Categories
Digital Marketing Ecommerce Ecommerce Marketing

Digital e-Commerce: Strategies For Maximum Revenue

The e-commerce industry is booming—no doubt about it. If you manage an online store, that doesn’t mean you can just rest on your laurels, however. You have to know which marketing strategies work best for maximizing your e-commerce revenue.

Here are four surefire strategies to use if you want your sales to skyrocket:

1. Retargeting

If you run an e-commerce business, then you know how crucial digital advertising is for driving traffic to your site and generating sales. However, most people who visit your site for the first time aren’t ready to make a purchase.

Research shows that 97% of first-time visitors will exit your site without making a purchase. One of the best ways to get them back to your site to complete their purchase is through retargeting.

So, how does retargeting work?

Retargeting ads remind visitors about your site if they leave your site without completing a transaction. After people visit specific pages on your site (product pages, for example), a cookie is placed on their browser that will allow ads about your store to be shown to them when they visit other sites.

Here’s an example. Say you run an e-commerce sportswear store. John, a first-time visitor, browses your product page on his smartphone and views several items. He looks at shoes, gym clothes, and some accessories. He then exits your site without adding any item to his cart.

Days later, he is on his home computer checking out another website. You can set up ads for your store that will be shown to him to urge him to go back to your site These retargeting ads for the shoes and gym clothes he viewed on your site earlier will remind him that he needs to go back and make a purchase.

When he sees ads for your sportswear store, he will be motivated to visit again, and after seeing the ads enough times, it will influence his decision to purchase. The general rule of thumb is a person needs to see an ad at least 3 times to become aware of the product and be moved towards making a purchase.

That is the power of retargeting. It’s about bringing people back to your site who have already been there and express some interest in a purchase (but haven’t done so yet).

To create retargeting campaigns, you can use a variety of platforms available out there, such as Facebook retargeting, Google Ads, or other online retargeting technologies. Retargeting is effective for more than just getting visitors back to your site to make a purchase. It can also help you build awareness for your brand.

Here are some tools to look into if you want to do retargeting campaigns:

• AdRoll

• Facebook Custom Audiences

• Criteo

• Instagram Retargeting Ads

• SmarterHQ

2. Upselling and cross-selling

Upselling is the practice of encouraging your customer to buy a higher-end—and usually a more expensive—version of the product they initially intend to purchase.

For example, imagine you run an e-commerce coffee store that sells a wide range of coffee machines. Dave, a regular customer, puts a certain coffee machine in his cart.

However, this coffee machine is the previous year’s model, so you show him the current year’s model which is only slightly more expensive.

By showing him an upgraded version of what he had intended to buy, at a slightly higher price, he might be convinced to look at the newer model and think about whether it provides more value for his money.

Cross-selling

Cross-selling, on the other hand, is the practice of offering customers items that complement their purchase. More often than not, cross-selling is done during the checkout phase.

Perhaps the best example of cross-selling is Amazon’s product recommendation engine. If you were to view an electric guitar on Amazon, you’ll see sections that say “Related to the items you’ve viewed” or “Customers who bought these items also bought”. By having viewed an electric guitar, you’d likely see complementary items based on your viewing histories such as guitar cables, guitar picks, or guitar amplifiers on these two sections.

Upselling and cross-selling are technically two different things, but they have the same goal.

These two practices can help you increase a customer’s average order value (AOV) and at the same time make the customer feel more satisfied with their purchase.

Increased AOV and customer satisfaction goes a long way in building your business and developing long-term relationships with your customers.

3. Abandoned cart

Re-engaging people who had left items in their carts is a great way to remind people about their purchase without being too much of a hard-sell.

Cart abandonment is when a potential customer visits your e-commerce site, puts an item (or several items) in their shopping cart, and then exits your site without completing the purchase.

There are plenty of reasons why a visitor would abandon their shopping cart. It could be that the visitor didn’t trust the security of your website or your checkout process is too complicated. It may be due to experiencing an error on their device and didn’t mean to abandon their cart. It could also be as simple as they weren’t ready to complete the purchase just yet.

Below is a list of things you can do when a customer abandons his or her cart:
Send abandoned cart messages

Sending emails reminding visitors that they had left something in their carts is an effective way of encouraging them to complete their purchase, especially if you include a discount code in your emails.

