Introduction to ecommerce growth
Every online store owner knows growth results in one thing: better profits. However, with the increasing competition in the market, it’s also easier said and done. E-sellers need to be constantly focused on growing their revenue in order to add stability to their businesses and stay ahead. Not everyone can cope with it, which is why a lot of ecommerce businesses reach a plateau from which they have a hard time removing itself.
That is why in this post, we’ll detail several tactics for ecommerce growth that you can immediately implement at your store and focus your efforts on driving growth. Here goes.
1. Acquiring new customers
Naturally, every business on the face of the planet seeks new customers. It’s one of the easier ways to increase your sales as more customers mean more sales. It all really depends on the effort put in. If it’s not focused enough, the results will be lackluster. In that regard, there are some things you can do to expand your customer pool.
Marketing is your best friend. This includes a variety of ways you can advertise your business and brand, such as pay-per-click ads, content ads, even print ads for the old school approach. Essentially, you are trying to create a marketing campaign that will cater to a broader, even different market segment, oozing a fresh look and feel. It can also be a novelty factor - something you do differently than your competition.
To get exposure and create buzz about your goods, social media can play a very important factor. Be it a contest to get new email subscribers, a referral program to leverage your existing customers or sweepstakes to expand your social followers and fans, social media can get the job done. Every once in awhile, things go viral on the Internet and with a sound and interesting message, yours can reach its 15 minutes of fame.
Also, don’t forget about SEO as the right keywords can easily attract new customers to your product.
2. Reduce cart abandonment
The phenomenon that is cart abandonment is a scientifically proven way of losing money through opportunities you create. According to the Baymard Institute, one of the foremost experts on cart abandonment, average documented online shopping cart abandonment rate is a whopping 70%. That’s two out of three customers leaving during checkout.
There are many reasons why customers abandon the purchase at the last moment and every one of those should matter to you. Why? Because they provide an instant insight into what needs mending on your side to make the process more streamlined and effective. The image below shows the top reasons why online shoppers leave without paying (minus the “just browsing” audience).
While you cannot always tempt the runaway customers to change their minds or behavior, there are things you can do to lower their numbers. They may yet be persuaded to complete their purchase. For example, you can opt for a simple technique like retargeting or email recovery campaign to convince your customers to come back and complete the purchase. The offer of a discount or free shipping might do the trick, as well as using a fancy tool like Abandon Aid to send a reminder to a “deserter” to about the order and to ask to complete it.
The reason why cart abandonment should be one of your core focuses of your growth is simple - the customers are already there so you have less work in attracting them. They have all the information they need and are just about committed to the purchase but require that one final push to make it all official. It’s up to you to gently nudge them in the right direction.
3. Expand to new markets
Why not introduce yourself to a whole new bunch of customers that are completely unaware of your store? You are doing business in the e-world, where simply creating a new landing page or localizing your website for various languages gives your customers the uninterrupted access to your store. For instance, selling in China, the world’s largest online market, can be the boom you are looking for. It even doesn’t have to be a new country. You can simply open a new sales channel and expand your offerings to different marketplaces like Amazon, eBay, Sears, Rakuten and so on. These can be a great new market for your products that seek their audience or are not performing as expected. Conversely, you can always service a niche market to expand your goods or vice-versa, if you are a niche store by expanding your products to a broader market.
Expanding to new markets can have a huge impact on your store’s growth but you should always keep in mind that it can carry an initial investment and higher overall risk.
4. Sell more to your existing customers
Getting caught up in acquiring new customers often clouds the fact that you already have an existing customer base that you can further exploit. There is more than one way to get sales from your existing customers.
For that purpose, remarketing allows you to target the most likely buyers for the goods you sell. You can also choose to pursue them directly by creating aggressive promotions on a limited amount of time (daily deal, for instance) or limited number of items that may or may not be a part of your up-sell and cross-sell efforts. Everybody loves a deal and your customers are not an exception. One of the most logical approaches are the loyalty programs where you offer your most loyal customers incentives like additional discounts, free or fast(er) shipping and so on.
By targeting your existing customers, you are catering to their proven willingness to pay by offering them various perks that translate to a better deal in their eyes.
These tactics will help you better realize opportunities to scale your business. Some of these are rather quick and easy to implement, like remarketing to your existing customers. Other might require more time and resources but all have one thing in common - they increase the likelihood of more customers purchasing from your store and thus raising your online business to new heights.
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