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13 Simple eCommerce Strategies to Grow Your Business March 11, 2020 (0 comments)
No matter if the company is brand new or doing millions in sales per year, scaling an eCommerce business through increased sales is a necessity.
However, all businesses go through ebbs and flows. Tactics can grow stale and generating more conversions can become a challenging process. Worse yet, business owners can sometimes find themselves at a loss for new ideas for increasing eCommerce sales.
It happens to us all.
That said, the internet provides such sellers with a wealth of resources for finding new eCommerce strategies for growing a business. Be it new UX eCommerce trends, advertising methodologies or platform optimization techniques, retailers can find everything they want to know with just a couple of clicks.
Having found this page, it is clear that you, dear reader, are looking for effective ways to rake in more sales and grow your eCommerce business.
Here are 13 powerful eCommerce strategy implementations that can help grow an online retail business.
Post-Purchase Automation Emails
There are plenty of ways to utilize email marketing to boost sales. However, email automation is one of the most effective tools at a seller’s disposal.
The fact is that there are tons of great email marketing automation tools available online, enabling merchants to easily set up revenue-driving email sequences that can help nurture, upsell or re-engage dormant customers, based on their actions (or inaction), interests and behaviors.
For instance, when exploring ways small businesses employ marketing automation, a wedding invitation company called Paper Style established a series of segmented email sequences to upsell customers. As Venture Harbour reports on the effort:
“The result of moving from a generic newsletter to personalized marketing automation was quite dramatic for Paper Style. Their open rates increased by 244 percent, email click rates by 161 percent, and their revenue per mailing increased by 330 percent.”
It is clear that email marketing automation’s advantages can be a powerful enhancer of an eCommerce strategy aimed at increasing sales. However, retailers need not limit themselves to sending post-purchase emails to upsell customers.
Automate Personalized Communications
Sticking with the email rail for a moment, personalization is another epic eCommerce strategy for growing a business. The fact is that personalization is rapidly becoming a mandatory eCommerce strategy for merchants to employ. This notion is supported by personalized marketing research from Salesforce, which found that: “57 percent of consumers say they’re willing to share personal data in exchange for personalized offers or discounts. Additionally, consumers will share personal data in exchange for product recommendations that meet their needs (52 percent) and personalized shopping experiences (53 percent).” As far as personalization is concerned, an excellent tactic for increasing customer lifetime value is to send out birthday, anniversary and custom seasonal discounts. Through email automation services, merchants can send out offers that are tailored to specific shoppers. In fact, a study on birthday emails from Experian found that this type of communication resulted in 342 percent higher revenue per email than generalized promotional emails. Therefore, personalized emails are a great eCommerce strategy for helping a business to reach the next level of success. However, emails aren’t the only way to personalize eCommerce experiences.Create a Loyalty Program
As noted earlier, increasing swaths of consumers demand custom interactions with their favorite brands. Loyalty programs are another fantastic way to meet this growing demand. Given that research from Frederick Reichheld of Bain & Company has shown that boosting customer retention by five percent increases profits by 25 to a stunning 95 percent, ensuring customer loyalty is a powerhouse eCommerce strategy for scaling a brand.
When turning one’s attention to customer retention, it is clear that this is one of the most effective ways for growing a business, as holding on to profitable customers is far less expensive than obtaining new ones.
Part of the reason for that is that loyalty programs (which are all about customer retention) offer current shoppers perks such as:
- Exclusive content
- Discounts
- Private or early-access sales
- Free products and giveaways
- Coupons and vouchers
Offer Exclusive Sales
Again, catering to existing customers is a more fiscally responsible growth strategy than attempting to reel in new shoppers. In fact, acquiring new customers costs about five times more than nurturing those who have already been converted. Therefore, retailers must focus their efforts on retention.
Another great way to serve this end is to create personalized offers for shoppers. Moreover, retailers already have the data necessary to enact such an effort.
As mentioned earlier, consumers are happy to hand over their data if they receive a personalized shopping experience and recommendations in exchange. This means that building out personalized, on-site recommendations, sales and offers is an ideal method for growing an online retail business.
As an example, given that Amazon knows an individual’s purchase history, the company can customize product recommendations to tailor the user experience to each specific shopper, thereby increasing average order values.