Use testimonials as social proof and gain customers’ trust

Did you know a way to get people to buy from your store is to place genuine positive reviews on your website? To do this, you have to set up a mechanism in place to solicit reviews and feedback from your customers. Doing so will help alleviate trust issues your customers may have. They’ll be more willing to purchase if they see other people have made purchases on your site without issue.

Secure your website with HTTPS

This one is not a marketing tactic so to speak, but it is an important one. This addresses an issue of trust your customers might have that is keeping them from purchasing. Imagine, there are a ton of websites out there selling a variety of things– many look professional, but there is a lot that looks scammy.

How can you let customers know your site can be trusted? Your website should have a prefix that says HTTPS and not HTTP. HTTPS stands for Hypertext Transfer Protocol Secure. It’s an encrypted protocol that’s meant to secure the transfer of data within your website.

With HTTPS, your visitors won’t have to worry about their credit card information being compromised.

4. Email Newsletters

Regardless of your products or services, email marketing should be one of your go-to strategies. Emails allow you to get personal and intimate with your target audience. You can send out updates about new product launches, discounts, and reminders, to keep your store top of mind.

Here are some types of emails that you can use:

Welcome emails – Whenever a new subscriber joins your mailing list, give them the red carpet treatment by sending them a Welcome Email. Apart from introducing your brand, a welcome email is an opportunity to entice new subscribers to make their first purchase. In your welcome email, include a code for a hefty discount on their first purchase.

Pro tip: Brands usually offer 20% or 25% first-purchase discounts, but some brands offer as high as 30% discounts (such as bookdepository.com).

Promotional emails – Another email that helps boost revenue is the promotional email. You must send promotional emails to your entire list because you never know who might bite. Examples of promotions you can run include discounts on old stocks, new product announcements, seasonal discounts, and so much more. No matter what you’re selling, the possibilities for promotion are endless.

Exclusive discount emails – Unlike promotional emails, you only send exclusive discount emails to your most loyal customers. Metrics will differ from business to business, but generally speaking, a loyal customer is someone who makes regular purchases from you. They could make purchases once a week, once a month, or twice a month—it all depends on your specific metrics.

Keep in mind that loyal customers are the lifeblood of your business, so make sure you take care of them. Offering your loyal customers exclusive discounts is great for boosting revenue, increasing the lifetime value (LTV) of customers, but more importantly, building lasting customer relationships.

Recommended tools:

• MailerLite

• Mailchimp

• SendPulse

• MailRelay

• Campayn

Want to use these strategies to improve your e-commerce revenue but are not sure how?

Miros Digital can get you started. We have a team of highly dedicated and experienced marketing professionals that can help you achieve your revenue goals. Don’t hesitate to contact us!

Categories
Digital Marketing Ecommerce Ecommerce Marketing

How to Win in E-commerce

Now more than ever, it’s crucial that you take your e-commerce game to the next level. Doing so will set you apart from your competitors and ensure your revenue for years to come.

In 2019, e-commerce accounted for more than 10% of all retail sales. This was equivalent to approximately $343 billion in sales. According to Statista, e-commerce will generate more than $476 billion in sales by 2024. The numbers make it clear– e-commerce is on the rise and will be a force in business for the foreseeable future.

As an e-commerce store owner or manager, you’re constantly looking for ways to grow your business. So, how can you set up your online store for success?

Here are some of the tools that you can look into as well as strategies that you can use to boost your e-commerce business.

Paid Ads

  • Facebook Ads Manager

Facebook Ads Manager is your all-in-one tool for managing your digital ad campaign. With it, you can create ads and run them on Facebook, Messenger, and even Instagram. Facebook Ads Manager also enables you to manage multiple ad campaigns at once and measure their performance through in-depth, up-to-date metrics.

  • Google Ads Keyword Planner

Google Ads Keyword Planner helps you research the best keywords for your Google ad campaigns. You can use this free tool to get new keywords, see the number of searches that keywords get each month, and determine the average cost for your ad.

You can get actionable insight into what your customers are searching for and then use this information to get more leads, drive traffic to your e-commerce site, and increase sales.

