Ecommerce is one of the fastest growing and most valuable industries. Whether you are just starting out, or have a successful site already in operation, it’s important to bear in mind that this is an ever evolving arena and its vital you stay on top of trends before your old strategies have the chance to go stale.
Here we look at three areas that can help grow your business and increase revenue.
Too many ecommerce sites make the mistake of putting all their marketing budget into costly acquisition initiatives instead of nurturing the customers they already have.
It’s no surprise that returning customers have a higher conversion rate, add more items to their shopping trolley and generate more revenue each time they visit your site than a new customer.
Therefore, you need strategies to keep your customers coming back for more. Being that the cost of retaining an existing customer is less than the cost of acquiring a new customer, this will be beneficial to your bottom line.
Some basic strategies that can be implemented in order to increase retention include:
- A customer loyalty program
- Regular digital communication
- Newsletters promoting new products and services or drawing attention to existing products
- Promotions and discounts
- Social Media
Every time you manage to engage your customers in communications you have sent them, you will potentially increase your sales. Equally, saturating your customer’s inbox with generic, untargeted information will effectively make you invisible, landing you straight in junk mail. Personalization is the key here, their data is your greatest asset, use it well. Know when your customers have lapsed and entice them back in with an offer before they disappear completely.
93% of online activity begins with a search. This makes SEO the single most important element of your online acquisition.
Without SEO, it becomes increasingly difficult for new customers to find you. For any ecommerce business, organic search will rank as one of the top sources for revenue. Despite having the capacity to produce the best return on investment, SEO is hard to achieve, and it requires patience before you will see real results. However, the effects are long lasting, making it a great investment for your ecommerce business. As well as this, SEO has the potential to make you the market leader in your industry.
However, SEO is a complicated subject that won’t work successfully if it isn’t done right. Minneapolis SEO specialists have the required expertise and can utilize the most recent marketing tools in a constantly evolving field.
Research has shown that potential customers are much more likely to take the word of other customers than they are an advert. Herd mentality is a powerful tool when it comes to conversion rates, a model that companies such as Amazon and eBay have built their business around.
It’s a good idea to have customer testimonials and reviews on your site, however, this has been found to have much more impact when those testimonials are accompanied by a photo. People are much more likely to trust someone they can put a face to, rather than just a string of words.
Of course, this small list doesn’t represent an exhaustive directory of everything you need to consider for your ecommerce business, but rather a starting point for new businesses or to address slowing or stagnant sales figures.