In the business world, growth is the goal. But there are different ways to grow and they require different timescales.
Some businesses focus on long-term strategic gains. In the eCommerce sphere, however, rapidity is often the name of the game.
This is partly because the eCommerce space is so overcrowded – a kind of digital Piccadilly Circus where it's hard to be heard above the din. The hard truth is that if you're slow on the uptake, you're likely to get overtaken.
But speed is also important because it unlocks economies of scale. The more you sell, the less it costs to fulfil your orders.
So, how do you do it? As so often with strategic business thinking, rapid growth – or "growth hacking", as it's sometimes called – is a Swiss Army Knife of different tools.
One arm of the knife is focused on customer retention, another on paid traffic. The corkscrew is search engine optimisation and the one that no one knows how to use is… Well, you get the idea.
It may sound daunting, but if rapid growth is your aim, this multi-prong approach is well worth the effort. Here are six ways to get your growth into the fast lane.
Six eCommerce growth hacking tools
1. Paid ads
Paid online ads put your business in front of people when they're not looking for it. And if you work with the big platforms (Google, Meta and TikTok), there's a chance it could be seen by huge numbers of people.
Then there's retargeting. This is a type of paid advertising targeting users who abandoned their carts or viewed products without buying. It's a kind of online nudge that steers would-be customers back to your store.
2. Work with influencers
Another way of grabbing attention on social media is to collaborate with influencers. Content created this way is known as user-generated content (UGC). It helps make your brand more engaging and potential customers more curious about what you offer.
When you hear the word "influencer", you may think of big names earning big bucks. But it's also possible to work with local or niche influencers, no matter how big your brand is.
3. Improve customer retention
Customer acquisition is important – but it's often a long-term game. It's far quicker to sell to an existing customer than to convert a new one.
This is why it's important to focus on customer retention. This can be achieved by following up with people who bought from you and people who almost did but abandoned their carts.
You can follow up with surveys, discount codes or information about other products in your range. You can also offer subscription models and loyalty programmes to keep people coming back for more.
4. Increase organic traffic
Paid ads are important but have a way of eating into your profits. This is why they should always be complemented with organic traffic via search engine optimisation (SEO).
Your website should be built for SEO, meaning it will be bumped up the search rankings when people search for your products or related topics.
This is more finicky than it might sound. You'll need to optimise product descriptions and metadata, post regular articles and embed relevant keywords in your web copy.
Done well, SEO is a massive help when increasing organic traffic. Combined with the directness of paid ads, SEO can help you grow at speed by enabling people to stumble across you.
5. Get ready to scale
If you're seeking rapid growth, you need to be ready to scale when the time is right.
This is one reason why people are increasingly automating workflows with warehouse management systems and routing customer queries to AI-powered chatbots. As demand increases, these services can scale to meet it.
In terms of physical storage space, you may struggle to adapt if you're only using your own space. This is why it's worth investigating third-party logistics (3PL) firms. By outsourcing some or all of your fulfilment, you can keep on top of orders as you grow.
6. Get a WMS
A good warehouse management system (WMS) is a great way to fuel growth. It does this by automating fulfilment, improving accuracy to near-perfect levels and preventing stock-outs.
Take our
WMS solutions at Minster WMS. These give you end-to-end visibility into the status and location of all your inventory at all times of day.
The results speak for themselves. With an effective WMS, you get to process higher order volumes quickly and scale smoothly to meet increased demand. Returns can be optimised and omni-channel integrations made easy.
Thinking outside the box: famous examples of growth hacking
For many eCommerce firms, growth hacking is a case of following tried-and-tested methods. But some classic cases of rapid growth relied on thinking outside of the box.
Back in 1996, Hotmail introduced a sign-off to every email. "PS: I love you," it read. "Get your free e-mail at Hotmail." This cost the company nothing but led to huge and rapid growth.
Another famous example is how Airbnb enabled users to automatically share listings to Craigslist. This meant they could immediately enlarge their customer base.
So, while the methods we've discussed can help you grow quickly, it's worth remembering that the best way to do it hasn't been discovered yet. Could you be the one who has the Eureka moment?
How we can help
Here at Minster WMS, we provide companies in a wide range of sectors with highly capable and easy-to-use warehouse management systems.
There's
CORE, our entry-level product that can be up and running within 24 hours. And there's
EDGE, our enterprise offering that allows for more complex customisations.
CORE is ideal for young eCommerce companies looking to rapidly expand. It automates order fulfilment, instantly updates your inventory, optimises returns management and can be scaled with ease.
And as your business starts to accelerate, we'll be behind the scenes offering second-to-none technical support.
So, if you're looking for a
WMS for eCommerce that provides end-to-end visibility and near-perfect picking accuracy,
book a demo today. We'll show you exactly how our solutions can help fuel your growth.