Measurement

Google Analytics

Google Analytics is an ideal tool for tracking the activity of visitors to your website. Google Analytics allows you to analyze what visitors do on your e-commerce site, which pages they visited, what they clicked on, how much time they spent on your site, and so much more. Google Analytics is a tool that provides valuable insight into your customers’ behavior, which helps you improve the overall performance of your website.

Email Marketing

  • Klaviyo

Klaviyo is an email marketing tool that allows you to engage your audience by sending them newsletters, email promotions, and special deals—and that’s just the tip of the iceberg.

It is a tool specifically designed for e-commerce. Integrations make it easier for you to run your business, manage orders, create sign-up or pop-up forms, and track revenue.

You can also send trigger messages such as welcome emails, cart abandonment emails, and post-purchase emails to capture customers who have an intent to purchase but have not completed the steps required for conversion. This strategy helps you increase your conversion– sometimes customers just need a gentle push toward making the purchase.

  • Mailchimp

MailChimp is an email marketing tool that has proved itself time and again. They’ve been in the e-mail marketing space since 2001 and have been focusing on a multitude of integrations for e-commerce since. Their tools have made designing and launching email campaigns much easier. Besides, automation can streamline your marketing efforts and help you save time by setting up tasks to automatically run. Other features are helpful for e-commerce too, such as geo-targeting, inbox preview and testing All of this helps you optimize your efforts to increase the chances of success.

Content Marketing

  • Buffer

Buffer helps you create, schedule, and post attention-grabbing content to all your social media channels. As you can imagine, maintaining an active social media account can be time-consuming. Using Buffer will help you continue a high-level of activity in social media and effectively showcase your unique brand. In time, this set of tactics will engage with your audience and eventually grow your customer base.

Buffer also has analytics tools that help you monitor content performance to make improvements whenever and wherever necessary.

Use a tool like Buffer to schedule multiple social media posts at once. That way, you no longer have to worry about what you have to post on Facebook, Instagram, or Twitter for the next few weeks or months. You can focus on managing your e-commerce business.

  • Canva

Canva is a design platform that allows you to create high-quality visual content, including:

• Images for social media posts

• Graphics for landing pages

• Graphics for ads

• Logos for your e-commerce business

The great thing about Canva is that it has a ton of templates readily available, so you don’t have to start from scratch. You can use these templates as inspirations and create stunning designs for your business.

Some visual content tips:

Take your ads to the next level by using Canva to design eye-catching images for your ads. The trick is to use bright colors and avoid using the colors of Facebook (blue and white). When possible, incorporate images of people on your ads to humanize your content and allow your customers to relate to it. Research shows that seeing smiling people on an ad sparks a positive response among customers and makes them want to buy the product.

Applying these tools and strategies to your business

When it comes to e-commerce marketing, it’s important to know what tools are available and how you can bring them together to grow your business. Using the tools we mentioned will allow you to personalize your messages through email marketing and create engaging visuals through content creation tools.

Takeaway

If you manage an e-commerce site, your entire business is online, and you don’t get to interact with your audience face to face. You engage with your audience mainly through your site and your social media channels. This makes content marketing a vital part of your overall marketing strategy.

Want to elevate your e-commerce marketing but don’t know where to start? Miros Digital can help you. Send us a message today!

Categories
Audience First Digital Marketing Ecommerce Ecommerce Marketing

10 E-commerce Marketing Tips To Grow Your Business During the Pandemic

If you’re an entrepreneur, you might be asking yourself, what opportunities might be out there to grow my business?

When the economy seems uncertain and the workforce is distributed, companies look toward managing cash flow properly and finding ways to save and spend conservatively. 

Now that things have somewhat normalized, finding opportunities in a time where the economy seems to be at a stand still all around the world is like trying to find a needle in a haystack. 

There are opportunities out there, if you know where to find it. Particularly in e-commerce, now that many people are spending more time online.

So how exactly do you find opportunities and make sure you are as relevant as possible to your customers? We offer 10 suggestions on what you can start doing in order to grow your e-commerce business.

1. Know what is happening in the market.

A lot of businesses that have been affected have transitioned their businesses to cater to online customers (such as restaurants and offline retail shops). As an e-commerce business you are already positioned to reach customers online. Use this to your advantage.

As a business owner, you have to constantly inform yourself of what’s happening in the economy because that will allow you to figure out how to pivot and understand the current business landscape.

