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The author is Founder & CEO of StoreHippo.
In a world driven by ever-evolving technologies, the need for enterprise businesses to generate engagement across digital platforms or channels is imperative. Having a digital presence bolsters a brand to engage in effective communication and forge a deeper connection with the consumers. As witnessed during the pandemic, online visibility of brands proved critical in their bid to stay competitive and relevant in the changing market situation.
After two years of struggle, as normalcy returns to businesses, the importance of having a digital presence just can’t be overlooked. While going digital enables you set the narrative for your brand and allows you to stand apart from competitors, it also acts as a catalyst in helping you scale your business up. But, to do so, brands first need to streamline their strategy and identify the core components they need to scale their business online.
Factors To Consider Before Strategizing To Scale Up
Regardless of their existence in the industry, modern-day brands are always looking to seize the opportunities to scale as soon and as quickly as possible. Over time, every business owner expects their brand to grow by attracting more customers, achieving a bigger footprint and eventually becoming more competitively dominant. But, before chasing the elusive dream of scaling up, you need to consider a few factors that are just as vital.
Knowledge About Market & Customers: The process of scaling one’s business is extensive and comprises various stages. Thus, before starting to formulate impactful strategies, brands must attain in-depth knowledge of the market they want to penetrate and get data-driven insights on how their customers behave and what they really need. The way people buy and behave is unique to each digital channel. Thus, by tracking their buying journey, brands can gather insightful data which is critical in devising impactful growth strategies.
Identify Right Products To Scale: While every single product is important for an enterprise business, brands need to identify the ones that can lead to more sales and, thereon, profits. That’s why a careful catalogue review is essential to determine the top-sellers among your list of products. The identification of the right products for scaling your business will eradicate the possibilities of wasting time, resources and capital, while improving chances for profitability, considering your margins. Moreover, reviewing your catalogue can also give key insights about the products that can be optimized to perform better.
Need For Solutions Providers: For any brand, catering to their customers and meeting their demands in a seamless, yet effective, manner remains a top priority. While happy and satisfied customers are not just crucial to amplify sales, they are equally important in enhancing brand image and awareness. Thus, it is critical for business owners to find the right solutions provider as they embark on the journey to scale up their respective businesses. A right tech partner can bolster brands in building innovative solutions which further supports their vision for growth. Furthermore, by roping in professionals to provide scalable and flexible solutions, brands can easily transition into new hybrid models in relation to their requirements.
Strategy For Scaling Business Online
 Omnichannel Route: In today’s world of digitization, building an omnichannel presence is critical to a brand’s growth and subsequent success. By going omnichannel, brands are exposed to new, untapped markets with a much-needed opportunity to experiment with new products. Moreover, a successful omnichannel strategy is credited for fostering brand awareness among customers, improving engagement, increasing ROI and sales – all key contributors to scaling a business.
As modern-day consumers continue to hop from online stores to mobile apps and to their favourite social media platforms before eventually buying a product, the omnichannel approach has emerged as a vital tool for brands to combat changing market scenarios, scale business and sustain growth in the long-run.
Unleash Personalization With Headless Commerce: In a bid to scale businesses, new-age brands are increasingly embarking on their digital transformation journeys and redefining their business models. And personalization is the key that can unlock new opportunities for brands. According to a study by Accenture, 91% online buyers say they are more likely to shop with brands that provide personalized and relevant offers and recommendations.Â
To offer personalisation brands need tech solutions that offer agility, flexibility and creative control to build solutions without any limitations. This is where headless commerce has proved to be crucial for brands, as it ensures scalability, personalization and growth.Â
The decoupled headless architecture makes it possible for brands to make unlimited changes to the backend or frontend with disrupting the overall flow. Adding personalized landing pages, implementing customer group specific pricing or catalogue, offering multi-level personalized discounts, giving geo-location specific payment and shipping options, all becomes possible with headless commerceÂ
Thus, by adopting the headless approach for personalization, brands are able to engage more effectively with their customers, offer them relevant experiences and enhance consumers’ buying journey. This further leads to customer engagement, satisfaction and loyalty while also carving the path for greater conversions.
Expanding Product Line: In the modern world, where tastes, preferences and expectations of the consumers continue to change, it is important for brands to add new products to their list of offerings. In a simpler term, a diverse product line with more products translates to increased web views, increased sales and better brand visibility.
For instance, if you are selling clothes for men, you can also add matching accessories, wallets, jewelry and shoes among others to your existing list of product offerings. You can also entice consumers by selling the complete look by creating a combination of all the products. If implemented correctly, this can prove to be a great strategy for scaling up business online and increasing sales.Â
Data-Driven Strategy: Devising different marketing strategies for different target audience groups and channels is important so that you can effectively cater to the customers’ demands. For instance, imagine you are a skincare brand specifically catering to the young female population. For a particular campaign to promote your products, influencer marketing could work. However, if you are an electronic brand, then probably, social media ads along with organic marketing on social media might be the right mix for you. Owing to a strong digital presence, you already have access to customer data. This data will help you take data-driven decisions that are critical in generating marketing ROI and boost conversions.
Summing Up
Scaling a business has got to do more than just growth. Enterprise businesses can grow but that doesn’t necessarily mean they can handle the increased output. In the worst case scenario, your growth can have a detrimental effect if you’re not able to deliver the products at the required pace. It’s about a firm’s ability to take on the increased workload in a cost-effective manner without suffering or overstretching. Thus, brands need to be looking at scalability, not just profit growth.
Scaling up a business online is not as easy as it may seem. In fact, for many, it has proved to be quite challenging and even risky. But, on the back of rigorous planning and effective strategies, you can surely witness your business realizing its full potential. To stand out from the competition in the market and make a mark, enterprise brands need to invest wisely in technology and IT service providers. This is important so that your platform has top-notch features that highlight your innovative approach. You as an enterprise brand can certainly rely on SaaS platforms that are reliable, affordable, and feature-rich as they can support you in your vision for growth and scalability and enable you to reach the global markets as well.
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Views expressed above are the author’s own.
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