. From using Augmented Reality and Machine Learning to accommodating personalization and subscription boxes, the e-commerce market will be providing customers with an enhanced shopping experience.
What is the prime reason for the rapid growth of e-commerce?
The most prominent reason that marks the growth of e-commerce is customer satisfaction. Today’s advanced industry provides every consumer with an exciting shopping experience. In addition to purchasing from their comfort zones, buyers get a 24/7 availability of their favorite brands.
Are there any risks in e-commerce?
Yes, the e-commerce sector shares plenty of risks that may be alarming for merchants. These may include unlawful data sharing, malware security breaches, and unsatisfying customer experience. Moreover, the undeniable competition is a prominent issue in this industry.