Growing your business in today’s competitive landscape can be tough. The e-commerce industry is a jungle, and it can be hard to understand what tools, platforms and partners are right for your business.
Despite the complexity, there are actually many ways to grow your business today without breaking the bank, so long as you have the right strategy in place.
Start with finding a partner that has the same goal and values as you, one that’s dedicated to helping you grow and not just worried about the monthly invoice being paid. Strategic partnerships are key when it comes to getting access to new technologies and solutions that help you grow and scale your business. Partners are also experts in their field and allow you to focus on your core business while they take care of the things that amplify your reach, impact and outcomes. It could allow you to reach new audiences quickly and identify new business opportunities.
Are you thinking about expanding globally? Are the US and Europe on your hit list? Leverage a global platform that can plug you into new markets via the same integration. Find a platform that’s reached saturation and amassed an engaged audience and use it to grow your business quickly. Klarna’s got years of experience when it comes to helping brands expand, and the right contacts, local partner success teams, and a loyal customer base to get you started.
Loyalty is key to growing your business, and there’s no better way to do it than with a loyalty program.
“What we’ve actually seen with the merchants that we have partnered with is that those who have established a loyalty program establish a loyal customer base, and they enjoy three things – reduced transaction costs, reduced customer turnover and an increased positive word of mouth,” said Rhys Thomas, Head of Partner Success at Klarna Australia.
The first step towards loyalty is to make sure that your value proposition strictly reinforces your objectives. You really want to identify the features and benefits that your consumer values, particularly for your brand or your category. Also, always make sure that you have a good internal understanding of what the value is.
There’s no short term fix for establishing brand loyalty, but when you as a brand delight a consumer with a great product, they will consciously choose to make repeat purchases over time, become loyal to that particular brand, regardless of price, convenience or any other competitive marketing tactics. Furthermore, retailers should leverage new solutions and services to drive loyalty, as well as make sure to make the most out of the data that’s available to them.
“If you’re able to harness at least 5 per cent of this data you can use this to make meaningful decisions,” explains Thomas. “It actually benefits both the retailer and the consumer, and you can also use this data to personalise the customer experience.”
A good strategic partnership, a global platform, and a loyalty program that is focused on nurturing your customer will get you a long way on your expansion journey. Not only will it help you retain existing customers, but it will also help you attract new ones. Just make sure that you are selling a product that lives up to your customer’s expectations, and keep on developing it. And don’t forget to constantly utilise the data available to you.