With consumers relying heavily on online shopping, the eCommerce industry is growing a record-breaking rate. In 2017, the eCommerce industry reached $2.3 trillion in sales, and the amount is expected to double (nearly $4.5 trillion) by the year 2021.
Not only that, but according to Nasdaq, 95% of all purchases are forecasted to be made online by the year 2040.
This, as a result, will create a countless amount of opportunities for eCommerce entrepreneurs.
But just as the old saying goes, “with opportunity comes challenges”.
And in the eCommerce industry, these challenges generally include high-competition, product-market fit, and most importantly, finding the right growth tools.
In this article, I will be sharing the 5 best eCommerce tools that will help you knock down the doors to higher sales so that you can grow your business into a multi-million dollar company.
Are you ready? – Then let’s dive right in!
5 E-Commerce Tools to Grow to a Multi-Million Dollar E-Commerce Business
Whether you want to develop eCommerce store from scratch or have an existing one, the below-mentioned eCommerce tools will definitely help you (just like it has helped our clients) in becoming a multi-million dollar eCommerce company.
Here are the top 5 eCommerce tools that will help you generate more sales on your eCommerce shop.
Live Chat, as you might already know, has become a leading method to serve online customers. If you think otherwise, here’s a survey that proved consumers prefer live chat over social media and emails.
Live chat basically helps customers get instant responses to their questions and queries, which greatly contributes to increasing the customer satisfaction rate and also the sales of a company.
So, now that we’ve proved Live Chat is a must-have functionality in your new or existing eCommerce shop, it’s time I introduce the best Live Chat tool that’s out there.
Meet LiveChat, one of the wildly-popular eCommerce tools available in the market. The development team of LeadChat has created a perfect tool to engage customers visiting a website in real-time.
For example, when a visitor is browsing the website and lands on the pricing page, your eCommerce customer support or agent can directly jump to answer any questions the visitor might have.
The way their technology works is, it allows you to implement chat popups at any time while a visitor is browsing your shop. This gives the visitor to ask questions directly to your agents, instead of leaving your shop to find answers first.
As a result, it greatly satisfies the visitors, which increases the chances of making a sale.
Accounting is absolutely critical for any business to run smoothly. And Xero is the perfect online accounting tool that not only automatically imports all transaction details but also categorizes them.
To make your life even easier, Xero also provides a central dashboard, which displays all your cash-flow and overall health of your eCommerce company in real-time.
Apart from this, Xero allows businesses to connect their bank accounts and automatically filter important business transactions into Xero every day.
The benefits of Xero don’t stop here though. The tool, in addition to all these features, also allows sending invoices to customers and set recurring invoices for repeat customers.
On top of all these, Xero also connects with over 700 tools of different kinds, from CRMs to Inventory management, and other parts of a business.
You can find all app integrations here.
Let’s face it. Accepting online payments is an inevitable feature of any eCommerce shop. And while there is a multitude of payment gateway options available in the market, what sets Stripe apart is its various notable features.
Apart from providing an end-to-end solution to meet all your business payment needs like accepting payments through credit cards and wallets on its web app as well as mobile apps, Stripe has gone the extra mile to solve online payment concerns of customers.
For example, Stripe has embedded a machine learning solution named Radar, which prevents any fraudulent transactions on your eCommerce shop.
In addition, Stripe is also the best option for international eCommerce businesses by providing the functionality of displaying prices in local currencies.
Lastly, Stripe supports over 300 different eCommerce tools to help you run your business as smoothly as possible.
You can find its list of eCommerce partners here.
Although, Bankfeeds is not a complex tool like the other eCommerce tools mentioned in this article, but it’s still an important tool to have.
Let’s say you use both Xero and Stripe on your eCommerce shop. But, in order to use them together still requires you to download and import a CSV sheet from Stripe to Xero.
This is basically a manual process and it’s a very tedious one where either you or your accountant have to regularly perform the data entry manually.
BankFeeds, however, can help you save your time by connecting your Stripe with Xero and import all transactions automatically.
Integrating BankFeeds in your eCommerce business is also fairly simple. All you will have to do is use Stripe’s and Xero’s API to set up the automation process.
Suppose your eCommerce store receives some number of orders each day. Now imagine your store goes down and it stops generating revenue for however long your store is down.
How much loss your business will suffer from?
For an average eCommerce store, a five minute of downtime can result in serious damage to the reputation and loss of sales.
You wouldn’t want this to happen to your store, right?
This is where UpTimeRobot comes into the picture. UpTimeRobot is one of the highly-popular eCommerce tools that basically monitors your uptime at a regular interval of five-minutes from different locations and notifies you immediately when your store is down.
The tool, whenever your site goes down, notifies you via voice calls, email, SMS, Slack, and through many more channels.
In addition, UpTimeRobot also lets you customize the times and notifications when you don’t want to monitor for a specific reason like doing a planned eCommerce store maintenance.
With this, I have finally listed the 5 best eCommerce tools to grow a multi-million dollar eCommerce company. Hopefully, you find these tools to be a great fit for your business.
If you’ve any questions or thoughts to share, I’d love to hear them in the comment section below.