Ecommerce Growth Strategies from Top Experts
During the pandemic, E-commerce industry growth escalated immensely all around the globe. US E-commerce sales were 933 billion US dollars in 2021 and are expected to rise further.
Besides the pandemic, consumer behavior is shifting towards digitalization. Nowadays, consumers demand and expect e-commerce stores to deliver upgraded services in every aspect of their shopping experience. That is the reason we need to upgrade our eCommerce Growth Strategies.
It’s not easy for E-commerce start-ups to capture market share instantly under intense online market competition. But, if you know some of the potential marketing tactics, your online store will be generating sales within no time.
7 Latest Ecommerce Growth Strategies
So, if you want to open an online store, here are 7 E-commerce growth strategies that can help you grow your business.
The strategies of market automation vary in their purpose, but their main benefits are consistent for your business growth. Automating your marketing saves valuable time and improves your brand customer experience and engagement.
Automation tools enable you to schedule the delivery of your social media that targets a specific audience. If your targeted audience receives these messages with exclusive offers, they might start their purchasing journey instantly.
In the same way, automated email marketing benefits you when it’s important to re-engage your previous customers. By sending them attractive promotions and product news, you have the chance to win these old customers back to generate more sales. It should be part of your E-commerce growth strategies.
Another benefit of market automation is customer segmentation. Automated customer tracking classifies your mobile app and websites users into segments depending upon their brand awareness level. For instance, you can identify unknown shoppers and deliver relevant content, and known shoppers can see recommendations according to their purchasing history.
By examining the characteristics and behavior of shoppers, you can judge what type of offers and strategies are suitable to attract them to encourage their purchasing intention.
The marketing automation tools for audience segmentation provide valuable knowledge about shoppers’ preferences and expectations. These insights will tell you when to apply cross or upselling strategies to increase your profit margins and customer base.
Marketing analytics strategies are beneficial for enhancing business growth through decisions based on data analysis. Advanced analytics provides in-depth illustrations of consumer behavior and every customer journey. So it is one of the very beneficial eCommerce Growth Strategies.
Through analytics, you can know about the best marketing channels driving the most sales for your business and how and when the audience is interacting with your brand. Based on these results, you can prioritize those channels driving more sales.
Data analytics are needed to understand your targeted audience in-depth and reach them precisely when your business lacks well-defined buyer behavior. For example, web traffic analysis illustrates where your maximum customers are coming from and a thorough assessment of user activity. It’s useful information that can lead you toward smart investment decisions.
Rather than making assumptions about your business strategies, data analytics tools help you make accurate decisions based on accurate and objective data. Your digital marketing spending is optimized through data analytics adoption.
Personalization is based on the dominant customer-centric approach in the global market. Nowadays, e-commerce startup owners know that under intense competition with giants like Amazon and eBay, customized products for users are essential that perfectly fit their needs.
A practical example of personalization is geo-location targeting, where the settings of your website change in accordance with visitor location. If your visitor comes from China, they expect to see information in the Chinese language, which means you should enable your auto language and currency settings to facilitate them. For those companies operating globally, geo-location targeting is essential to increase brand awareness and sales.
Personalized offers are also productive in engaging customers. Shoppers always love to buy those products that are available at discounted deals. Nearly 91 percent of the shoppers want to purchase products of the brand offering attractive discounts.
Strategy for SEO and Content
The use of the latest technology is helpful to create and manage optimized websites or applications, but it’s also important to focus on your content. It would help if you designed an innovative SEO and content strategy to enhance your brand performance.
Implementing productive SEO tactics will produce organic traffic that will pay you positively in the future. You get effective results when you manage multiple aspects of SEO optimization, such as diversity of content, internal linking, and keywords tags, which will escalate traffic on your E-commerce website.
Chatbots are among the top trending technologies in the field of E-commerce. They are called conversational assistants who interact with customers and provide relevant answers to their questions. Chatbot focuses on developing a good connection with the customer and creating their interest in your service and product in the first contact.
The benefit of utilizing chatbot technology for E-commerce startups is that your labor cost reduces as chatbots can perform multiple functions. They can manage customer conversation, order management, collect data, etc. They can handle almost every aspect related to customer service.
Before integrating chatbots on e-commerce websites, many startups begin tying chatbots to diverse social media platforms like Instagram or Facebook. It allows consumers to interact with those brands in the environment they are comfortable with. It can save interaction time that results in customer satisfaction.
Not only new but companies operating for years like Uber uses Facebook chatbot integration, and Dominos pizza chatbot can be accessed via Amazon Echo.
Among E-commerce growth strategies, influencer marketing can play a vital role in success. When you start your business, brand awareness is nearly close to zero. The marketing of your brand helps to generate brand awareness.
Influencer marketing is recruiting multiple social media bloggers whose audience fits your brand. You can create a partnership with that social media influencer that will help raise your brand awareness. Choosing the right social media influencer is important to make this strategy successful. These influencers communicate your services and products to relevant consumers, increasing your reach.
Influencers having tremendous fan followings possess a loyal customer base that believes in whatever they say and share. Including them in your marketing team will boost the process of brand promotion.
Start-up e-commerce businesses can reach micro-influencers having 100,000 followers. They can bring more value to your business than 1,000,000 followers, as micro-influencers have potential followers who are willing to pay.
Often experts ignore influencer marketing in their eCommerce Growth Strategies. The influencer marketing approach is strategically effective for startups to attract customers and a good chance for the company to provide an excellent customer experience from day one to retain consumers.
Affiliate marketing can increase your sales through third-party engagement in your marketing process. Affiliates are organizations or individuals that promote your product and, in return, take a commission from you in every sale resulting from their involvement.
- Pay per Sale
It is suitable for E-commerce startups as you only have to pay a certain commission on every sale made. If there is no sale, you don’t have to pay any commission.
- Pay per Click
Under this category, you have to pay a commission based on total web traffic generated by clicking on the affiliate link to your website. This plan is useful for companies with enormous branding goals besides the aim of profit generation.
- Pay per Lead
In this aspect, the advertiser only pays for the leads generated at their website. For those visitors who don’t sign up, you don’t have to pay for them.
The platform of E-commerce has become extremely competitive. Global players like Amazon and eBay already deal with millions of customers worldwide. It’s not easy to enter the E-commerce market as many potential competitors already have taken market share. You have to develop effective eCommerce Growth Strategies and tactics to perform well to get your name highlighted.
The tactics discussed in this article will help you compete successfully in the market. It will help you grow your business at the initial stage.