If you own an eCommerce business that’s struggling, you’re not alone.
Did you know that less than 1 million of the estimated 12-24 million eCommerce stores sell more than $1000 per year?
It’s not due to a lack of demand!
Ecommerce sales were predicted to rise from 14.1% of the total global retail sales market in 2019 to 16% in 2020, equating to 3.9 trillion US dollars. However, they hit 21.3%, pushing that 3.9 trillion to 4.28 trillion US dollars.
And according to Statista, these figures will grow to 22% or higher in 2023.
With two billion online shoppers and over 22 billion monthly online visits, why are over 90% of eCommerce businesses failing to take advantage?
One reason is not having the right tools.
For example, take mobile commerce; it’s expected to account for 72.9% of eCommerce sales in 2021 alone.
Are you mobile ready?
Do you have the tools you need in place?
Let us help you with our 7 powerful tools that will kickstart your eCommerce business today.
Digital payment processing systems
The digital payment processing revolution is here, and if your business isn’t providing consumers with digital ways to pay, they’ll go to one that does.
Electronic-payment systems, also known as online payment systems, enable consumers to make transactions and pay for goods or services through an electronic medium, removing the need for checks or cash.
There are four types of Electronic Payment Systems: ·
- Mobile Payments
- Person-to-Person Payments.
With the rise of smartphone shopping, consumers are increasingly using this technology as a convenient and secure digital payment solution. It’s estimated that digital mobile payments will greatly surpass traditional payment methods by 2022.
Stripe is one of the significant EPS facilitators and partners with thousands of platforms such as Shopify, Xero, Wix, Squarespace, and DocuSign. It operates in over 30 countries and is easy to add to your eCommerce platform.
So, don’t get left behind; get digital.
If your sales are low and you’re not using video creatives to promote your eCommerce business, you’ve found a reason why.
Video creatives are advertisements shown before, during, or after video content, to persuade your target audience to engage and interact with your brand. And as 80% of consumers remember what they see compared to 20% of what they read video creatives are a powerful marketing strategy that you can’t afford to ignore.
Are you still unsure about investing in video marketing to kick start your eCommerce business?
If so, look at these impressive statistics:
- According to Animoto, 85% of marketers say video is the most effective way to grab an audience’s attention.
- A Social Media Week survey showed that viewers retain 95% of a brand’s message when obtained via video.
- And video ads are the primary way consumers discover brands, with 90% saying video is what helps them make a purchasing decision.
Fortunately, you don`t have to be a videographer to take advantage. Online companies like Shakr now provide simple-to-use video-making software tools that enable you to create professional-quality videos for your struggling eCommerce business.
And with the rise of smartphone use and social media, you can use these tools to connect, engage, and convert your audience into loyal customers.
The small number of eCommerce stores that sell more than $1000 per year all have one thing in common, branding.
But not just any branding.
They’re using consistent branding strategies to connect with their target audience on numerous emotional levels across all their marketing platforms. They do this because consumers don’t buy products, they buy stories, and your brand is how you sell that story.
Your branding is the soul and personality of your business; it’s how consumers recognize and become familiar with you, and ultimately trust you.
How important is trust?
- According to an Edelman survey, “81 percent of consumers said they need to trust a brand to buy from them”.
And the most effective way of creating trust is by looking professional.
There are now tools available that build every element of a professional-looking brand. Logo.com, Tailor Brands, and Designhill logo maker are one such logo making platforms. But with several options available, you’ll want to do your research for choosing the best logo maker.
Companies like this know that companies like yours need them; it’s why they provide a service that’s easy to use and covers everything from logos, websites, social media designs, and more.
Branding no longer has to be challenging, but it does have to be professional.
Email marketing is a highly effective digital marketing strategy that helps you reach and connect with prospects in a personalized way, and over time converting them into loyal fans of your brand.
The first marketing email blast was sent in 1978 to 400 recipients by Gary Thuerk, promoting his company’s computers, resulting in $13 million in sales.