Read news, follow industry organizations, figure out how consumer behavior is changing (especially your target audience). Understand what your competitors are doing so you can position yourself differently.

If you can get granular and get your hands on trends and data specific to your category or niche, the better information you’ll have at your disposal when making business decisions.

2. Adapt to what is in demand.

As yourself the hard question: is your product still in demand? If you’re unsure, by doing a quick research on what’s currently in demand, you can strategize and figure out the next steps for your business.

It might involve a change in your product selection or business model. For example, if you are in the business of print services for business cards or event signage, you are probably not seeing a lot of demand for your product at this time.

It’s a good idea to venture into new product categories and test other items that work. Perhaps look into providing print-on-demand services so you can sell shirts, mugs, stickers. If those categories are too much of a departure from your core business, perhaps you can ease the transition by partnering with another business who needs custom printed materials for their clients (i.e. a paper products or greeting card brands).

You can determine what’s in demand by looking into Google trends and Amazon best-selling products. Have a look into what popular websites and news articles are talking about, as well as what’s getting a lot of chatter and engagement on social media.

We’re not saying to completely change your whole business and start selling the most in-demand product during this pandemic– such as hand sanitizers, or masks– if that’s not your core line of business. Perhaps you could think of adjacent products that will be useful for your audience and category during this time. 

With the print services example, you could prioritize selling notebooks, notepads or diaries, because people are likely to be at home and they probably have time to journal or to work on a project that requires material they can use indoors at home, that they can also buy easily.

3. Update your product descriptions.

Look through your product catalog, and see  if your product descriptions are still relevant.

Depending on your industry, and how your product descriptions were written, there might be an instance where some products contain descriptions such as “use this for your next event,” or “wear this at your next party.” 

While things might go back to normal and we might see more social events sometime in the future, we don’t know when that will be… yet.  But your customers are going to your stores now, and if they come across a product description that looks outdated, they might think that you’re not updating your website regularly.

Make sure that you keep your side up-to-date, because it communicates that you a current, contemporary company that manage your business well, and caters to customers in real time.

4. Focus on your metrics and trends.

With so many things happening around us, it might be easy to get distracted. But now more than ever, you should define and set your most important business goals.

Focus and clarity are the key to winning during times of uncertainty.

You have to focus on important metrics such as website visits (how much traffic are you getting), average order value (the average sales per order in dollar amount), cost per acquisition (how much does it cost to acquire a customer). These are just a few of the important metrics that you need to continuously monitor, because these are signals of the health of your business.

5. Ramp up on digital marketing.

A lot of companies have cut their marketing budget, this is actually the time to ramp yours up. Why? Because there are a lot more customers online, especially since online usage has increased an additional 2 hours per person.

That means that if  the average person was already spending four hours online, they are now spending 6 hours online.

Sounds like a lot of time? It is.

If you look around, adults and kids alike are online, on their mobile phone or on their computer, so there’s a lot more opportunity to get in front of your target audience (if you know what your target niche is)  and  communicate your brand or product.

6. Double down on social media.

Social media is here to stay. This means that if you’re an e-commerce business, you should be not only on social media, but also be active in it.

If you weren’t active in social media prior to the pandemic, then now is the time to be active.  if you had already been active, now is the time to engage even more. 

Try out different techniques, such as hashtag strategy, tagging strategy, avoiding shadowbanning, and finally creating a content calendar– there’s always an endless amount of things you can try out on social media.

Social platforms always change their algorithms and features, so experiment and have fun with it.

7. Connect with your audience.

The most successful businesses are those that have established an active audience base or community. If you are one of these businesses, make sure that you connect with your audience.

Acknowledge them and make them feel that you are thinking about them through email newsletters, discounts, and maybe even a VIP or loyalty promo.

These will remind them of your brand so they don’t forget about you, despite all the outrageous things that might be happening in the world.

8. Optimize your site’s customer experience.

Have you checked your site recently? Is it fresh, eye-catching, without a punctuation out of place? Are pictures representative of the product, and are they high-quality?

Your content is everything nowadays because that’s all prospective customers see before they receive a product.

You have to tell the story and communicate the brand promise as soon as potential customers land on your site.

