With 687.6 million internet users as of January 2020, experts project that the Indian e-commerce sector will expand to US$ 200 billion by 2026. Thus, this is an excellent time to reap profits with your e-commerce venture with the right planning. If you need a boost in your working capital to upgrade your business processes, a business loan can be immensely useful. However, to increase sales, you will need to understand your customers’ behavior and preferences.
Are you looking for ways to achieve this? Here are five tips that can help:
- Offer real-time personalization
Promotional offers, unrelated to their interests, annoy customers. A recent study reveals that 44% of consumers will shift to brands offering personalized offers. Thus, to customize your marketing approach, you need to:
- scrutinize your customers’ browsing history
- analyze their interests and likings
For example, if you sell furniture, you can set your site to highlight computer chairs automatically to a visitor with an IT-company IP address. Do you need funds to implement such marketing automation software? Applying for a business loan online can ensure speedy access to finance.
- Utilize live chat feature
Buyers turning to e-commerce from physical stores are accustomed to the personalized attention of sales assistants. And live chat support can provide such an in-store experience online. It helps in the following ways:
- engages customers better
- solves queries
- amplifies conversion rates
You will need experienced and qualified people to help here. To hire support staff, you can increase your resources with a quick business loan.
- Explore ways to reach new customers
Pop-ups encouraging visitors on your website or users of your app to sign-up for newsletters or loyalty programs can augment your customer database. Such information provides additional prospects for your SMS and email marketing channels. Moreover, among Indians, screen usage with smartphones has hiked up to five hours daily. Thus, push notifications from your app can be a productive strategy.
To finance your app creation or restructure your website, you can consider business loans. Remember to keep all relevant KYC and business loan documents organized to quicken the business loan approval process.
- Design tactics to reduce shopping-cart abandonment (SCA)
Often customers leave their online carts before making the final payment. To encourage them to complete the purchase process and checkout, you can email them discount coupons. Also, emphasize benefits like free-shipping or no-questions-asked return policies.
Likewise, make the loaded cart available when they log in from their mobile devices if they had dropped out earlier on a desktop. A loan for business can provide the money needed to upgrade such software.
- Leverage retargeting
You can retarget new site visitors on search engines and social media with offers based on items they browsed on your store. However, be subtle in your approach. Share discount offers, color options, and so on without making them feel hounded. If you need additional resources to fuel a digital marketing campaign, you can apply for business loan from a reliable lender.
Conclusion
The first step as you build your e-commerce business is to formulate a strategy to increase traffic and boost conversion rates. You can then research the various types of business loan available to find the right credit option for your enterprise. Tata Capital offers such loans at competitive rates. You can apply for a loan online and add to your business capital without any further delay.