With more and more online stores popping up at every corner across the global Ecommerce marketplace, maintaining a positive sales trend or increasing sales without overspending becomes quite a cumbersome task. The reality is that Ecommerce as an industry is constantly evolving and growing, and that even though there is more opportunity for higher financial gain, there is no denying that the competition is becoming stiffer with each passing year.
What this means for your is that you need to reevaluate your entire sales and marketing processes, weed out the underperforming tactics, and invest in the methods that will deliver the biggest bang for your buck. With all of that in mind, here are the most cost-effective ways you can boost your Ecommerce sales by focusing on the tactics that work. Let’s dive in.
Focus on customer retention
Ask any experienced Ecommerce business leader and they will tell you that the key to long-term success in this industry is to create a healthy balance between customer acquisition and retention. Now, what that means in practical terms is to shift your focus from constantly trying to acquire new customers to nurturing existing ones in order to improve your customer retention rate in the long run. After all, you probably know that it can cost as much as five times more to acquire a new customer than to make an existing one your loyal brand follower.
Yes, lead generation and customer acquisition should be your priorities, but your no.1 priority should be to engage and reengage your existing customers to come back to your site, make another purchase, and tell their friends and family of their awesome shopping experience. You will achieve this through social media management, personalized emails and marketing in general, stellar website performance, and special incentives for your loyal customers.
Emphasize multiple trust factors on your site
Trust is a big deal nowadays, what with the ever-rising threat of online scams and security breaches in the Ecommerce realm. Think about it, how are you to incentivize a potential customer to make a purchase if you can’t convince them that your site is legit, that your servers store their information in a safe way, or that there is no way that sensitive customer data can fall into the wrong hands? You can’t, really, so all the more need to emphasize the use of numerous trust factors throughout your site.
First, make sure to become a Google trusted store. You can do this by following the outlined steps in Google’s Merchant Center. Next, you will need to employ the latest cybersecurity measures and display your data protection badges – the more independent bodies such as Norton or PayPal recognize the security of your site, the better. Lastly, don’t forget to post customer reviews, and various badges regarding customer service, shipping, and returns. This will further solidify your trustworthiness in the competitive field.
Ensure stellar website performance
Another crucial factor that will affect your entire marketing and sales strategies is the performance of your website. Loading speed, security, responsiveness, mobile optimization, browsing experience and UX in general, all of these and other elements can greatly influence your customer’s mindset and inspire them to either make a purchase, or leave your site for good.
This is why finding and choosing the best Ecommerce platform for your brand’s needs and growth strategy is imperative, as the right infrastructure will allow you to ensure stellar all-around performance, and tailor the shopping experience to the exact needs of your demographic. Keep in mind that some platforms were built as Ecommerce-specific, meaning that they have all of the essential features you need to customize your store, scale your growth seamlessly, and provide a smooth shopping experience to every customer, so be sure to research the right one for your needs and long-term goals.
Use market research to your advantage
In the increasingly competitive Ecommerce industry, it’s imperative to stay in the know. Market research is not only important in the preliminary stages before launching a store in order to discover your unique selling angle, create a unique brand experience, and discover the pain-points of your demographic – it’s actually a continuous process that will allow you to stay competitive in the long run. With that in mind, be sure to constantly stay in the know by sending out surveys, monitoring industry trends and forecasting using big data analytics, and keeping a watchful eye on your top competitors.
Don’t forget about content marketing
On a final note, keep in mind that content marketing has become a key component of successful Ecommerce, both in terms of marketing and sales. While you should continue to invest in paid advertising and sponsored posts, you should start investing in content creation and SEO, in order to boost customer acquisition and retention through amazing storytelling and brand narratives, all the while building social proof and your reputation in the competitive industry.
Wrapping up
Ecommerce is on a never-ending rise across the globe, and with a higher gain potential comes an increase in competition and risk, so there is an imperative to reevaluate your marketing tactics in order to maintain a strong sales cycle. Use these tactics to boost sales, while at the same time building a leading brand identity that will inspire customers to keep coming back to your store.