Not a bad return!
Email is old, but it’s still as powerful today as it was 43 years ago, with successful campaigns providing returns as high as $38 for every dollar spent; that’s a 3800% ROI! But of course, there’s more to successful email marketing than just sending emails.
You need email marketing tools like MailChimp that help you create, send, test, optimize, and report on your campaigns. These tools enable you to create beautiful emails, personalize them with the recipient’s name, brand them, and automate your blasts, so you send multiple emails at the right time.
The evidence is overwhelming; people do open emails, but only if you craft them right and run your campaign, so it doesn’t look like another sales pitch.
Social Media management
We all know we should be using social media to promote our eCommerce stores, but many avoid using it.
There’s a couple of reasons for this:
- We don’t understand it, don’t have the time to learn, we’re unaware that there are tools available to help us.
It doesn’t matter why you’re not using social media to promote your eCommerce business; what matters is when you’ll start?
Social media management tools like Hootsuite do all the heavy lifting for you. Enabling you to analyze your audience, develop tailored campaigns that connect with them, track performance metrics, schedule your posts, collaborate with influencers, and monitor real-time community conversations relating to your brand.
All of which enable you to get the best out of social media without needing to get a degree!
Ecommerce shipping covers every aspect of your product’s journey, from supplier delivery (often overseas) to a distribution center, and finally, your customer’s doorstep.
Shipping has become a driving factor in eCommerce business success due to consumers wanting products delivered as quickly and cheaply as possible, and often that means for free.
Consumers often make buying decisions based on the shipping service. It’s why having an effective eCommerce shipping strategy that enables you to provide a better service than your competitors, is now essential, not optional.
And due to the ever-increasing demand for eCommerce, you have numerous shipping options available, many offer more than just shipping and are cloud-based, enabling you to run your logistics from your smartphone.
One such platform is ShippingEasy:
- You can print shipping labels
- Manage inventory
- Process orders
- Create personalized email marketing campaigns.
And their app integrates with all of the major eCommerce platforms, like WooCommerce, Shopify, Squarespace, and sales platforms such as Amazon, Etsy, and eBay.
Web analytics are essential to ensure all the strategies and tools you’re using on your website perform correctly and provide you with the best return on your dollar.
Analytics collect, report, and analyze all of your website’s data, and Google Analytics is a free tool that every eCommerce owner should be using. Google enables you to build and maintain the highest performing website possible, providing your customers with a seamless UX (user experience).
You can use Google analytics to assess key performance indicators such as your landing page, CTA (call to action), and check conversion rates. And you can track which keywords, search engines, and referral websites are bringing you the most traffic.
E-commerce pricing is a strategy that eCommerce businesses will use to their advantage. It helps eCommerce businesses to survive in a huge competitive eCommerce world and increases their profits. In the eCommerce world, competitive pricing has a big role and it changes all the pricing strategies. As we all know, competitive pricing is a strategy where businesses take competitor prices into account while setting their prices.
According to ThinkBig Google Analytics, 87% of shoppers say knowing they got a good deal is important to them when deciding which brand or retailer to buy from.
As an online retailer, you have many competitors to keep track of. So you need a solid data collection system.
Manually tracking 100 product prices from 10 competitor websites takes 12,5 hours, so we strongly advise price tracking automation to survive in this giant world.
Using a price tracking and dynamic pricing tool, you can opt for:
-The cheapest positioning in the market
-The average positioning where most competitors are clustered
-The highest price positioning where luxury brands are clustered
So the dynamic pricing rules you set determine where you’re positioned against competitors.
Competitive price tracking & dynamic pricing software services like Prisync do all of this effort for you. Thanks to using Prisync, you can increase your sales growth & margins. It automates the collection of competitor price and stock availability data to assist companies in online retail. The dynamic pricing optimization engine takes this to another level by keeping businesses at the “sweet spot” of pricing where profit margins grow while staying highly competitive in the market.