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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!

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