post by:
Carmen Marks
It can be difficult to startup and grow your ecommerce business. There are several factors that dictate a successful company. We’re here to tell you the best ways to keep that cashflow flowing, and your customers happy.
Tips For Ecommerce Growth
Ecommerce growth has many variables and they all differ from one unique business to the next. But there are a few tips that every company can benefit from. Smart, savvy decisions can help you develop your business in more ways than one. If you’re just starting up, then these tips will give you that much needed push. And if you are maintaining and wanting to expand, these tips are a reminder. It’s easy to forget when you have so many things to worry about, but keeping up on the basics can keep your business growing.
1. Offer Presales
If you are just starting your business and don’t have your inventory stocked yet, offering pre-sales or “pre-orders” can give you the cashflow you need in advance. This will help you plan how many goods to order and supply you with much needed startup funding. It can be worrying when you’re spending all your money on building your business and not knowing how much of it is going to return to you. This way, you can take a much needed breath of air.
2. Provide 5 Star Customer Service
If you want customers to come in and come back to your store, then you need to offer top-notch customer service. If you interact strictly online, it can be difficult to make those long-lasting connections. But if you reach out and make the effort, such as sending surveys after delivery, the customer will notice. “Treat people how you would want to be treated” is a phrase every business should stand by.
3. Advertise Advertise Advertise
Businesses cannot thrive without advertising. You must make your presence known, especially with the number of ecommerce businesses growing daily. Make social media accounts and post every day (you can hire someone specifically for this role). Start a blog talking about your products and business values. Send out newsletters to your email list. Things like this will bring people both old and new to your website.
4. Use A Great Credit Card Processor
It’s important to have a credit card processor that not only works for you but your customers, too. You want to find one with reasonable transaction fees and also interacts with all of the most-used credit card companies. People like convenience, so if you don’t take their type of credit card, it can harm the budding connection. A credit card company that offers twenty-four-seven customer service for you is even better.
Ecommerce Funding Solutions
Funding isn’t just for failing companies. Funding can be a smart business decision when it comes to improving cashflow. Seasonal businesses and those who see dips during certain times of year can use funding to make sure they don’t lag behind, and plan for future product launches during the peak seasons. Day-to-day costs don’t stop just because your sales have slowed down. Funding can guarantee a smooth transition from one month to the next. Here’s a few of the best types of funding for ecommerce businesses.
1. Business Loans
A business loan is money loaned to you from a traditional bank or lender. It’s more difficult than most loans to get approved for, simply because of all the requirements. Once you have been approved, though, they will give you a certain amount of time to pay off the loan with fixed monthly payments. This can be good or bad, depending on the deal that you strike. Always consider your budget before adding another monthly payment to the list.
2. Inventory Financing
Inventory financing is a type of short-term loan that offers cash to supply your inventory. The great part? It’s only your inventory being used as collateral. Your other business assets are safe. With this, you can plan product launches without worry and pay the loan back with your proceeds. You can also get a line of credit for easy access to your money, too.
3. Merchant Cash Advances
Merchant cash advances supply you with money quicker than other types of funding. Unlike most loans, they won’t dictate how you spend the borrowed money either. If you want to spend it on inventory, double down on high-demand items. If you want to use it for rent, catch up on late fees or pay in advance. The loan is paid back with a percentage of every debit and credit card sale, so it’s easier than ever to keep track of that loan.
4. Business Credit Cards
Business credit cards are great for short-term solutions. It’s useful for starting up your ecommerce business when you’re not quite sure how much inventory you’re going to need. So long as you have a reasonable credit score, your chances for approval are high. You don’t even need a business plan, unlike most banks. The process time is quick, so you can start building your business right away.