5 Digital & Software Solutions to Help You Grow Your eCommerce Business
In the age of globalisation, eCommerce is everywhere and online businesses belong to a global market. Unfortunately, for newer and smaller businesses, this means competition is incredibly steep and success requires more hard work and growth strategies than ever before.
Some of the most valuable and important aspects of running a successful eCommerce business are the tools it adopts to streamline its operations. Here are the top 5 digital and software solutions that can help your business scale successfully:
#1: A Reliable Website Hosting Service
One thing all eCommerce businesses share in common is that their website is their lifeblood. Without a good website, you will struggle to find enough customers and make enough sales to remain profitable and survive.
When looking for a good website hosting service, it’s generally best to stick to those who have a reputation for being reliable, customisable, and who offer great customer service. Some of the world’s biggest and most successful eCommerce companies have websites built on platforms like Shopify, WooCommerce, Magento, and more. These platforms offer you simplicity and security when managing your online store, and provide plenty of analytical insights that help you optimise and improve your website even more.
#2: Virtual Business Accounts
Traditional banks come with a host of hurdles for entrepreneurs and small business owners. With increased complexities and regulatory red tape regarding opening business accounts, many banks are hesitant to do so at all — especially if they do not think they will make money from your account.
Virtual business accounts are a newer alternative and allow businesses to avoid months of paperwork, large deposits, and minimum balances that are required for traditional business bank accounts. Not to mention, for eCommerce companies trading all around the world, cross-border payments can incur huge losses in the long term and make growth incredibly difficult. Compared to traditional banks, you can get up to eight times more competitive rates in real-time foreign exchange with a virtual account.
Opening an account is easy and can be done entirely online. Digital business accounts allow you to make cross-border payments in dozens of countries from one single account — something that could previously only be achieved if you had a local bank account in every jurisdiction you wanted to sell in. This, combined with the convenience of being able to access everything online, lower fees, and more, has encouraged countless businesses to either start off with a virtual account or make the transition towards them.
Virtual accounts have solidified their position in the eCommerce world as an easier, more cost-effective, and reliable way of doing business. Virtual accounts being offered by financial institutions like Currenxie who are licensed under all the necessary regulations are just as safe as the ones offered by traditional banks, too.
#3: Cloud Solutions
Many of us use cloud storage solutions in our personal lives. Google Drive, iCloud, and Dropbox are all great options for storing files digitally. In general, these solutions are far cheaper, more secure and convenient than more traditional alternatives.
For businesses, cloud technology is transformative and helps business owners operate in a more organised and consolidated manner. Many cloud solutions assist your employees to work more effectively with each other and guarantee you will never have to worry about losing data or important files.
However, cloud solutions are far more than just storage. Businesses are turning to the cloud for infrastructural changes, software upgrades, and more. Project management, human resources, and communication are all fields that benefit from cloud technology and can significantly improve the efficiency of your business.
#4: Digital Marketing Strategies
As an eCommerce business, a considerable proportion of your sales and brand awareness will come from digital sources. Understanding this and placing a good portion of your marketing budget in digital streams will pay off both in the short and long term.
Digital marketing as a whole is a complex field, so if you do not have the money to hire an in-house digital marketing specialist, consider outsourcing one. Digital marketing encompasses search engine optimisation (SEO), search engine marketing (SEM), social media marketing, and much more. When combined, all of these strategies can grow the number of visitors you get to your website, with more visitors directly translating to more sales and profits for your company.
#5: An Organised CRM Platform
A good customer relationship management (CRM) platform is central to any business. Being able to keep track of your customers and prospects is vital if you want to sell your product or service to more people.
A reputable CRM system like Salesforce or Hubspot will help you manage and curate your leads into an actionable pool of contacts. Integrating this into your business processes will be especially beneficial if you find yourself losing track of leads, forgetting which customers you’ve already contacted before, or if you think your customer service could be improved. They will give you an overview of the customer journey and allow you to segment your contact list in a far more granular way, targeting certain customers with content crafted to cater to their specific needs.
It has been reported that 91% of businesses with more than 11 employees use a CRM. If you fall into the 9% of businesses that don’t, or even if you only have a few employees, consider making the move today and set your business up for success.
Get in Touch With Currenxie
Even in the face of a pandemic, Currenxie has been helping eCommerce brands grow from the ground up. To learn more about our virtual accounts and other digital solutions that can help you grow your eCommerce brand, get in touch with us today.