Here, we’ll look at online growth strategies tailored to specific industries, explain how you can make the most of your online presence , and explain how iwoca’s financial solutions can support your growth journey.
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Online businesses are having a growth moment. Free of many of the challenges of brick-and-mortar retail – long-term leases, storing inventory, personnel, in-person footfall – online retailers and other providers are free to focus on expansion. Working online enables access to wider markets, free from geography, as well as using channels like social media and online advertising to target new customers and scale rapidly.
The result is a notable gap between online and brick-and-mortar growth rates, with ecommerce growth expected to grow by 9% through 2027, which is more than double the projection for physical retail at 4%. The same consulting group predicts that online sales will account for 41% of global retail by 2027, up from just 18% in 2017.
If you’re running an online business, there are a wide range of options for growth, but the right formula will depend on your products, target customers and personal goals.
In today’s digital landscape, the potential for online business growth is immense.
As consumers turn to the internet more and more, ecommerce revenues in the UK are expected grow 12.6% year-on-year by 2025.
Growth not only means more sales but also the opportunity to build a loyal customer base, expand your brand, and increase your market share.
Your online presence is the foundation of your business growth. This involves having a professional and user-friendly website, active social media profiles, and engaging content that resonates with your target audience. Here’s how to do it:
For instance, if you’re running a fitness business, you could create blog posts on workout routines, nutrition tips, and fitness challenges. Engaging content encourages your audience to return to your site, helping you build a community around your brand.
Organic growth is your baseline, but sometimes you need a boost to reach new heights. Paid advertising, including Google Ads, Facebook Ads, and sponsored content, can significantly increase your visibility, fast.
Email marketing remains one of the most effective ways to nurture relationships with your customers. By sending personalised emails with product recommendations, special offers, or useful content, you can increase customer loyalty and encourage repeat purchases.
As your business grows, you might need more hands on deck. Expanding your team allows you to scale operations, improve customer service, and explore new opportunities.
Growth is an ongoing process, and what works today might not work tomorrow. Regularly review your strategies, monitor key metrics, and be ready to pivot when necessary.
As your business grows, so do your financial needs. Whether you need funds to invest in marketing, expand your team, or purchase additional inventory, iwoca’s flexible financing options can provide the support you need.
To grow quickly, focus on scaling your marketing efforts with paid ads, expanding your product or service offerings, and leveraging partnerships and collaborations to reach new audiences.
The timeline varies depending on your strategy, industry, and market conditions. While some businesses may see growth within a few months, others might take a year or more to gain significant traction.
Social media is crucial for building brand awareness, engaging with customers, and driving traffic to your website. It’s particularly effective for visual and community-driven industries like fitness, fashion, and vegan products.
Focus on building your brand through activity that connects you to your audience and builds trust. Think content marketing, webinars, and social proof. Email marketing and personalised offers can also help nurture client relationships and drive repeat business.
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