Growth Mode: An Entrepreneur's Handbook to Creating an E-Commerce Powerhouse Here are the keys to unlocking the full potential of your online business and propelling it to new heights.

The world of e-commerce is booming. For entrepreneurs, the potential for growth can feel almost limitless.

Online retail sales in the U.S. hit $1.2 trillion in 2023 and will continue to grow steadily at more than 10% annually. This momentum presents a prime opportunity for businesses to expand their customer base or increase sales from existing ones—and e-commerce caters to both by offering a wider reach and a dynamic shopping experience.

To continue steady growth and take things to the next level, businesses often explore popular strategies like expanding their omnichannel sales, venturing into different geographical markets, creating new brands, or even adding a B2B channel. "Take a women's swimwear brand, for example," says Jane Singh, Sr. Product Marketing Manager, GTM Strategy at BigCommerce, a leading e-commerce platform. "Expanding internationally can be a game-changer, especially with opposite seasons. An American brand selling swimsuits in Australia in December can maintain steady sales and counteract seasonal fluctuations."

Whether your goal is to attract new customers, launch a brand extension, or conquer international markets, the path to e-commerce growth can be just as diverse as the businesses themselves. Here, we'll examine some options and different ways that businesses can continue on the path to growing their brand.

Increasing conversions.

Many online businesses struggle to convert website visitors into paying customers. Singh specifically emphasizes the importance of fast loading times, mobile-responsive design, and a streamlined checkout process. "Today's consumers have high expectations for online shopping, especially when it comes to conversion rates on checkout pages. They demand a seamless, straightforward experience tailored to their preferences, and creating this smooth experience hinges on removing any friction," she says.

Unexpected issues during checkout can also frustrate customers and reduce conversion rates. For instance, U.S. shoppers typically expect free, fast shipping, and surprise fees can cause cart abandonment. Research from BigCommerce found that over a quarter (26%) of individuals surveyed abandoned purchases with items in their carts within the last month because shipping fees were too high. To avoid this, e-commerce companies should disclose shipping costs and times upfront. Additionally, it's important to include taxes in the item price for countries where this is the norm to prevent unpleasant surprises at checkout.

To make checkout even smoother, consider offering a variety of alternative payment methods, such as PayPay and incorporating Buy Now, Pay Later (BNPL) options, like Klarna or Affirm.

Launching a new brand.

Take LVMH, a luxury giant with a diverse portfolio of brands like Louis Vuitton and Fendi. Each brand has its own website, allowing them to tailor the customer experience and marketing directly to their specific audience. This is the power of e-commerce for new brands: the ability to focus on a niche market and craft a unique brand identity.

Just like LVMH, new brands can leverage e-commerce to target specific customer preferences. This allows for a more focused approach to marketing and product development. By utilizing SEO, social media, email marketing, and influencer partnerships, you can also build brand awareness and establish your brand in the marketplace.

The key takeaway? E-commerce removes barriers and levels the playing field. By focusing on a niche and utilizing the right marketing tools, small brands can compete and build a loyal following online, just like the big brands.

Expanding internationally.

For many businesses, international expansion presents an exciting growth opportunity. Singh recommends thorough market research to assess demand, competition, and local shopping preferences.

"Once you're confident that a given market makes sense, there's a lot to consider when it comes to planning for expansion," she explains. "You need to research local data privacy laws and other regulatory requirements that can vary by country, especially with import and export regulations. For example, if there is a lengthy customs process for shipping items into the country, you need to ask yourself 'would it make sense to maintain a local warehouse here?' Getting this right is important to building trust."

Additionally, creating localized storefronts with features like regional pricing, preferred languages and payment methods, and local shipping carriers builds trust with international customers. And with BigCommerce's multi-storefront solution, entrepreneurs can do this with ease. "This means that merchants can stand up tailored, localized experiences more quickly and simplify day-to-day management. You can trim down the number of systems and integrations your team relies on, decrease maintenance costs, and understand your data better because it's all in one place," Singh says.

Omnichannel sales strategies.

Imagine a customer who researches a product online, then visits your physical store to experience it firsthand before making a purchase. This seamless journey across different channels–online research, in-store experience, and potentially a mobile app purchase–is the power of omnichannel retail. And this sales strategy allows you to meet your customers where they are and provide a unified brand experience. By offering a consistent and convenient experience across channels, you'll be well on your way to growing your small business.

BigCommerce offers a solution called Feedonomics that helps online merchants manage their omnichannel operations effectively. Feedonomics gathers product data from various sources, optimizes it for different channels, and automates tasks to save time and improve product visibility.

"One great example is American kitchen sink supplier Houzer," Singh says. "Houzer came to BigCommerce to expand their product catalogue, launch a direct-to-consumer (DTC) site, and improve their omnichannel strategy. They wanted to get rid of their outdated systems and build their ideal tech stack, and they leveraged BigCommerce and Feedonomics to do just that."

The result was that Houzer saw a 150% increase in transactions, a nearly 50% increase in conversions, and a 118% increase in revenue from their site, Singh says. That's huge.

E-commerce is a dynamic and ever-evolving landscape for both online entrepreneurs and those who own brick-and-mortar businesses. "Ultimately, what makes up a good avenue for growth is personal to each brand, and that should be based on the makeup and wants of their target customers," says Singh. So, by understanding the various growth paths, implementing effective strategies, and partnering with the right platform, entrepreneurs can unlock the full potential of their online businesses and propel them to new heights.

Click here to learn more about how BigCommerce can help your online business grow into an e-commerce powerhouse.