When eCommerce revenue hit $700 billion in 2017, statistics confirmed how rapid and constantly it will grow by 23 percent year over year. Meanwhile, this has always been the hope for eCommerce owners. Amazon is a prominent example; this company has confirmed how fast the shopping world is going.
Amazon first launched back in 1994, selling books online. But today, the company doesn’t necessarily have one clear-cut specialty as they sell everything with $232 billion in net sales annually.
However, if you’ve chosen to become an eCommerce entrepreneur, thriving top among nearly 24 million e-commerce stores across the globe requires a foundation that will help stand even if the environment seems stormy. How to focus is one thing; what to consider is another. The critical analysis is to improve future success; to match a must-win attitude actualizing your goals of domination. However, be smart.
Hauling your eCommerce store to a successful destination might have been tugging at you; as such, consider the following for your success in the eCommerce business, to be smart is a sneaky way to get top fast surreptitiously.
You must have an option to choose regarding the layout of your store; however, only those reviewing your store would know what the option is about- Good, Very-Good, Excellent, or Worst. A store layout doesn’t necessarily mean that you have to do something that has never been done before. In fact, by implementing a store layout ideas that have been used in the past, you can make your store more comfortable.
E-Commerce doesn’t only depend on price and product selection. Although these factors are critical to getting customers into your store. To convince them to make a purchase takes more than just price and product selection. You need to attractively and conveniently display products in an appealing and presentable way. A poor store layout can have a crushing effect on sales and conversion rates.
When it comes to product layout, it’s best to stick to convention and follow what market leaders are already doing. Customers can be very fickle. Customers, in return, want the shopping process to be easy and satisfying. They prefer a pleasant shopping environment, the merchandise is easy to find, and there are sufficient items.
However, when you implement the right store layout, it shows you understand your customers, creating customer flow that makes your eCommerce business successful.
The world is changing at pace with so many intellects coming day after day trying to improve past products. Likewise, users always want to be satisfied at any cost to make them free from any deficiencies. High-quality products mean a lot to customers, as it is believed that they come with unique features.
Choosing a product for your eCommerce store to sell may very well be the most critical and difficult decision you will need to make if you’re aspiring to become successful. It is essential, you update and fill your store with high-quality products.
A good brand is an indicator of good quality, and people are brand conscious. It’s easy for customers to rely on buying products from trusted brands with a good quality feature as people are making smarter purchase decisions and the trends are slowly changing. However, you must behave rationally and tend to look at the positive elements of having a good product there in your store.
Customer demand for online shopping may be underestimated if you haven”t researched it. The heart of a smart owner tends to insight a marketing strategy that can attract more positive attention, interaction, and sustainable conversions.
When it comes to marketing, you’re focusing on customer relationships more than just endlessly and exclusively promoting your own products. No matter which marketing solution you choose, you must get the right to ensure that this eCommerce marketing strategy will work for you.
There are many different types of marketing strategies. But how many of them will actually work for your eCommerce business? What kinds of marketing strategies should you choose to pursue, and why?
Tracking customers while they’re browsing the internet is a smart way to get them back to your store. This is a very powerful technique, if not all, successful eCommerce leaders used and are still using.
Marketing, on the other hand, is based around product, place, price, and promotions. It’s the sum of all the steps you take to get your store product to market while generating attention and interest in what you’re selling. The best advertiser is often discovered through pure experimentation and how habituated to advertisements.
Over 65 percent of Instagram users look for online shopping inspiration while also looking to discover new brands. These are users who are looking for stores like yours to purchase from. However, investing a token to yield promotion might be worth it to increase your awareness so people start purchasing from your store.
Besides that, powerful Facebook ads can be. A mattress company, Purple, has generated 75 million dollars in sales just by running Facebook ads. Although, many social media pay this attribute. However, this only goes to show how powerful investing in Ads can be for you and your eCommerce store. This opens up your existing product lines to a vast new audience without having to launch any new products and establishes a forward-thinking that is aligned with changing societal values.
Growing your eCommerce, you need a collection of activities so as to increase the number of repeat customers and to increase the profitability of each existing customer.
A study from Harvard Business School showed that an increase in customer retention of 5 percent could increase profits by 25–95 percent. Many eCommerce is now shifting and focusing, so that customer retention is something they work towards from the start, rather than thinking about it later.
Without a doubt, when you’ve just started your store, there is one thing you should be focused on: getting customers. However, once there is an acquisition, you should introduce retention elements to encourage each customer that you have acquired to buy more.
According to Marketing Metrics, the likelihood of selling to an existing customer is 60-70 percent, and the same figure for new customers is 5-20 percent. Therefore, retention marketing is recommended to be done earlier. It’s a major shift in focus that recognizes the value of marketing to your existing customer base rather than constantly trying to grow it.
Regardless of what your store is made of, the fact remains: customer retention is essential to your long-term success. If your eCommerce has a healthy flow of new customers each month, then leveraging those customers with a solid retention strategy is one of the best things you can do to safeguard and maintain an increase in your profitability.
To improve growth strategies, eCommerce owners need to monitor their progress. These analytics serve as a staple component of your marketing strategy that will allow you to monitor and grow online conversions. Analytics are coupled with customer surveys, customer experience reviews, and heatmaps are very powerful tools and give you great insight into potential areas of improvement.
Based on the actions that your visitors take, such as visiting the product detail page but not adding anything to the cart or making a purchase, you can create segments and retarget these visitors accurately. If you work actively with this type of data and reports, it can be used as valuable input for efforts to improve merchandising efforts, conversion rates, and revenue.
With rapidity growth occurring, eCommerce owned the portion of the customer journey covering all of the steps necessary for a customer to find, understand, and choose a product. As such, you should work closely in the initial phases.
Adedeji Omotayo is an SEO Content Marketer, PR expert, content writer; the CEO, founder, and president of EcoWebMedia, SEO Content Marketing Agency. Adedeji is passionate about technology, startups, marketing, and at the same time work with both small and big companies on their internet marketing strategies.