Whether your ecommerce sales are going well, and your online conversion rates seem fine or experiencing a decline with pretty risky conversion rates, you might want to rewire your e-commerce strategies to keep up with the competition.
10 strategic actions that you can undertake to increase your e-commerce sales starting now.
1. Customer Retention vs. Customer Acquisition
Why do Loyal Customers Pack More Value? Harvard Business Review states that it’s anywhere from five to 25 times cheaper to retain an existing customer than acquire a new one. Hanging on to your current, loyal customers packs more bang for your buck than acquiring new customers.
It’s much easier to retain and engage with customers who already know your brand and products than to attract new buyers from point 0.
On average, an existing customer spends more money, grants more sales conversion adding more products to their shopping cart each time they visit your online store.
To take good care of your valuable customers develop marketing actions that refresh these loyal customers’ memory and make them feel cared for. Start with basics:
– mass mailing
– loyalty discounts
– information about products without stock or that will be launched soon, coupons and congratulations for their birthday, etc.
Also, identify your clients’ favorite products and target them as best sellers on your platforms (80% of your profits come from 20% of your product catalog). If these items have satisfied so many customers, they can convince more users with the same profile. Also, it’s easier for a new client to discover your catalog through some highlights.
2. Keep Your Customers On The Tip Of Their Toes
Launching a new product, expanding a business is a way to make your ecommerce conversion rates grow. However, a new product takes a lot of time before launching. It’s the most costly action to increase online sales, but suppose your business or retail sells products that are easier to manufacture and need regular new collections (such as clothing or shoes). In that case, this action is essential to avoid an outdated brand and e-commerce site. As an alternative, you can publish product pages with pre-sell or out of stock products. This way, you can collect information about how many people are interested in that product (you can also activate a “Notify me when it’s back” button).
3. Improve Content Quality
Branded content marketing is becoming a powerful top-of-the-funnel strategy for many e-commerce businesses, keeping them at the forefront of consumers’ minds and building a positive brand image.
Branded content also takes advantage of social media to spread brand awareness, primarily providing entertainment or informative value. It connects that value to the brand’s overall image. Apart from costs, the primary explanation for customers’ behavior is product information – the more content you offer to clients, the better the conversion of online sales you will get.
Take care of your page creation and visual content product images, include useful and diverse ideas in your product pages. Create clear descriptions, clear and striking features and functions, integrated SEO tools to get the best results. Add photographs to your testimonies. Keep in mind that video is the future – even a short video can make a big difference, explaining more clearly your merchandise and getting more impact on other channels and social networks.
4. Upsell & Cross-sell
Upsell means selling a higher level of service to customers, while cross-selling involves promoting complementary products and accessories, selling a different service of yours to a customer or prospect. It’s never easy to roll out a new service to everyone simultaneously. It takes a learning curve and adjustments to your strategy before approaching all of your clients. Ask your most loyal clients what they think of the service, how it will impact their business, what they’d be willing to pay for it, and use this valuable feedback that you can then use when approaching other clients.
Don’t miss out on the opportunity to cross-sell/upsell your current clients. It can be one of the easiest ways to increase revenue and grow your business. While there’s no one-size-fits-all strategy for doing this, the above guidelines should help get you thinking about how you can start building campaigns for your current clients.
5. Leverage Social Media Channels
Turn your social networks into a new sales channel.
Use social media to the benefit of your online and offline business in many ways. 2020 came to prove the power of social media with global lockdown. It can showcase the products you market and be a new channel for your customer service or a platform where customers can share positive experiences about your products. Social networks will indeed give you trouble, but they’ll provide you with satisfaction too.
Grow your brand awareness via social media marketing, spread the word about your products and mission. Using social media and linking it to your website will increase your traffic tremendously. Promote your products and services to your target audience, determining their digital demographics.
6. Encourage Reviews
Customer reviews improve ecommerce conversion rates by 14%-76%. It’s essential to listen to your customer base and form a good record of complaints to improve your sales. Improve your customer service, offer personalized answers with a fast response margin, and even some compensation if some product or online process goes wrong. Failures don’t hurt you, but your response can: customers will be more willing to forgive you and keep shopping if you offer an excellent service.
7. Create an Affiliate Partners Network
But more people always mean more effort and resources, giving you access to sales channels and customers that you don’t have time to track for yourself.
A partner program is an unusual but beneficial action to increase ecommerce sales and win-win for all parties involved. This can be challenging for your business at first, but the results won’t keep you waiting.
8. Improve Your Shopping Experience Security
Make your security and anti fraud icons and seals visible in your online store – nobody reads privacy policies, so make sure your customers have a safe experience with you.
9. Quick Customer Shopping Experience
Apart from affordable prices and a wide variety of services, develop an app where customers can save their preferences and personal data, and make your website mobile-friendly. Don’t forget to use recovery mailings to convince your customers to come back to their abandoned carts and wishlists.
10. Get Yourself a PRO Information Management
To fully commit yourself to a better eCommerce experience, keep things going smoothly in the background: data reviews, channels synchronization, image formats, information sent to distributors. Hundreds of small tasks that, added together, take an insane amount of time and resources. Acquire the right software to support your business and help with time management.
A bonus tip.
Last but not least, take the digital solutions and top-notch customer experience seriously.
Your E-commerce store needs a mobile-friendly website that will make more sales over those that do not have one. Statistics show that mobile device usage surpasses desktop usage.
There are always two high-risk situations for an online business that wants to generate more eCommerce sales. First: sales are going so well that it doesn’t seem necessary to take any new action. Second: sales go poorly or suffer a sudden decline, and the alarm goes off.
Resting on your laurels can be even worse than undergoing a slight decline in your e-commerce sales, as this may be due to seasonal reasons and fluctuations that any omnichannel business has. Turn to our to-go ten strategic actions described above to increase your eCommerce sales from now on.