Selling a business is the ultimate goal of many entrepreneurs. It’s a huge milestone that can provide a substantial cash infusion and a great learning experience.
Now, if your business happens to be eCommerce, you’re in luck – eCommerce has become very popular and mainstream, which has driven a lot of demand to buy these businesses, regardless of their size.
Of course, becoming successful in the eCommerce industry means more than just creating a good-looking website and waiting for money to start pouring in. If you want to sell your eCommerce business, you need to pay attention to value.
If you want to stay ahead from your competition, you need to be patient, innovative, and strategic.
Here are 5 strategies that will help you make your eCommerce business an attractive buy.
1. Invest in eCommerce Automation
As the competition in eCommerce becomes fiercer, staying on top of the game becomes more difficult. Luckily, eCommerce automation can help you boost efficiency, improve customer experience, and increase sales.
eCommerce automation is the process of using software that will complete different tasks for you. Even though some aspects of the business will still require human input, a great number of daunting, repetitive tasks can be successfully automated.
Some examples of eCommerce automation include:
- Sending a ‘welcome’ email to new customers who create an account on your e-store
- Sending all customers an email newsletter once per month, with high-value customers and regular receiving different versions of the newsletter
- Sending all customers an email one month after their purchase to ask them to leave a review
- Sending an email to customers who abandon their cart without completing the purchase
- Flagging orders with suspicious traits, such as billing and shipping addresses that don’t match, for review
- Automatically generating purchase orders for you to send to suppliers once inventory numbers go below a certain threshold
In a world where customers are extremely spoiled and always expect the best, using great automation software can make a big difference. eCommerce automation will ease much of the burden, allowing you to focus your efforts on where it truly matters.
2. Optimize for mCommerce
As you might already know, mobile browsing is growing at a rapid pace. At the moment, it’s much more common to shop online via a smartphone than a PC.
This is a significant change that forces eCommerce website owners to reassess their strategies for engaging customers. Although going with responsive design might be a good starting point, you should consider taking additional steps in order to enhance the UX on mobile. Here are some ideas to help you start:
- Optimize every step of the buyer funnel for mobile
- Constantly upgrade the design of your mobile checkout process
- Use the best mobile payment processing tools like PayPal, Tripe, WePay, and Fondy
This will help you expand your customer reach, increase revenue, and boost the overall value of your business.
3. Work on the Traffic
Website traffic is one of the most important metrics for assessing the success of any eCommerce business. So, if someone wants to evaluate your online business, they will want to see some traffic numbers.
Start by installing Google Analytics to keep track of your visitors. This will help you figure out who’s visiting your website and how people find you, enabling you to adjust your strategies if necessary.
In addition, you should consider developing fresh strategies that will help you attract new website traffic, like social media or SEO.
Regardless of which strategy you choose, tracking your traffic will make your business more successful.
4. Use High-Quality Content to Boost Engagement
Engaged leads have great potential to turn into valuable conversions. If you want to advertise your eCommerce business and recruit leads, content marketing is the way to go.
High-quality, long-form content full of visuals is a great way to demonstrate your expertise and show that you’re trustworthy. This, combined with relevant products on your target audiences’ preferred marketplaces, enables you to make more sales.
In order to create content that will appeal to your customers, you need to have a few things in mind.
- The online market is pretty crowded, so you need to find a way to stand out and capture people’s attention. This means working hard and creating unique content that will drive people towards what you have to say.
- Besides offering value, you need to make sure your content is also relevant to your branding objectives. Ask yourself: What do I want the customers to know about my business other than the products?
- Not every piece of content should be about sales. Create content that also aims to explain, inform, or simply connect and engage.
5. Make the Most of Your Best Products
Like most e-stores, you probably sell a number of products. However, only about 20% of them are highly-profitable – and that’s where you should focus your efforts.
However, getting the most of your best-selling products requires constant evaluation. Make sure to monitor the most valuable products and once you identify one, try to find a way to use them to further increase your sales. For example, if you have a best-selling set of makeup brushes, consider introducing new styles or colors.
Are You Ready to Sell Your eCommerce Business?
Selling your business is an important financial decision that could change your life. eCommerce businesses are particularly complex due to confidential manufacturing relationships, complex contracts, fluctuating inventory, and 3rd party distribution channels, so there’s a number of variables to consider when selling.
Working with an experienced eCommerce business broker will definitely make things a lot easier.
Studies have found that the price you get for your eCommerce business depends on the quality of the broker you work with. Finding a good-quality business broker will help you sell your eCommerce business faster and for a higher price.