4 Tips on How to Successfully Grow Your eCommerce Business
The digital era has brought numerous innovations to various industries. Retail, in particular, has seen a major shift in consumer shopping preferences, with more consumers choosing online shopping over in-person shopping for convenience. Globally, eCommerce is seeing a steady growth with no signs of decline in the next few years. In fact, it is predicted that the worldwide sales from retail eCommerce would reach a whopping $4.5 trillion by 2021.
The fact remains, however, that in the realm of the Internet, business is fiercely competitive. With myriads of eCommerce stores and platforms readily available to consumers at a tap of a finger, eCommerce businesses must take great strides to have a solid marketing strategy in place in order to stand out from the competition.
Whether you’re new to the eCommerce industry or have been around for a while, it’s important to implement strategies to constantly drive traffic to your eCommerce site and ultimately boost conversions. Here are our top tips on how to successfully grow your eCommerce business and generate more sales:
1. Improve your customer retention strategy
While it’s definitely beneficial for businesses to acquire new customers, it’s also equally important to focus your strategy in retaining your existing customer base. Compared to new customers, loyal customers are more likely to add more items to their shopping carts, make a repeat purchase, or recommend your business to their families and friends — after all, they already trust your brand.
Improve your customer retention strategy by having a loyalty program in place. Each dollar spent on your eCommerce site can translate to a rewards point, and when a customer accumulates a certain number of points, they can redeem them for discounts or use them to pay for future purchases. You can also offer exclusive promos to customers who are part of your loyalty program, such as a members-only discount.
2. Generate more product reviews
As the popularity of eCommerce grows, online product reviews and ratings have also become a major factor that influences the purchasing decisions of online consumers. Studies further reveal that prominent product reviews in eCommerce websites can increase conversion rates by 14% to 76%. The more positive reviews you have on your products, the better chances that your audience will trust your brand and make a purchase.
You can step up your strategy by partnering with social media influencers and asking them to write a review on your product in exchange for a free item, gift certificates, or other means of incentivization. Studies have shown that influencer marketing is considered the fastest growing method for gaining new customers. Additionally, you can also encourage your social media followers to share their photos and experience with your products. Leveraging user-generated content for your eCommerce business helps in boosting brand awareness and in increasing website engagement.
3. Utilize social media marketing
Social media has become an indispensable tool for many businesses for various purposes: a platform to promote your products and services, a way to engage with customers, and a good place to offer quick responses to customer concerns.
For eCommerce businesses to fully harness the potential of an effective social media marketing strategy, it’s essential to create compelling content that connect with your audiences. It’s also important to consider investing in paid advertising on social media to further optimize your advertising reach. Most of the popular social media platforms have also made it easier for businesses to market through a variety of business tools. On Facebook, for example, you can set up a shop and then direct your customers to your eCommerce website, or enable in-app purchases.
4. Optimize your eCommerce business for mobile
For years, mobile shopping has grown in popularity, with consumers increasingly using their mobile devices for online shopping. In fact, research shows that 40% of mobile users have bought something online from their smartphones.
Every business benefits greatly from having a solid mobile marketing plan, and it begins with having a mobile-friendly website. If your website isn’t mobile-friendly, it will turn potential customers away and will cause your SEO rankings to drop. Consider building an eCommerce mobile app as well. Mobile apps, though often costly to develop, are still an effective business tool that helps you conveniently reach your customers through push notifications, as well as greatly improve user experience.
Wrapping It Up
Ramping up your digital marketing strategy for your eCommerce business is essential for your brand’s growth and longevity in the industry. If you want to know more about digital marketing, visit https://www.ilfusion.com for more information.