Ecommerce | Anurag Gupta | Updated: 2017-08-10
The first half of 2017 is over now and e-commerce businesses are gearing up for the busy festive season that lies ahead. It is a great time to reflect upon the business and come up with new strategies to stay ahead of their competitors. They are consistently identifying their improvement areas and fixing them with effective strategies to gain that competitive edge. From using data-driven approach and retargeting to social sharing and offering tailored browsing experience, the shrewd commerce heads are using various strategies to forge ahead and lead the e-commerce race.
That said; I have compiled the five most effective strategies in this blog post that would help you gain competitive advantage and grow your business to enjoy higher sales. So, let's start off with the ruling trend of e-commerce; Big Data.
Big data has a crucial role to play in the growth of e-commerce business in 2017. It would enable the e-commerce marketers to offer smart predictions to the buyers and tempt them into making purchases. The data obtained from customer behavior can be used to offer more personalized experience to different users. Using the data, you can track the customer journey and analyze their behavior. A more targeted marketing campaign can also be planned using data for higher conversions. RTBDA aka Real Time Big Data Analytics can also be used to offer assistance to the potential buyers in real time to speed up the purchase.
Smart retargeting strategy in e-commerce can drive more sales. The web surfers who have gone through your e-commerce site and added products to the cart are the best targets. Converting them into active buyers can be done by putting in a little extra effort. You can send personalized emails or messages to the potential buyer to keep them informed about the product they have added to the cart. Social ads, video offers, and app notification are some of the effective ways to retarget a web surfer. Using retargeting as a personalized form of marketing, you can easily convert the web surfers into happy customers.
Social media is an important key to the growth of e-commerce. Businesses can grow and expand in the realm of social media by investing resources in social media sharing. There are a number of reasons why you should add social media buttons on your site. First of all, it helps you measure the user-engagement and the interaction they are having with your products, services, and content. Next, your products are presented to a large audience on social media sites that drive sales. And lastly, links from social media can help in getting higher SERP ranking. So, there's no reason why you should not incorporate those Facebook, Twitter, Instagram, LinkedIn, Google+, and Snapchat sharing buttons on your e-commerce site.
Cart abandoning is one of the biggest roadblocks that are hindering the growth of many e-commerce businesses. Around 60%-70% of the visitors on an e-commerce site tend to abandon the cart after adding products to it either because they are getting the same product at a cheaper price on other sites or because of the additional shipping charges or other unexpected costs. In order to reduce the cart abandonment rate, it is important that you analyze the reason behind abandonment and come up with effective solutions. Offering free shipping, telling beforehand about added tax, sending follow-up emails and even offering discount codes can be some of the ways to reduce cart abandonment and increase sale.
Gone are the days when one size fits all mantra used to work for e-commerce businesses. Today it has become inescapable for e-commerce business to embrace the segmented and strategically structured approach if it wants to grow and expand its user base. As the user base has been segmented into various groups based on various parameters, especially age, it is important that your e-commerce website is designed to offer tailored browsing experience to all of them. Depending on the products you're selling and the age group you're targeting, your e-commerce website should be designed to offer the best experience to all.
The best hacking tip for the growth of any e-commerce business is to add stunning product images and user reviews for the potential buyers. A majority of online shoppers tend to leave an e-commerce site if they cannot view the product clearly. Around 67% of the online buyers believe that high-quality image is an important factor that affects the buying decision. Moreover, 61% of the buyers also feel the product review help in offering a better understanding and eliminating doubts about the product. Encourage product reviews from the user to not just lift the product sale but also get higher SERP ranking with the addition of a unique content. On An Ending Note.
In the end, I would just like to say that follow the above-mentioned tips and stay informed with the latest e-commerce trends to offer the best browsing experience to the online shoppers. I hope these hacking tips would help you increase sales, better serve the users and bring more profits to grow your e-commerce business.
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