Make adjustments to your site if it’s less than perfect. This might be a good opportunity to change a few pictures or tweak the layout slightly– it doesn’t have to be a drastic change if your e-commerce site is already working. You just want to keep it up-to-date and interesting.

9. Make the check out process easier.

Is the process between finding an item, adding it to the cart and checking out fairly seamless? If not, it’s time to optimize your checkout process.

The goal of any e-commerce site is to get a customer to make a purchase, and if there’s a hitch anywhere in that process, you’re making it hard for the customer to get to their (and your) end goal.

Regularly test and check your checkout process to see if it works perfectly.

In addition, consider ways to improve the checkout experience even more, such as shortening the checkout process using a one-click or one-page checkout. Or, add elements that will help you cross-sell, such as recommended products right before the checkout page.

This is all part of a great user-experience that customers expect now from e-commerce stores.

10. Continue developing your brand.

While the pandemic has been a big disruption to many businesses, your e-commerce site is well-positioned to weather the changing marketplace.

This is a good opportunity to develop your brand even further: to find audiences in new ways, reconnect with your brand values and communicate your offering in a way that will be relevant to consumers.

Find your target audience online, and determine ways you can find other audiences that are similar to them. This will help you expand your audience base.

Further, once you know where your target audiences are, engage with them online. Talk to them, offer promotions, encourage them to share your brand and store.

That way, you are hitting multiple birds with one stone– building your audience, brand, and customer loyalty, which will all naturally lead to more sales.

Categories
Audience First Digital Marketing Ecommerce Ecommerce Marketing Marketing Strategy

5 Social Marketing Ideas for Your E-commerce Business

Everyone talks about social media and how incredibly important it is to reach your audience. In many ways, social media provides an opportunity to find the right kind of audience you want for your business. It also gives you a chance to directly engage with them, in the form of posts, stories, and even direct messages.

Best of all, organic social media is free, trackable and there’s already millions of people engaging in these platforms. It’s one of the best media channels for e-commerce businesses.

Here are 5 Social Marketing Ideas for Your E-commerce Business:

  1. Engage with audiences where they are. The first step to an effective social media strategy is to pick the right platform.

    Do you sell directly to the consumer? Is your target audience a millennial? Do you have a lot of visual assets like photography, video, etc? Instagram is a good platform for you.

    If you are a B2B company, or if what you’re selling is a high-ticket item, other avenues like Linkedin or Facebook might be a better route for you.
  1. Focus on shareable posts. This is crucial for any brand. Whether you develop content for social media, your website or email marketing, you want to provide valuable content to your target audience so that they will take an interest in you.

    Not only that, but if you provide them with valuable content, they might even share it with their friends, instantly expanding your reach and potentially growing your followers and audience list. 
  1. Build out your site with content. High-quality content does not only make your brand look interesting, it also establishes credibility and conveys trustworthiness.

    Especially for brands that are up and coming, customers want to feel safe when they purchase from you.

    Developing good content, especially text-based content, also helps your SEO ranking, which helps people find you organically.

    The more organic traffic you can attract to your website, the lower your marketing costs will be! 
  1. Source content from your existing customers. Digital marketing is all about content and distribution channels.

    Developing content takes a lot of effort and time, so an idea for you to expand your content library is to obtain user-generated content!

    Perhaps one of your customers posted a review of your product. Repost it. Maybe they tagged you in one of their Instagram stories. Feature that in your business brand’s IG story as well.

    This will help augment your content, or give you ideas on what to post next (we know it’s not always easy to come up with content ideas!).

    Additionally, this action will engage with your customers, which in turn helps to strengthen the community aspect of your audience base.
  1. Set up different marketing campaigns focused on each stage of the funnel. Depending on your business needs, you may want to focus on one aspect of the funnel– and many e-commerce brands focus too much on converting right away.

    Yes, that is the ultimate goal, but focusing on the lower end of the funnel might be a misstep especially if what your business really needs is awareness.

    By setting up marketing campaigns in each area of the funnel– which generally speaking involve: awareness, engagement, conversion– you can create a feedback loop of audiences because you will continuously increase awareness and engage more deeply with them.

    If you do things right, eventually, these customers will convert.

These ideas will help you improve your marketing gradually, and develop your brand further.

Follow along to gain more knowledge around digital marketing so you can make informed decisions, and leave the bulk of the work and execution to us!