According to the Internet Retailer’s analysis, e-commerce represented 14.3% of the total retail sales in 2018 and consumers spent $513.61 billion online in 2018 which is up from 14.2% in 2017. These numbers prove that the e-commerce industry has witnessed steady growth and has continued to expand over the past few years. An increase in the number of internet-enabled mobile devices has been responsible for this growth to some extent. The consumers can easily access an e-commerce platform from anywhere at convenient hours.
However, the competition has also increased within the e-commerce industry due to this continuous growth. Therefore, it has become crucial for businesses to have an updated marketing strategy for eCommerce startup or established businesses. This type of strategic decision helps businesses in keeping up with the changing nature of this industry. The following tips allow e-commerce businesses to increase sales revenue to stay ahead of the competition.
Appear Reliable to Your Customers
Every consumer search for reliability when establishing a business relationship with a service provider. Hence, the most important factor of all growth marketing strategies for e-commerce businesses is to appear reliable and secure to consumers. The cybersecurity has become a major concern for modern shoppers, as 46% of American consumers have become the victims of credit card fraudulence in the past five years. Hence, e-commerce businesses have to take necessary measures in order to appear secure to consumers. These businesses may greatly benefit from displaying security badges.
Targeting Existing Customers
If the add-to-cart rate for a new shopper is 5%-6%, then this rate is 23%-24% of loyal customers. If the conversion rate is 1.5%-2% in new shoppers, then it is 8%-9% of loyal customers.
Therefore, it is prudent for an e-commerce business to put more focus on the ‘Customer Retention’ strategy instead of the ‘Customer Acquisition’ strategy. This may become an important growth hacking strategy for eCommerce, as loyal customers help the e-commerce businesses generate more revenue every time they visit in comparison to the new visitors.
The businesses may come up with a ‘customer loyalty’ program which offers an incentive to the consumers every time they shop. This strategy may motivate shoppers to invest more.
Use Customers’ Photos with Testimonials/Reviews
The reviews and testimonials from consumers help businesses prove their reliability to potential customers. However, the reviews/testimonials coming from the profiles with names/photos seem more believable than the reviews/testimonials coming from the nameless/faceless profiles. The profiles with names/photos seem more believable to the readers. Hence, it is one of the effective eCommerce growth hacks. The e-commerce businesses may even ask their clients to share their pictures after using the products in order to display the products’ effects.
Display Video Demonstrations
The majority of marketing experts around the world believe that videos can generate higher ROI for e-commerce businesses in comparison to other marketing tactics.
- The product videos are more engaging than other types of content. An average user may spend 88% more time on an e-commerce site watching these videos. It generates more interest as well as engagement amongst the viewers leading to a higher conversion rate.
- The videos can also deliver more information to the viewers within a lesser span of time.
- The combination of sound, image, and action makes the videos more memorable to the viewers.
Hence, product videos can help e-commerce businesses generate more revenue and grow faster.
Offer Lucrative Deals
Every shopper wants to profit from commercial transactions. The e-commerce sites that offer discounts on selected products or on every product during special occasions or holidays are likely to acquire more customers due to this reason. The e-commerce sites may even offer discounts or special deals to the customers on the special dates of their lives, such as birthdays or wedding anniversaries. This gesture can make any customer feel special. It leaves a positive impression on a consumer’s mind leading to an increase in revenue.
Showcase Top Selling Products
It is not necessary for every visitor to an e-commerce site to have a clear idea regarding what they want. To give them proper direction, the e-commerce sites may showcase the top-selling products. This is an excellent e-commerce business strategy, especially for websites selling an array of products belonging to diverse categories and different brands.
Increase Holiday Promotions
Most consumers are in a generous mood during holidays and are willing to spend more money. Most consumers also spend more in order to purchase gifts during the holidays. The e-commerce business may use this opportunity to ramp up the promotions. Alongside the conventional methods of promotions, e-commerce businesses may send e-mails to loyal customers. This process of promotion encourages and entices consumers to shop more.
These practical growth hacks for eCommerce businesses guarantee an increase in revenue whilst staying ahead of the competition. Alongside these points, it is equally essential for an e-commerce platform to optimize the user experience through responsive web-design and web-development services, as most consumers use mobile devices for online shopping. It is equally prudent for an e-commerce business to have a user-friendly mobile app.