Now is the Time to Expand Your Online Business - Take A Loan if You Need to
Industry experts estimate that by the end of the year 2020, sales via eCommerce will increase up to a staggering $523 billion. Why? That's because more than fifty percent of people in America alone prefer shopping online. This result is an increase from the current $335 billion and represents a 9.32 % growth rate every year! But that is just in America. It's another story in Asia, especially in Singapore. Technopreneurs and entrepreneurs are looking for the best Singapore foreigner loans and business aids to upgrade business. They believe it will help them have more of the market share. The global growth rate in the eCommerce industry is at a whopping 14%. What does this mean? In a nutshell, it highlights the urgency of retail businesses to have an online presence. If you want to stay relevant in the market, you have to look at the influence of modern gadgets. You should also invest in the right technologies timely. This outlook will help you recognize the situation which brings us to our topic. What is the next step after adopting digital commerce? It's generating web traffic to increase your sales, of course. Is it wise to take a personal loan to boost your eCommerce site? Discover how to increase the sales of your online business by utilizing this practical and applicable advice.
Predict and Customize to Your Customers
Predictive analysis is gaining popularity in eCommerce. Thanks to predictive technology, each shopper receives different search results. This tool will give them unique access to product recommendation, content, and even add-ons. It will also determine the user's preferences. These include past purchases history, demographic groups, brand interactions, and market trends. Reach out to your potential customers with a personal touch. Invest in making their shopping experience a simple and easy one. You can start by learning how your visitors think. Online website collects a tremendous amount of consumer information through customers' interaction. From their profiles, user behavior, and persona. This outline makes it possible to understand your buyers' preferences. It also helps learn their buying habits and next purchase. With the cutting edge of this technology, it can determine if the person has the purchasing power or motivation. With a good prediction and risk profiling technology, you would even be able to analyze the risks and returns on investment (ROI) on the various loan offers you can get online.
Be Unique, Be Different.
Every online business needs a unique selling proposition. Why? There are about, and this is not a typing error, over 110,000 eCommerce websites. As such, your business needs a unique aspect that sets it apart from the others. Set some time aside and figure out what it is. This is like spending time and money to get a permit to tell your customers you're the best out there online. You can also do some research and study what your successful competitors are doing. But it's not a good idea to copy. What is their central focus? What could you bring to the industry that they don't have? Have the only factor that no one else has, and you will have sales that no one else can have either. This is especially important is now that everyone is connected to the internet, what makes you different is potentially the reason why your customers are buying from you, instead of your competitior who happens to be 3 clicks away.
Invest in Social Media Marketing
To increase the sales of a business, one of the most straightforward ways is to increase the number of your customers. If you want to boost the sales of your online business, you need to be innovative and apply practical marketing strategies. After setting up your eCommerce website, avoid limiting yourself to traditional practices. Take advantage of the modern trends. A good example is social eCommerce. Platforms that allows eCommerce entrepreneurs and users to advertise. It can also help compare, browse, buy, and sell goods and services. It is a sort of third party tool that facilitates buying and selling through social media. Expanding your business like this will help boost conversation with potential customers. It will lead to a better reach of rendered goods and services. What's more, likes and comments will contribute to increasing average user engagement time. Which afterwards produce usable social collages that'll boost conversions in the end.
Boost Your Business' Speed
In all businesses, speed is always a factor. Studies have shown that slow internet is one of the leading causes of stress in our tech-savvy society. People expect everything to happen at the speed of light. When your business can serve faster, the difference between a 3 and 2 -second load time itself can have a significant impact. The quandary is that many eCommerce sites do not meet the ideal three seconds loading time. There are two attributing factors of this problem. One factor is a technical set up, and there are three quick tips. First, is not using a content delivery network (CDN). Second, is not enabling the keep-alive connection. Third, is not using text compression. That said, you can increase the average load time by:
- Remove unnecessary coding script. Get rid of all "dead" coding, as these tend to slow down loading times.
- Set an expiration date for the cache. Use the local network instead of the primary network to establish an expiry date for your caches. Caching can make loading much slower.
- Optimize images. Images sized 30K and over can stagnate loading times, especially if they are many. Try and reduce the size without affecting image quality. Large, high-quality images should vary between 60K and 100K, and the limit to smaller images should be 30K max.
The other factor is business set up. Having a competent team with an eye for detail and the ability to communicate, will help you identify problems that are slowing you down. After identifying these problems, get it fixed right away! You could even borrow this expertise by leveraging on built and proven web infrastructure. Engage a consultant or even outsource your speed problem.
Timing of ExpansionYou will also need to know when is a good time to expand. At the face of an economy downturn, more consumers are looking for cheaper alternatives - will you rather go to a retail store and pay those extravagant prices or get what you need at half the price online AND get it delivered to your doorstep? The best time to expand out your online business is before the economic downturn. The second best time is now.
Expand with a Loan
In all aspect of technology, there is always a cheaper alternative online. It is not by random chance that experts recommend borrowing money to expand out - you will need the money to invest in quality technology, not just off the shelf software. Good reliable technology costs, and those business who can afford it will always be able to provide better quality services to their customers, and in the time of better economy, their customers will remember them for the quality. With all these crazy-bad margins, not everyone will invest in top notch quality tech, nor will be capable to do such an investment. This is where a personal or business loan can potentially flip the tables on your competitors!
Just remember that in order to achieve different results, you need to do different things. All in all, remember that online businesses are still profit entities. These business tips are not for the faint of heart and do not guarantee that you will be successful - you will still need to embrace self-learning growth, not settle in the known. Many experts recommend a timely expansion aided by a financial loan for those will less reserves to reap greater benefits.