Worldwide e-commerce sales are forecast to achieve 71.63% growth by the year 2021, hiking sales figure from $2,842 (billion U.S. dollars) in 2018 to $4,878 (billion U.S. dollars) by 2021 according to research cited by Statista.
If you are not in the game, its high time to start your e-commerce store and become part of this emerging multi-billion dollar industry.
Everyone talks about the growth of the e-commerce industry and how it is emerging, but no one tells you about the rising scale of competition and how to compete implementing smart strategies and earn your share in these figures.
I have compiled 3 most effective strategies to boost your business and be ahead in the race.
The process of tailoring experience for every customer individually on your website is referred to as personalization.
Imagine you enter a brick & mortar store, and the staff greets you by your name, display items that you are most likely to buy, tweak advertisements according to your preference, in short you feel like the store belongs to you. This is what personalization aims to achieve.
Products like Personide leverage advance machine learning algorithms and data science techniques to analyze visitor preferences, likes, and intents based on their in-store activity, purchasing behaviors, and demographics optimizing your store to personalize every attribute according to visiting customer.
Personalization enables you to increase average order value, average time spent on your store, customer loyalty, and visitor-to-customer conversion rate resulting in exponential growth in revenue.
According to a research cited by McKinsey, organizations leveraging customer behavior for personalization outperform peers by 85 percent in sales growth and more than 25 percent in gross margin
Social media marketing (mainly Facebook, Twitter, Instagram) is the only way to reach a vast audience on a single platform. But what people don’t understand is, it’s not just putting money in and start publishing ads, there is much more.
Investing in social media marketing should be followed by a business plan, customer needs, and smart strategies to extract most out of your marketing budget achieving better ROI than ever before.
You should first set goals, what are you trying to accomplish by marketing on, for instance, Facebook. Is it brand awareness, or getting likes, or making a sale. Your posts should clearly depict your goal.
There are numerous strategies that you can adapt to fit your goal. For example, if your goal is to increase brand and products awareness among a larger audience then Dollar-a-day strategy is a cheap way to accomplish. Dollar-a-day strategy is best explained in hubspot academy by Facebook Expert and BlitzMetrics CTO Dennis Yu. With this strategy you’ll run multiple ads at the same time, each running on as cheap as one dollar a day of ad spend. It enables you to build ad sequences to show different people different ads depending on where they are in the buyer’s journey.
Don’t just go spend money on publishing ads on social media platforms. First figure out your goal then adopts a cheap and effective approach to accomplish. Hubspot academy is a brilliant place to learn about social media marketing for free.
When you walk in a brick & mortar store, you can pick up products, smell them, touch them, even taste them sometimes.
But, consider when your customer arrives in your e-commerce store, none of the above actions can be performed. So you need to provide such visualization and description that your customer does not feel the need of touching or feeling products.
Quality showcase of products is ignored by the majority of e-commerce stores. Successful brands always focus on the way their products are displayed on their website.
According to Weebly, 75% of customers rely on product photos and description before buying a product.
What you need to start with is either setting up good lighting and take high-resolution photos of your products or hiring a professional photographer for the task. Along with good visuals, every product should have a well-explained description. Your aim is to assist customers to understand your product to its core.
With enormously growing e-commerce market, you need to adapt with advancing industry accordingly or else you’ll gradually lose your customers.
So are you smart and ready to boost your business?
Follow these highly effective strategies and get ahead of the game.