Running a successful ecommerce store is no easy task. However, when you have managed to achieve this goal, you will want to take the next step. Yet, to do this effectively, there are numerous pitfalls you have to avoid. Below are four to keep in mind when growing your online store.
1. Not having your finances in order
It should go without saying, but you must have your finances in order when planning an expansion. You need money if you’re planning to grow your product range, resources, reach, etc. That said, you don’t just require cash from the start – you need to think about finances on an ongoing basis.
When you are spending significant money, cash flow can be an issue. This is certainly the case if customers are being late in making payments. As a result, it is wise to have a form of financing available as backup when necessary. That’s where invoice finance can come in and help.
With invoice finance, you can borrow money against any outstanding invoices. As you are able to release funds within 24 hours, this allows you to gain the necessary cash you require to balance out your cash flow. Plus, if you do this invoice financing through a broker, you can secure the best rates for your needs and get a free quote. Always do this step before reaching out to factoring companies.
2. Forgetting competitor research
Admittedly, you should have already closely analysed your competition. Yet when you are attempting to grow your online store – and take a bigger bite out of their market share – it’s essential you know what you’re up against. You need to look at their products, their prices, what customers are saying about them, and so on. With this information, you are able to better strategize and plan for your store’s growth.
3. Leaving your website behind
As you grow your online store, your website has to come along for the ride. Leave it behind in the past, and your business will only suffer. What does this mean, exactly? Well, as you add more products, attract more traffic, and increase your marketing efforts, your site has to handle all of these new demands.
There are various points to think about. You want to ensure your site is responsive and fast. This might require you to increase your bandwidth if you’re anticipating a significant increase in visitors. A focus on the layout of your website across all platforms is also important. Whether on desktop or mobile, your site needs to look and function great.
4. A lack of marketing
No business growth is possible without ramping up those marketing efforts. You need to attract a larger audience to accommodate your online store’s growth, and that’s only possible by expanding your visibility.
How do you improve your marketing plan? There are various approaches you can take. You might decide to invest more in your current promotional strategies. However, it can be wise to venture down different avenues. If you’ve already got a strong search engine optimisation strategy, for instance, it makes sense to step up your efforts through the likes of social media and PPC ads.