As organizations accept the rise of e-commerce and embrace changing customer trends, they also require constant innovation. The whole world is shopping online, which spells good news for the e-commerce sector as a whole. But in a fiercely competitive market, staying ahead of the curve becomes a pressing need. An organization with an omnichannel approach has to demonstrate healthy e-commerce numbers to justify its online model. If, however, a business relies only upon its online revenue, boosting its e-commerce sales is a matter of its very survival.
What methods do market leaders employ to maintain a robust e-commerce sales pipeline?
Let’s take a look:
1. Incentivize existing customers
New customer acquisition is always thrilling, but customer retention is the real ace in the game. Old customers bring the advantage of brand trust. They often add extra items to the cart, respond faster to promotions, browse the site more frequently, and buy more regularly. Leading businesses acknowledge their patronage through loyalty programs or incremental benefits. Meaty discounts, faster delivery options, bonus points on each purchase, vouchers for affiliated services, and channel partners are all different means. Not just do loyal customers keep feeding your e-commerce sales, but they also evangelize your brand.
2. Video Demonstrations and Testimonials on the Site
Figure 3: Seeing is believing! Increase customer interaction with a great product demo and testimonial videos. Choose a distinctive style, and create attractive, short-form videos that offer tricks & tips, how-tos, and live use cases.
Visual appeal pips the written word, especially when appealing to the newer breed of customers. The use of high-quality images and sophisticated visual graphics enhances the site experience and attracts more eyeballs. Product e-commerce sites, especially in the tech arena, record far better sales by showcasing product USPs through demonstration videos. Categories like accessories or garments may not benefit from demos, but they can still use customer testimonial videos on the site.
3. Structured Digital Marketing Plan
Figure 4: Craft a great digital marketing strategy that engages and resonates without overwhelming.
Having a good e-commerce site is just the first step for an online business. What is perhaps more important is how to entice the customer through effective digital marketing. A digital marketing strategy for capturing audiences through multiple communication channels helps. For instance, while designing the annual SEO strategy, regular blog posts showing thought leadership are differentiators. Picking the right social media platforms according to the audience is also vital for building a genuine community presence. Digital newsletters with attractive CTAs prove very effective in boosting online sales.
4. Customer and Competitor Analytics
An effective customer analytics mechanism is one of the most significant advantages market leaders have over others. Organizations with sharp customer data collection methods gain some invaluable business insights about buyer behavior, emerging trends, best-selling items, and so on. When an e-commerce business integrates Google Analytics with its site, it can identify the geographical location of its most high-ticket buyers. Other tools help identify the most-searched keywords, which lend support to the digital marketing strategy. Similarly, online competitor intelligence tools help organizations keep a close watch on their rivals. For instance, they can monitor and analyze data about overall market performance in online sales results during a holiday promotion and draw a comparison with their closest competitor.
5. Cutting-edge Technology
The use of advanced technology separates the market leaders from the others. E-commerce sales can soar with the help of technology channeled in the right direction. From predictive customer analytics to multilingual plug-ins and localization tools, there are multiple techniques for boosting sales. Several reputed brands are utilizing Augmented Reality (AR) to enhance the digital shopping experience for the customer. AR empowers the consumer to make more informed buying decisions in real-time, thus resulting in higher conversion rates. According to a study, 77% of the participants cited a preference for AR for viewing style variations in products. Blockchain technologies implemented in the site make e-commerce transactions secure and also improve supply chain management. Personalization plug-ins allow e-commerce sites to display a customer’s favored products and content catering to their interests.
Different combinations of these methods work for different businesses. Some may have the upper hand in advanced technology solutions, while others may rely upon best-in-class digital marketing strategies for their site. So long as they result in an upward sales graph, e-commerce businesses have a reason for cheer!