Do you think your eCommerce business has not done quite well last year? Well, do not look back and lose hope. Your eCommerce trade can grow exponentially this year. With the advent of new technology and well planned strategies, online shopping can be made instantaneously fun and easy. Your site can reap the benefits of new technologies and the strategies that help you to sell more from your eCommerce store.
Your strategy implicates small incremental changes to grow your eCommerce business. As an entrepreneur, you have the ideas, therefore all you have to do is learn the technology and execute the strategies to expand your revenue.
So let’s first concentrate on how you can invest on the strategies to accomplish your objectives:
Strategies to increase your income
Use of leverage technology
Can you use leverage technology to minimise the admin task? Have you ever analysed how much time you usually spend on non-strategic admin work? Don’t you wish for a tool that can help you to make better use of time? Well, then start considering digital asset management solution. This will develop your efficiency and ensure consistent delivery across numerous digital channels. Therefore, do not waste time unnecessarily looking after the right videos, image or logo for your site.
Use of reverse defection
As an entrepreneur, you know exactly how many new customers you gain every month. But what you fail to know is the number of customers you lose over a period of time. Losing customers depend on the nature of your business. It is important to keep a track of the average purchasing cycle for each of your customer segments and identify the percentage of the lapsed customers. Once you identify the numbers of lapsed customers, start creating irresistible offers to bring them back.
Strategies to increase conversion
Build up email marketing
As you hate abandoned shopping cart, so what are you doing to convert the trend? As an eCommerce businessperson, you have a huge amount of data about your customer. So you can influence this to your benefit. Analysis shows, that triggering a remarketing email to the customers as soon as a cart is abandoned helps tremendously in increasing the conversion. A series of three sets of emails can be quite effective. If you do not get any response by the third email then consider an offer for your customer to win them back. However, keep these emails practical, list all the products that were left behind and keep a link back to the shopping cart to complete the purchase.
Display social proof
Start identifying the critical decision making moments of the customer. If you wish to convert the potential customers to real buyers you must make them feel that you can provide what they are looking for and that other people like them have also bought as per their preference. Add testimonials, online ratings and stats to show that several people have already signed up and prefer to shop from your store.
Strategies to increase average order value
Offer multi-buy products
One of the best ways to enhance the purchasing decision of the people is to offer discounts on multiple purchase done at a time. You must know that volume discounts such as ‘three for two’ or ‘buy one get one free’ deals are the common retail promotion. Customers love discounts on anything and at any time. The percentage discounts for multiple purchases are often the exact similar deals just articulated differently. You will immediately observe a different success rate.
Exercise psychological pricing
An insight into the customer’s psychology can lead the consumer upsurge their spending capacity. Sometimes, introducing a higher price point can lead the consumer spend more in spite of the fact that they never go for the expensive options. You must be thinking does it really work? Well, it actually works. Simply try putting an expensive product next to an inexpensive item. You will notice that the highest priced item will always make other products a better deal and will augment the sale.
Let me help you with the right technology for implementing the strategies
Help your customer with advanced search
The most needed technology is the one that can display a comprehensive list of the product names along with the related products in the drop down suggestions. The search box will be able to offer product details, product categories, and thumbnail images as well the price of every product. This technology makes the search result happen within a click of a button.
Make real-time inventory easy for your customer
Often the customers are frustrated when they reach the product page and find that the size, colour or the model of the product they want is not available. Do not allow this situation on your site. Your product page should contain all the information about the product and most importantly, should mention the out-of-stock products in the site.
Product image and product videos to make shopping easy
Image products and videos are the only ways to interact with the products. The photo galleries and the product video should enable the customers communicate with the look and feel of your products. The best technology is animation and product zoom. All these technologies convey the precise notion of the product to the shopper.
Aren’t these ideas worth investing for your eCommerce store?